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Saturday, 10 December 2016

Emirates pour concrete to fight a global slowdown #UAE

Emirates pour concrete to fight a global slowdown:
"In November, Dubai opened the final phase of a 12km man-made canal connecting the city’s existing natural creek to the waters of the Gulf. The second phase of the $1bn waterway project has opened up 6.4km of extra waterfront, to be lined with foot and cycle paths, another stage in the rejuvenation of the emirate that has lured investors and tourists since the city opened property ownership to foreigners 14 years ago.

The delivery of government-driven infrastructure — following the creation of the Palm islands a decade ago — sits in sharp relief to a broader economic slowdown in the United Arab Emirates that has been caused by two and a half years of low oil prices.

The International Monetary Fund is predicting gross domestic product growth will fall from 4 per cent to 2.3 per cent this year, seeing only a modest recovery to 2.5 per cent next year."

'via Blog this'