Dubai, famous for its lavish expenditures, may be being affected by the supposed global financial crunch. Reportedly, values of homes in the country have dropped 8% in the last 3 months. In addition to this, The Wall Street Journal is also reporting that construction on a Dubai skyscraper- which is slated to be the world's tallest building- has been halted. Developers say that construction on the edifice will continue in a year, when the economy is likely to be in a better condition.
Wednesday, January 14, 2009
Today's Fly Or Die Commerce Report: Has Dubai Been Hit By The Financial Crunch?
Dubai, famous for its lavish expenditures, may be being affected by the supposed global financial crunch. Reportedly, values of homes in the country have dropped 8% in the last 3 months. In addition to this, The Wall Street Journal is also reporting that construction on a Dubai skyscraper- which is slated to be the world's tallest building- has been halted. Developers say that construction on the edifice will continue in a year, when the economy is likely to be in a better condition.
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