A broader perspective to Nakheel’s turnaround | GulfNews.com:
"Nakheel had been at the centre of Dubai’s building boom, but when things went wrong, it was squarely blamed for being the principal destroyer of that boom. The post-2008 phase saw the rise of a new star in Arabtec, which symbolised resurgence in the Dubai property market.
Now in what turns out to be the ultimate paradox, the former destroyer is helping salvage the situation for Dubai when the market’s new darling has sunk into an abyss, triggering one of the worst sell-offs in the stock market and raising alarms about an impending crisis.
The international media is raising the pitch on the sell-off, comparing it to the beginning of a property bubble similar to the 2008 crash. Analysts have interpreted the Arabtec debacle as a confirmation of the froth that has been forming in the market for a while. And some of the comments have echoed the anti-Dubai tinge that had characterised the post- 2008 crash analysis, particularly in the western media."
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