property and construction
Free luxury homes in Dubai by August (possibly)
The Sunday Mirror reported last week that celebrities were losing an estimated £80,000 every week on their luxury Dubai properties. The likes of Brad Pitt and Angelina Jolie, David and Victoria Beckham, Michael Schumacher and Michael Jackson (the latter pair not a couple, by the way) have all seen their multi-million pound property purchases halve [...]
Dubai Formula One theme park delayed due to lack of funding
News emerged today that the Formula One theme park set to open at the end of the year within Dubai Motor City has been postponed due to a lack of funding. The CEO of developers Union Properties said the unwillingness of banks to lend in the current economic climate had caused work on the $460 [...]
Roller coaster week for Dubai shares – better times ahead?
Well, all in all a very interesting week on the Dubai stock markets. Monday’s suggestion by Omar bin Sulaiman, a government official serving on the Dubai crisis committee, that the state might provide further help to the struggling construction and property sectors gave the markets a lift. Following months of predictably steady decline, this news [...]
Unemployed expats flee Dubai to avoid jail
Like rats abandoning a sinking ship, the Dubai exodus continues apace, much to the delight of the doom-mongering media which is stuffed with stories of expats streaming en masse back to their countries. This story from Digital Journal explores the reasons behind the stats and some unexpected side effects. The recent spate of redundancies triggered [...]
Dubai news update
Instead of the usual in depth dissection of whatever doom and gloom has befallen Dubai recently, I thought it might make a nice change to have round up of all the good, bad and ugly news from the emirate was in order. The BBC is reporting that the luxury Westin Dubai Mina Seyahi beach hotel [...]