A Climate Change Paradox ???

Yesterday I watched an episode of the reality TV show "The Amazing Race" which was filmed in Dubai. It showcased several amazing building projects, such as the islands they are building:

Here is the paradox - The rulers of Dubai appear to be both intelligent and prosperous. Why would they waste their money building such fabulous cities at sea level, when according to Western scientists all of it will be underwater in a few decades?

Do they know something we don't?