The Dubai government is reviewing its growth strategy to focus on traditional strengths, such as trade, retail and tourism, in the aftermath of the global financial crisis which hit the local real estate sector.
More than half the 980 projects registered with Dubai's Real Estate Regulatory Agency (Rera) have been either cancelled or are in the process of being cancelled, according to a supplementary prospectus — considered to be refreshingly transparent — filed by Dubai's Department of Finance to the London Stock Exchange for a new bond issue.
The prospectus says the 2007 set of principles that comprise the Dubai Strategic Plan 2015 (DSP 2015) is being re-assessed. The original focus of the plan was on the core areas of economic development; social development; security, justice and safety; infrastructure, land and development; and government excellence.
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