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The Financial Crisis Reaches Dubai

They’re still building in Dubai, in spite of the international financial crisis. Property developer Deyaar recently celebrated the ground breaking for ist Dubai’s Michael-Schumacher-Tower project. For Markus Giebel -the German boss of this Arabian construction company—it’s a trophy project of grand proportions. Behind the rapidly rising facade of this building, things are getting shaky. Dubai’s oil sheiks are in a bit of a cash pinch. Many investors are taking there money out of Dubai to cover losses elsewhere, thanks to the international financial crisis. The neighboring emirate, Abu Dhabi, is putting together a financial rescue package. If things take a turn for the worse in Dubai, Abu Dhabi knows that it will not be spared either. But Markus Giebel is still confident that the construction boom in Dubai will continue, even if they’re taking a short breather due to the effects the crisis. Hagen Tober

DW-World | December 30, 2008Watch more videos from DW-World

Tags:. .breather. .facade. .hagen. .sheiks. .spite











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