Hello Goodbye Dubai
Always struck me as being over-leveraged.
From
Breitbart/AFP:
Opening of world's tallest tower marks end of Dubai era
Next month's opening of the Burj Dubai tower, the world's tallest building, will bring Dubai's era of exuberant expansion to a juddering halt as hundreds of other building projects are already mothballed.
Plunging property prices and weak demand had already put a dampener on new schemes even before last week's shock announcement by state-owned giant Dubai World that it wants to halt debt payments for six months.
"It's not exactly going to improve investor confidence," said Matthew Green, associate director at property agency CB Richard Ellis, which has reported a 55 percent year-on-year drop in downtown Dubai commercial rental rates and a 67 percent fall outside the centre.
Dubai has nothing to offer -- no oil, no energy, no resources, no water. They leveraged the farm to build a New Jerusalem and now that people are not buying in, they are in deep financial trouble. Shades of the
Ryugyong in NoKo.
Posted by DaveH at December 3, 2009 9:36 PM