Posts Tagged ‘Burj Dubai’

Dubai Projects in danger

Dubai Projects in danger

Dubai dropped a bombshell this week announcing that Dubai World, the main government-backed development group, has financial troubles and needs at least six months of brake from creditors. Dubai World has a total debt of over $60 billion.

Dubai was known as the world’s fastest-growing city, growing from 700,000 citizens in 1995 to more than 1.3 million citizens today. Main sources of revenue are tourism, property and financial services. (more…)