Publications
Resolving Problems In Dubai’s Commercial Property Sector
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STA Law
STA Law Firm
The once booming real estate sector in Dubai has been hit particularly hard by the global financial crisis. Illustrating this is the fact that, since last November, struggling conglomerate Dubai World has been seeking to restructure about $22bn after calling for a standstill request on its debt. The group’s huge financial difficulties have resonated throughout the UAE – especially in Abu Dhabi, which bailed out one of Dubai World’s companies. As it stands, the best the Dubai commercial property sector can hope for is stability until liquidity conditions improve. Nonetheless, there is still optimism among market players, many of whom believe that the rest of 2010 will bring recovery. A few weeks ago, Dubai World put its debt plan to lenders in order to restructure the business, a sign that things may already be getting better.
Firm, S. 2010, "Resolving Problems In Dubai’s Commercial Property Sector". In: Financier Worldwide, Financier Worldwide, United Kingdom.