Dubai on the rocks

dubai_skyscrapersNothwithstanding the fact that more than half of the projects in Dubai have been put on ice…

UAE. More than 50% of the announced residential and commercial projects due for completion between 2009 and 2012 have been either put on hold or cancelled, said a report out today from property experts Jones Lang LaSalle. This reflects the lack of available funding and projections of declining population along with continuing job cuts. Vacancies in the Dubai’s office market have doubled to around 16% over the past six months, the highest rate ever recorded…  [Read the complete article: “More than half of Dubai projects now on hold or cancelled“]

… brother Abu Dhabi keeps practically all of the capital’s current projects alive, the top ten of which accounting for US$ 208 billion of capital value…

“Abu Dhabi is not immune from the global financial turmoil but has wisely avoided over exposure to the stressed international and regional credit markets,” said Mark Goodchild, Exhibition Director for organisers IIR Middle East.

“The big difference for Abu Dhabi compared with other cities is that while the emirate will collect less in revenues from oil than the records set in 2008, the capital has been financially prudent and has a sovereign wealth fund estimated at US$328 billion at the end of 2008.” [Read the complete article: Abu Dhabi’s top ten projects worth US$208 billion

… and I am really curious as to how long ‘property development the Emirate way’ will continue…

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