Dubai Formula One theme park delayed due to lack of funding
News emerged today that the Formula One theme park set to open at the end of the year within Dubai Motor City has been postponed due to a lack of funding. The CEO of developers Union Properties said the unwillingness of banks to lend in the current economic climate had caused work on the $460 [...]
Work stops on Nakheel Harbour and Tower for a year
Further evidence of the effects of the global recession on Dubai comes in the form of the announcement by Nakheel, Dubai’s state owned property development giant, that work on the 1000 metre high Nakheel Harbour and Tower has been suspended for a year. The Tower, which formed the centrepiece of the $38 billion (140 billion [...]
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