? Tata Golosa: Micromania | Main | t.A.T.u.: How soon is now ?
November 25, 2008
Silver lining
A thought to comfort me in the soup kitchen line: At least the towers of Xanadu shall stand empty.
The booming city of Dubai showed signs its economy was starting to crack Monday as it began cutting state spending ,capping its building spree and merging its lenders in the face of the global financial crisis. World business leaders met Monday for a four-day conference at the Dubai International Financial Center (DIFC) where financers were set to discuss Middle East coping strategies as well as how to help sinking western economies.
Dubai officials remained optimistic at the annual meet but seemed to cave under world pressure as they revealed for the first time the level of debt the emirate has accumulated during one of the world's biggest building sprees.
Dubai officials remained optimistic at the annual meet but seemed to cave under world pressure as they revealed for the first time the level of debt the emirate has accumulated during one of the world's biggest building sprees.
Emaar Properties claims total assets of more than $350 billion and total debts of just $80 billion. The problem, of course, is what $350b worth of indoor ski slopes and palm leaf islands might fetch on today's property market...
Posted by Ghost of a flea at November 25, 2008 06:27 AM
