Thursday, October 16, 2008

World's economy crumbles but Dubai keeps on building...







In a week that saw panicky stock markets, falling oil prices and credit growth outstripping deposits, the brashest economy in the Middle East barely paused for breath.

With annual growth of nearly 18% since 2001, Dubai's government will pour as much money as is needed into any element of the economy to see it safe.

The overall real estate market across the Gulf has been valued at a whopping $1.3 Trillion.

Property prices in Dubai have increased by 40% since January and by almost 80% in the last 18 months, though we are seeing some evidence of a slowdown.

Nakheel, owned by the Dubai government, has unveiled plans for the world tallest tower at a cost of $38 Billion.
Immediately after Meraas Development's Jumeirah Gardens complex came in at $95 Billion.

Dubai is well known to defying normal behavior: the tiny emirate, one of the seven states of the United Arab Emirates, has an economy second in size only to giant Saudi Arabia, even though it has relatively little oil.

Of its 1.3 million people, 80% are non-native foreigners.

Dubai's status as a regional hub for business, leisure, and travel means much investment is international rather than local – and that could be seen as a safe haven in stormy times elsewhere.

Via:Guardian.co.uk

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