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2009 Dubai housing crash was a major economic crisis that hit the Emirate of Dubai, one of the seven emirates that make up the United Arab Emirates (UAE). The crisis was sparked by the 2007–2008 financial crisis, which severely impacted Dubai's economy, particularly its real estate sector. [1]
The 2007–2008 financial crisis led to the Dubai housing crash in 2009 and a sharp decline in property values and a slowdown in development activity. The government took a series of measures to support the industry, including increased regulation and transparency, and establishment of the Dubai Real Estate Regulatory Agency (RERA). [7]
In China the Shanghai Composite Index lost 2.4%, ending the day at 3,096 and in Japan, the Nikkei Index fell 3.2% to 9,082.News that Dubai's Dubai trouble rattles Asian markets, building and ...
Just as it looked like Dubai might go into a default on some of its debts and have to complete a $26 billion restructuring with bondholders, neighbor nation Abu Dhabi has provided billions in much ...
The development was put on hold in 2008, due to the 2007–2008 financial crisis, Great Recession, and the Dubai housing crash in 2009, but resumed in mid-2013. Updates in 2013 showed that $55 billion had been raised towards the works.
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High speculation in market (e.g. Dubai housing crash in 2009 [3]) Economic instability (e.g. financial crisis in 2008) Political issues; Examples