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.
"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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