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Thursday 15 January 2009

World economic recession hits Dubai

Fox News are reporting that:
"DUBAI, United Arab Emirates — The developer of a skyscraper planned to be the world's tallest said Wednesday it is halting work on the project for a year as the Middle East's business and entertainment capital grapples with the financial crisis.

State-owned builder Nakheel's decision to shelve the landmark development — which it unveiled only in October — came as a leading credit rating firm warned that falling real estate prices will likely hurt banks in Dubai and elsewhere in the United Arab Emirates.

Home values in the emirate tumbled 8 percent in the last three months from the previous quarter, a report Tuesday said, marking what analysts say is the first such decline in years."


You can expect more such news as much of the Middle East's vanity building projects are built on sand (in more ways than one).

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