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Dubai: Sandstorm

7 min reading time

Published on 05/01/10 - Updated on 17/03/22

Did Dubai’s dreams of grandeur vanish when the rescaling of debts of the Dubai World conglomerate was announced? Nothing is less certain, even if the bursting of the real estate bubble tolled the bell of excess. Many Pharaonic projects intended to sustain tourism growth in the emirates will be significantly postponed, or even cancelled. And yet, for those hoteliers that are already established such news is almost good as it is synonymous with less frantic growth. And, even down, hotel results remain among some of the highest in the world.

A grain of sand slipped into the clockwork of the Dubai Inc machine. But this speck of sand is not so small, and amounts to 59 billion dollars! Last November 25, the announcement of the rescaling of the debts of the conglomerate Dubai World and its real estate subsidiary Nakheel was like a bomb...

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