Real estate may be the gloomiest sector in the Gulf but its woes are spreading to other parts of the regional economy. Increasingly, the print media industry is feeling the pinch.
Spurred by soaring advertising budgets of the region’s property and financial companies, the number of publications in the Middle East had almost doubled in the past three years to 1,800 by the end of last year, according to industry sources.
But as boom turns to bust in the property sector and the credit crunch ravages the financial industry, the media sector faces severe challenges in 2009 – particularly in the United Arab Emirates, home to many of the Gulf’s print media outlets and source of most of the region’s advertising.
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