Dubai is reviving massive real estate projects as its economy recovers from a corporate debt crisis, but this time around, constraints on financing are likely to slow the pace of its building boom.
Memories of the crisis will keep many investors cautious about stumping up money before projects are completed. That will leave the plans heavily dependent on bank loans and the bond markets - and the global climate is not favourable for banks.
Official announcements over the past few days have recalled the heady days of the mid-2000s, when Dubai was building some of its most flamboyant projects, including the world's tallest skyscraper and an archipelago of man-made islands.
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