Wednesday, December 14, 2011

Waking from dreams

The story confirms that I stopped dreaming at just about the right time.

"The value of construction projects scrapped or on hold in the UAE soared to $958bn in the 12 months to October, signalling the Gulf state’s battered project market is still some way from recovery. The UAE's property boom ended in 2008, with home prices in the Dubai emirate plunging by about 60 percent, forcing many developers to abandon projects. More than half of the projects in Gulf country were scrapped or cancelled as project finance dried up.

Dubai’s Real Estate Regulatory Authority said in May up to 500 property projects were facing the axe and around 90,000 units were ‘under review’.

More recently, a slowdown in Abu Dhabi’s construction market has alarmed the industry, which fears a reduction in spending in the oil-rich emirate could crimp any fledgling recovery in Dubai. The UAE capital has pushed back the delivery of major projects including its planned Louvre and Guggenheim museums, in a sign it may be feeling the pinch of its $500bn ‘2030’ plan."

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