Louise Armitstead reports on Dubai and the Financial Crisis
“Mohammed Ali Alabbar, a member of Dubai’s executive council and chairman of Emaar Properties, said the emirate’s borrowings amounted to $80bn against assets of about $350bn. He insisted: “The government can and will meet all its obligations.”
……..We’ve been seeing a softening in property prices and that may not be bad. The market was overheated and a correction is a sign of a mature economy…..”
Read more of this article @ the [SOURCE: Telegraph.co.uk – Dubai vows to keep building despite global crisis - Telegraph].