Citigroup Incorporated has arranged more than $8 billion (Dh29.3 billion) finance for various Dubai government entities in recent months, the global banking group said.
“This is in line with our commitment to the UAE market in general, and reflects our positive outlook on Dubai in particular,” said Citi’s chairman, Sir Win Bischoff in a statement.
More on Dubai recieves 8 billion dollars in finance from Citi
Dr Murtaza Mughal, President of Pakistan’s Economy Watch said on Saturday that a host of Pakistani businessmen have lost billions of dollars of investments in speculator-oriented Dubai real estate property downturn.
Honesty and trust are two major issues plaguing the Dubai property market at the moment. Dubai is crashing hard and fast, with The Trump International Hotel and Tower in Dubai canceled, and numerous developers in Dubai firing staff, yet still the developers and government insist on putting out dis-honest press releases aimed at presenting a false picture of the market. And so-called “news,” sources in the Gulf continue to publish them. Even when they directly contradict the facts.
Dubai’s major developers are canceling or delaying projects until such times as the property market returns to boom time
Nakheel have canceled all sales on Palm Jebel Ali until further notice. Ali Mansour, project director, said,
More on Projects in Dubai Cancelled or on Hold – Dubai Crash Update
UAE-based developer Tamweer is to lay off around half of its workforce amid the meltdown in the Dubai real estate market caused by the global financial crisis. Tameer last week handed redundancy notices to around 180 of their 350 employees stating that Dec. 31 would be their last day at work.
Dubai’s property prices are falling like the proverbial rock and the government of Abu Dhabi has stepped in, in an effort to prevent a complete meltdown in Dubai’s property market. Dubai’s two largest mortgage lenders, Tamweel and Amlak Finance have reached the point where they are unteneble and Abu Dhabi’s state owned “Real Estate Bank,” will take over both lenders.
More on Abu Dhabi steps in to prevent complete meltdown in Dubai and The Atlantis is Empty
After months of press releases and government promises that there will be no such thing as a bubble in Dubai, the big boys of Dubai are finally saying, “Beam me up Scotty, I think I’m in trouble.”
More on Dubai Bubble Bursts – It’s official, but how far will it fall?
Discussion forums can be an excellent way of determining the true state of a market. Unfortunately, many so-called “discussion forums,” are populated almost entirely by real estate agents – and do not give a true picture. One of the research tools we use to sift through the sales pitches when discussing prices are forums. This is a brief list of forums that are populated by genuine people talking about the “for real,” situations they find themselves in. If there is a market I have missed that You are interested in, please drop me a line and I will see if I have one on my collection – Contact IPI.
Dubai’s lack of transparency is causing potential investors to pull out of the market in droves. Foreign investors withdrew as much as $57 billion from UAE banks in October. The plan of producing press release after press release claiming unreasonable strength in the Dubai property market is backfiring dramatically. When faced with conflicting reports about the state of the market and no true figures, many are chosing to ignore Dubai as an investment completely.
More on Buying Property in Dubai – Confusion and lack of Transparency an Issue
Property prices in Dubai are starting to fall. As usual, the reality and the hype are at odds with each other. Like the rest of the world, Dubai is facing some severe financial issues currently, and it is unrealistic to think this will have no effect on property prices. This is a recent press release, disguised as an editorial piece -
