Gulf News reports
“The demand for engineers, architects and senior managers in the construction industry in the UAE has slumped due to the global financial turmoil but has not halted, a construction recruitment company official said.”
[SOURCE: Gulfnews: UAE construction outlook still optimistic despite global crisis].
The Al Habtoor Leighton Group has signed a letter of intent for the AED 8.85 billion (USD$2.4 billion) Dubai Pearl mixed-use development for Pearl Dubai FZ LLC.
The project involves the construction of an integrated city overlooking the Palm Jumeirah development in Dubai.
Dubai Pearl will feature an iconic building structure comprising four 73-storey mixed-use towers, world-renowned fashion and technology brands, and the Baccarat Hotel and Residences, and will provide a 24-hour living city with commercial, retail, residential and leisure facilities.
[SOURCE: Leighton Holdings]
With more reports today of another major developer cutting jobs, and news in the past week of property prices falling and stock market share values tumbling it appears that the UAE is not immune to the financial crisis spreading across the globe.
Major property projects are still being announced and the government is using the huge fiscal reserves to stabilise the economy and push forward some of its major infrastructue projects. The sense is that the crisis will be short lived in the UAE and GCC countries but will have a moderate impact on the UAE.
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The National Newspaper reports “Dubai’s largest property developers say they are cutting back on activity and reviewing the project timetables in response to the worsening economic climate.
The admissions, made yesterday, were the clearest sign yet that developers now consider the lack of credit and slowdown of sales as serious impediments to growth in the months to come.”
SOURCE: The National Newspaper – Developers say they will scale back activity