Saturday 31 July 2010

Debt crisis failed to impede Emirates' growth | Seattle Times Newspaper

Last year the global financial crisis finally burst the economic bubble of Dubai, hitting mainly the real-estate, construction and financial sectors in the extravagantly built Middle Eastern city.

In the fallout, the Dubai government reined in some ambitious plans. One government-owned company whose growth plans were severely cut back was Dubai Aerospace Enterprise (DAE), formed with a grand plan to create various aviation-related businesses.

The aircraft leasing unit of DAE was forced to off-load most of the 200 Boeing and Airbus jets that it had ordered in 2007."

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