cpnews Posted October 7 Report Share Posted October 7 They were two interesting reports from the past few days covering Dubai, the glittering jewel of the Middle East. The NY Times reasons "Some of Dubai’s more extravagant building projects — the ever-bigger malls, islands and indoor ski slopes — are likely to be dropped if they do not already have financing lined up, bankers say. The credit crisis could also reduce demand from buyers, who will have a harder time getting mortgages." But then low and behold, the very next day Dubai based companies announced plans to build a new city and the Nakheel Tower, which will be the world's tallest building. Do these plans reinforce the notion that Dubai is recession proof? Or will the credit crisis crush the Emirate's dream of a creating a lasting center of finance and luxury in the Gulf?More... Quote Link to comment Share on other sites More sharing options...
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