Dubai 2010

Burj Dubai - Palm Jumeirah - Marina Dubai

Dubai Marina







Palm Jumeirah

Burj Dubai: reaches its final height / Financial crisis delays work on new tallest tower

Cash Crunch Halts Work on Dubai Skyscraper

“…In a further sign that the property bubble in Dubai has popped, Nakheel, the state-controlled developer, said it was halting work on a skyscraper that would have stood one kilometer tall, or roughly twice the height of the Empire State Building in New York… The suspended building is part of a growing list of projects that have gone cold in what was one of the hottest real estate markets in the world. In December, Nakheel stopped work on Dubai’s very own Trump Tower — an $800 million project that was to sit on one of the emirate’s fabricated palm-shaped islands...”

Burj Dubai all set for 09/09/09 soft opening

Burj Dubai, the world's tallest man-made structure, will see a "soft opening" on September 9 this year in tandem with the launch of Dubai Metro, according to an industry source..."The target is to have the event coincide with the opening of the Metro on 09/09/09," a person close to the matter told Emirates Business. "There is still work to be done in terms of finishing the building," the person said. "This includes the access and exit planning as well as connecting the sewerage lines to the main network..." These issues are being addressed to ensure optimum working of the building before final occupancy, the person said... Despite several attempts, developer Emaar Properties did not comment on the subject by the time this newspaper went to press... The groundbreaking for Burj Dubai took place in September 2004 and completion was projected by late 2008. In June 2008, Emaar Chairman Mohamed Ali Alabbar said in a statement: "We believe that a completion date of September 2009 is possible and reasonable for a project of this global magnitude and significance..."

Via: Business 24-7

Dubai Real Estate Market

Dubai Hotels in price war
“…Dubai hoteliers are waging a price war, with room rates cut by as much as half as they try to lure tourists hit by the global financial crisis… The recession in Europe, Dubai’s largest tourist source market, has caused a sharp drop in visitor levels, with occupancy rates down 25 per cent on those enjoyed at the same time last year… “We are entering a price war as most hotels in Dubai are cutting their rates,” said Amine Moukarzel, the senior vice president and managing director of the Dutch-Swiss Golden Tulip group…”

People should have some support system

“…Dubai: Two years ago, Mike and his family were doing great. He had the perfect job, a nice apartment and three happy children who went to one of the best schools in Dubai… Today, Mike and his family are struggling. He lost his job and can't find an affordable place to live. The biggest problem though, is that he could end up in jail. The car loan, which was not an issue last year, is now a big problem because of his lack of income… Today, and because of the financial crisis, many people find themselves in Mike's shoes, faced with his fears and concerns…”