Abu Dhabi and Dubai Blog - Dubai Projects and Dubai News » nakheel http://www.abdb.com Because something crazy happens everyday in the 3rd highest income per capita nation... Sun, 30 Jan 2011 02:12:19 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 The bubble quivers http://www.abdb.com/2009/12/05/the-bubble-quivers/ http://www.abdb.com/2009/12/05/the-bubble-quivers/#comments Sat, 05 Dec 2009 06:50:05 +0000 Dill http://www.abdb.com/?p=288 “The fundamentals in the market are too strong,” he said. “There won’t be a crash.” These words were spoken last year by the head of the largest state development firm in Dubai. But it seems that things have changed:

Since then, residential real-estate prices in Dubai have slumped by almost 50%. Developers have slashed jobs and scrapped projects. Groundbreaking on the tower was long ago put on hold. The yearlong retrenchment culminated in last week’s surprise announcement that Dubai would seek to restructure $26 billion of debts owed by Dubai World, the holding company for many of the government’s port, infrastructure and real-estate businesses.

http://online.wsj.com/article/SB125988807548075805.html?mod=rss_Today%27s_Most_Popular

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