Wednesday, 4 November 2009

Commentary: U.A.E.'s sky-high office vacancy rates and empty apartments

Eighteen months ago, I was standing by a window in the Marina Mall, looking out toward Lulu Island's sandy beaches. A new acquaintance was standing by my side. He said, "A year from now you won't recognize it."

Behind us, work was still going on in the enclosed space that would eventually house a bunny slope, maybe about a third the size of the ski hill at the Mall of the Emirates in Dubai.

Christian himself had been in Abu Dhabi less than a year at that point, working on a sewage-treatment plant. He pointed out road and housing construction behind the mall. "All of this is new from when I arrived."

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