Even Dubai is Feeling the Pinch

Cityscape, Dubai's annual real estate showcase, paints a rosy picture of the booming city. But even Mideast moguls aren't immune from the global financial crisis.
October 7, 2008, 12pm PDT | Tim Halbur
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"Dubai property prices have rocketed in the few years since the United Arab Emirates opened its market to foreigners. However, sky-high oil prices that have long fed the region's economic boom are falling back. Borrowing costs have soared amid a regional credit crunch. The government has been investigating a handful of the city-state's top real-estate and lending firms. And international and domestic investors are taking money out of the region's once-frothy stock markets.

Still, exhibitors inside the show's sprawling exhibition halls presented an optimistic picture."

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Published on Tuesday, October 7, 2008 in The Wall St. Journal
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