Dubai today unveiled a sweeping US$10 billion (Dh36.7bn) rescue package from the Abu Dhabi Government that will allow Dubai World to deal with a slew of immediate financial obligations, including a $3.5bn Islamic bond that is due today.
Will the Palms Ever Be Completed?
The move ends months of speculation about how Nakheel, a developer owned by Dubai World, would pay off the sukuk amid declining property values and a slowdown in sales that left it virtually bereft of revenues.
It also represents by far the most direct and explicit support of Dubai to date by the Abu Dhabi Government in the wake of the financial crisis. The crisis battered property values in Dubai and slowed its ambitious growth plans as it struggled to find a solution to a crippling debt load that has been estimated at $85bn, a total greater than Dubai’s annual GDP…MORE
A clean-up team has been drafted on to the Palm Jumeirah after complaints from residents about strong-smelling algae collecting along its shoreline.
For the past few weeks tenants living along fronds C and D of the artificial island, where garden homes cost up to Dh12 million (US$3.27m), have complained that the substance has left the area stinking “like sewage”.
Nakheel, the developer of the Palm, confirmed that the algae had been identified at locations around Palm Jumeirah. It said the phenomenon was common in summer, when warmer waters and increased sunlight provided perfect conditions for it to grow.
One resident said: “I don’t like to whinge, particularly with the current climate and with people losing their jobs, but when you pay a lot of money for a property on the Palm you want problems like this to be sorted out… MORE
The Dubai Mall, opened yesterday (November 4, 2008) at 2pm with close to 600 retailers opening their doors for business marking the world’s largest-ever single-day mall opening in retail history.
Emaar Malls Group, the developer of The Dubai Mall marks the opening with a series of high profile events, beginning with a public unveiling of the highly anticipated Dubai Aquarium & Discovery Centre at 4pm, today. The festive vibe will resonate throughout the mall with fashion shows taking place in the Fashion Catwalk, public skating at Dubai Ice Rink and high profile exhibits, galleries and performers providing entertainment for the entire family.
Just when we all thought the property bubble was bursting, here comes Paris Hilton to save the day:
Dubai: Paris Hilton could be the latest in a constellation of stars to light up Dubai’s property sector, in a possible $2 million (Dh7.3 million) deal with Abu Dhabi-based developer, Hydra Properties.
Hilton, who was famous before she was even born, will add a dash of desert glam to Dubai’s celebrity skyline.
What with Pamela Anderson, Paris Hilton, Jim Davidson and half the English football team, no one can deny that Dubai is a classy place. For the Z-list.
