Monday 13 June 2011

Dubai's financial crisis laid bare as 217 new properties axed - Telegraph

The revelations came as Dubai laid out plans for a bond issue, in part designed to restore its finances in the wake of the crisis.

The bond documents showed that the country's real estate watchdog cancelled the registered real estate projects over the past two years after the bursting of the property bubble.

The Real Estate Regulatory Authority (RERA) determined that the properties were unlikely to be completed after a review of 450 projects.

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