Friday, March 27, 2009

Goodbye to Dubai

Flint and Dubai finally have something in common — empty buildings and a shrinking population. reports:
"The same belt-tightening mood is found almost anywhere. A report last week by the Jones Lang LaSalle consultants showed the supply of empty office in Dubai has doubled to 16 percent over the past six months. Standard & Poor's this month cut the credit ratings of six Dubai government-backed entities and a leading property developer.

"The Shuaa capital report forecast a 5 percent drop in Dubai's population from about 1.7 million last year to 1.62 million by the end of 2009 as Gulf construction and financial markets seize up, sending expatriate workers packing."

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