The Global Financial Crisis or GFC as some like to call it has struck projects across the world and placed lots of companies and people out of work. However, there is a bright side for some, including governments and public place developers who have seen prices fall and timelines shortened as companies become available due to a lack of private development work.
In the UAE were upto 75% of projects are now on hold has allowed Museums such as the Abu Dhabi Louvre and Guggenheim to get projects started for 30% less than one year ago. The Louvre broke ground in June and The Guggenheim is currently undergoing pre-qualifying.
VIA – The National
After four years of construction, Dubai will finally have its own Metro. The Metro Red Line will be opened tonight at Galleria of the Mall station by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai. The general public will be able to start using the Metro tomorrow morning from 5:30am.
The Metro is hoped to cut traffic congestion on Dubai’s roads and increase public transport usage from 10 to 30 per cent.
SOURCE: The National Newspaper – Dubai Metro launches tonight
Dubai skyline – Image Source: Flickr – robertpaulyoung
Trade Arabia reports
Over 400 projects worth more than $300 billion have been placed on hold or cancelled in the United Arab Emirates due to the global financial crisis, Dubai-based research firm Proleads Global said on Tuesday.
The construction sector in the UAE will stabilise this year and is expected to show signs of recovery in 2010…
read the full article at the SOURCE: Trade Arabia – UAE projects worth over $300 billion on hold
Christopher Hawthorne, Architecture Critic for the Los Angeles Times writes
Reporting from Dubai, United Arab Emirates — If a city can be spectacularly quiet, this waterfront city-state has certainly qualified in recent months. Hundreds of abandoned construction cranes languish above Dubai’s gated communities and beach-side developments and, most dramatically, up and down Sheikh Zayed Road, its high-rise spine……………….
SOURCE: Los Angeles Times – Dubai development may be down, but it’s not out
Technorati Tags: dubai, crisis, architecture, cranes, start, 2009, UAE,
“Some contractors and consultants have not been paid for up to six months, and large Dubai-affiliated developers owe billions of dollars, according to contractors, lawyers and executives…”
SOURCE: FT.com / Middle East – Dubai contractors face cash flow crisis
Technorati Tags: FT.com, dubai, uae, contractors,