Dubai's real estate watchdog has identified 291 projects that are on hold in the emirate after the burst of the property and asset bubble in 2009, according to information in a prospectus for a planned sovereign bond issue.
The Real Estate Regulatory Authority also determined that 165 projects were completed since the slowdown while work on 29 projects has not commenced yet.
"The current market situation has led to the re-evaluation of a number of real estate projects and delays in many
projects," the prospectus noted.
Dubai is planning a dual-tranche Islamic bond that could raise at least $1 billion and attract healthy demand as the regional tourism and business hub puts its 2009 debt debacle behind it.
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