Tuesday 28 September 2010

FT.com / Middle East / Economy - Half of Dubai’s property projects scrapped

Dubai’s government has cancelled almost half the emirate’s property projects as it grapples with mounting oversupply and a debt crisis, according to a new bond prospectus.

The document, released on Monday as Dubai seeks to raise $1bn this week, provides a window on the emirate’s state finances.

The prospectus said the real estate regulator has cancelled, or is cancelling, 495 projects – about half of all developments planned in the emirate – amid fears that market demand would have been unable to cope."

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