Financial crisis

Dubai launches $20bn bond programme

The government of Dubai has launched a $20 billion bond programme, Reuters reported on Sunday. The purpose of this programme is to help Dubai meet its financial obligations and drive development projects forward. In a statement issued by the finance department in Dubai, the central bank of the UAE has... 

Deyaar to hand over 1300 units this year

Deyaar announced today that they will hand over seven different projects, comprising a total of 1300 units, within 2009. The projects scheduled for delivery in 2009 include both commercial and residential projects. At Business Bay, The Citadel and Hamilton Residency will be handed over in 2009. In the... 

Dubai Holding merge back-office operations

Dubai Holding unveiled a major restructuring on Sunday in order to cut costs amid the global financial crisis. Dubai Holding, owned by the ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, said it would merge back-office operations at three of its real estate entities, Dubai Properties Group, Sama... 

List of projects currently on hold

The global financial crisis has caused a slowdown in construction in the UAE, and many developers have either cancelled or put their project on hold. Proleads recently reported that more than 50% of civil project in the UAE is currently on hold, worth a combined total of $582 billion. Meed and Zawya... 

More than 50% of projects currently on hold

A report published on Thursday concluded that the downturn in construction projects have had its toll in the UAE. The Insights investigation concludes that 52.8% of the total current civil construction project portfolio of the UAE, worth a combined total of $582 billion, is now on hold while a further... 

Dubai contractors face bankruptcy

Several Dubai-based contractors say they are owed millions of dirhams by state-linked developers and some may face bankruptcy as credit dries up and major projects are cancelled or scaled back in the former Gulf Arab boom town. “There has been a marked increase in the number of contractors asking...