Dubai: the real estate towards its privatization?
The estimation of the debt of the Emirate is 110 billion dollars. Numerous companies of Dubai, the former symbols of the luxury and the prosperity, are about to be sold and privatized to avoid the bankruptcy. So, numerous big projects were stopped, of numerous towers ghosts are now visible in the country. The public body overseeing the real estate sector of Dubai recently accused the big promoters of stressing the difficulties of the sector by boosting(relaunching) their construction sites on an already saturated market. The Chief Executive Officer of RERA declared: " the main promoters have to understand that they are damaging the sector by increasing the offer " on the market. At the moment, Dubai remains partially thanks to his neighbor Abu Dhabi, which lent him 20 billion euro. |
