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
Urban living can get a bit claustrophobic sometimes, making you want to leave the concrete (or stone) jungle as quickly as possible and get to a green, open space.
Which is where Mapa’s new book, Iyim Yerukim (Green Islands), comes in handy. The guide suggests 120 parks and gardens across the country – some in the city, some out of it.
SOURCE: Jerusalem Post – Get the green light | Around Israel .
Free zones are to be set up in Abu Dhabi to attract local and foreign investment and diversify the economy away from dependence on oil.
The zones will serve a number of industrial sectors, said Jaber Hareb Al Khaili, Chief Executive Officer of the Higher Corporation for Specialised Economic Zones.
“The government is studying the possibility of setting up free zones in the emirate,” he told Emirates Business. “The first will be announced very soon.
SOURCE: Emirates Business 24/7 – Abu Dhabi plans free zones.