Dubai based much of its success upon a strong property boom. Today, figures show that the property boom has officially gone bust. Many major property developers have begun firing staff, or reviewing future employment needs. Others are scaling back growth plans as financing for companies, and home buyers, disappear. Markus Giebel, chief executive of Dubai-based Deyaar Development Co., told the Associated Press that: “What happens in Dubai is very linked to the financial crisis”.
Stock Market Woes
Dubai's stock market this week suffered its worst week this year. The market could tumble to the same level that it started at in 2004; with the worst-hit sector being properties. Paul Davies, an expert in Middle East markets, told The National that: “... prices have fallen substantially, particularly for projects where completion dates are a long way off. These properties were popular with speculators, but this market is now very dead. There continues to be strong demand owing to population pressures, but the availability of financing is the problem. Finance providers have tightened credit criteria as they seek to reduce exposure to the sector and tackle their own liquidity problems.”
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