Dubai’s budget deficit may be lower than expected
Good news for Blackberry carrying types – share prices on the DFM rose 0.5% after reports emerged indicating that Dubai’s economy is performing better than expected. It seems that this year’s budget deficit could be lower than 2% of GDP, making the emirate a more desirable investment than it has been in recent months. The [...]
Burj Dubai reaches maximum height
Already the world’s tallest building, or structure of any description for that matter, the Burj Dubai has now quietly reached its maximum height of 818 metres (826 metres if counted from the lower entrance to the aircraft beacon), according to Skyscrapernews.com. Unfortunately, with Barack Obama‘s inauguration and the global recession, no one seems to have [...]
Dubai aiming to spend its way out of recession
True to form, Dubai is planning to spend its way out of the continuing economic crisis caused by the global recession, according to the FT. Dubai’s service based economy has been hit particularly hard by the prevailing economic situation and ratings agencies are concerned that Dubai may face problems refinancing its debts in the current [...]
Dubai government moves to stabilise economy
In response to growing fears about its economy, the notoriously secretive Government of Dubai has broken with tradition by disclosing details of its finances, merging and nationalising banks and financial groups and putting the brakes on its property market which many fear is on the brink of collapse. The following figures were stated: Dubai’s borrowings: [...]