InfoAnda - World's tallest tower to open as Dubai faces crisis

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Tim Urban out as "Idol" raises millions for charity | 22 April 2010
Injured Tom DeLay hangs up his `Dancing' shoes | 7 October 2009
Local people angry on eve of Italy quake anniversary | 6 April 2010

Global Weather-Celsius | 2 July 2010

Forum Views () Forum Replies ()

Read more with google mobile : World's tallest tower to open as Dubai faces crisis

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Asia Pacific World World's tallest tower to open as Dubai faces crisis AFP - Tuesday, January 5 Send IM Story Print Dubai is officially opening the world's tallest tower, a symbol of the Gulf emirate's unbridled ambitions, amid ongoing fears about a financial catastrophe. DUBAI (AFP) - – Dubai was on Monday to officially open the world's tallest tower, a symbol of the Gulf emirate's unbridled ambitions, amid ongoing fears about a financial catastrophe. The city state, which borrowed heavily to finance its grandiose projects, is striving to restructure its mountain of debt and face a serious crisis in its once-booming real estate sector. Related article: History of Dubai mega projects Some observers now appear more confident about Dubai's ability to navigate its way out of the crisis, after many predicted bankruptcy when it requested a debt repayments standstill for its largest group Dubai World in late November. Dubai was bailed out with a last-minute lifeline of 10 billion dollars from neighbouring emirate Abu Dhabi, which enabled Dubai to pay its imminent debt. "We are much more confident about the situation of Dubai now, after Abu Dhabis support as well as the comprehensive restructuring plan, than we were a one month ago," said Mahdi Mattar, chief economist at Shuaa Capital. "The debt story is not as bad as the market initially thought, when investors were assuming the worst," he told AFP. Dubai World began negotiations with its creditors in late December with the hope of reaching an agreement over restructuring debt of 22 billion dollars, owed by its troubled subsidiaries. The talks followed Dubai World's payment of 4.1 billion dollars in maturing bonds owed by its real estate arm, Nakheel, thanks to Abu Dhabi's help. But the emirate, which has little oil resources, has to deal with a total debt burden amounting to around 100 billion dollars, according to estimates. Its fortunes have turned around as the global financial crisis dried up global finance which was crucial to feed its rapid economic growth, mainly in real estate. "In Dubai where 90 percent of the population are expatriates, 50 percent of the work force is real estate and construction-based," said Saud Masud, senior real estate analyst at UBS bank in Dubai. He estimated a drop of eight percent in Dubai's population, which was reportedly around two million before the crisis, while he expected a two percent drop in 2010. This decrease in population is expected to deepen the decline in property prices in Dubai which dived 50 percent in 2009, he said. "There is over supply as more houses are being handed over. With population outflows of 10 percent over 2009-2010 and handovers of roughly 40,000 units during the same period, we would not be surprised to see residential over supply of 30 percent by end of 2010," he said. This deterioration has triggered an 80 percent drop in projects in 2009 compared with the previous year. "Big projects have been delayed indefinitely. If investors dont pay developers, they in turn will struggle to pay contractors," he said. Vacant villas and apartment blocks make now up part of Dubai's landscape, while the most grandiose projects have been put on hold, including a one-kilometre (0.62 mile) high tower expected to dwarf Dubai's completed Burj Dubai, whose final height is more than 800 metres (2,640 feet). Related article: The world's highest towers. But Dubai's debt crisis does not mean the emirate will sink in the desert sands, analysts agreed. "Dubai will not be wiped off the map. It is a very important centre and model for the rest of the Middle East," said Masud. "Dubais infrastructure is unique in the Middle East, it is a regional financial and tourist hub. The challenge is how to come out of the downturn, by diversifying the economy and finding other levers of growth than real estate," he added. Mattar agreed that Dubai has built an infrastructure "second to none in the region," positioning the emirate as the regional service hub. "As oil prices remain at these levels and the global economy recovers, the situation of the whole region is on a growth recovery path -- a plus for Dubai," he added. The tower opening ceremony kicks off at 8:00 pm (1600 GMT), featuring fireworks and a light show. It is held on the day Sheikh Mohammed Bin Rashed al-Maktoum took office as the ruler of Dubai in 2006. Related article: Dubai ruler's vision reaches skywards. Recommend Send IM Story Print Related Articles Emile Hirsch joins celeb climb of Kilimanjaro AP - 1 hour 21 minutes ago UK PM Brown named GQ's worst-dressed man of year AP - 2 hours 28 minutes ago Gadget makers focus on cost-effective temptations AP - Tuesday, January 5 Kim Raver promoted on "Grey's Anatomy" Reuters - Monday, January 4 Group in NYC picks 'Hurt Locker' as best 2009 film AP - Monday, January 4 News Search Top Stories Sweden's cull of wolves nears its quota Novartis seeks full ownership of eyecare giant Alcon British PM Brown named worst-dressed man Rate hikes could help battle bubbles: Fed chief Beat the blues by going to bed early: study More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Beat the blues by going to bed early: study British PM Brown named worst-dressed man Sweden's cull of wolves nears its quota 'Snowbama' time in Hawaii Rate hikes could help battle bubbles: Fed chief More Most Viewed » Tiger's wife Elin seeking divorce: reports British priest defends urging people to shoplift Century-old butter found in Scott's Antarctic hut Beat the blues by going to bed early: study Brazilian confesses to sticking needles into two-year-old More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Monday, 4 January 2010
Ex-Israeli PM still comatose 4 years after stroke
Iraq says 5th UK hostage may be returned in days
Hamas says in final stage of Fatah reconciliation
Iraqi insurgent group claims deadly Anbar bombing
Iraq to support Blackwater lawsuit in U.S. courts
Iraq says 5th UK hostage may be returned in days |
Future uncertain for stuck Mars rover
TV show led to arrest in 4 Thanksgiving killings
Rustlers ride wideopen range of Great Basin
No 'smoking gun' tagged plane bomb suspect: US official
Roadside bomb kills former Pakistan minister
Snow paralyses Beijing as China braces for big chill
Qaeda threat forces US, Britain to shut Yemen missions
AP NewsAlert
Fed: Regulation 1st defense against speculation
Angry minority finds a voice on Chinese campus
Tajikistan earthquake leaves 20,000 homeless
Fireworks, highway accidents kill 15 in China
Avatar passes $1 billion at world box office |
`Avatar' maintains box-office ascent with $68.3M
US-ENTERTAINMENT Summary
"Avatar" passes $1 billion at world box office
Jordan spy among 8 killed at CIA Afghan base: report
New Year's revellers stranded in snow-hit British hotel
Samsung sells 2.6 million LED-backlight TVs in 2009
U.S., British embassies extend closure in Yemen |
British PM Brown named worst-dressed man
Lenovo unveils ThinkPad design with AMD chips
Rate hikes could help battle bubbles: Fed chief
Iran soccer official resigns over e-mail to Israel
Mafia blamed for Italian court bomb: reports
Strong quakes hit Solomon Islands |
Iranian journalist gets prison term, desert exile
Sweden's cull of wolves nears its quota
Five foreign troops killed in Afghan explosions |
South Korea calls on North to search for war dead |
Australia floods peak, but farmers see export boon |
Japan PM eyes crucial election as problems mount |
Eighteen feared dead as boat capsizes in east India |
Australia condemns Indian student death |
Samsung sells 2.6 million LED-backlight TVs in 2009
Freescale takes aim at tablet computer market |
Lenovo unveils ThinkPad design with AMD chips |
5 Americans to appear in Pakistan court
China oil spill hits Yellow River: state media
Japan PM vows to pursue more equal ties with US
India warns Australia over student stabbing
SKorean leader proposes liaison office in NKorea
Man skirts NJ airport security, delaying flights
Grenade attack on Philippine massacre suspect home
Weather forecast for the Asia-Pacific region
Australia floods peak, but farmers see export boon
Chaos At Newark Airport Continues As Rescreening Goes On For Thousands
NYC-funded handout called how-to for heroin users
Ohio native, ex-Navy Seal killed in Afghan bombing
Newark Terminal On Lockdown Following Security Breach
Japan leader wants more equal ties with US
Passengers on US-bound flights face more screening
TSA Sets More Screenings On Flights From "Terror" Countries
No U.S. Military Killed In December In Iraq
Feds probe Obama effigy in Jimmy Carter's hometown
Top Mexican Drug Gang Leader Nabbed
Anti-Nazi resister Freya von Moltke dies in Vt.
Four Year Old Boy Killed By Stray Celebratory Bullet During Church
Howell remembered as `force for good journalism'
Floridians Face Fire and Ice As Nation Struggles With Cold
Advocate uses texting to warn of AZ crime sweeps
US And UK Shut Down Embassies in Yemen
Accused Thanksgiving Day Killer Nabbed In Florida Keys
'Avatar' blue yields billion dollars in box-office gold
U.S. Intelligence Chief Warns Of More Attacks
Houston now nation's largest city with gay mayor
'Avatar' tops billion dollars, fastest ever: movie tracker
Taiwan stocks extend gains as LCD shares shine
S.Korea c.bank to unveil 2010 policy report Thurs
Group in NYC picks 'Hurt Locker' as best 2009 film
GM says China sales up 67 percent in 2009
S.Korea to spend much of budget in first 6 months
Taiwan, China trade talks by mid-January: govt
Chinese firms trading with Iran evade US sanctions: report
"Hurt Locker," French films win U.S. critics awards
PAKISTAN
"Potter", "Avatar" spur box office record in '09
Kim Raver promoted on Grey's Anatomy |
This year in film
Seoul shares rangebound; banks rebound, Kumho falls
Hurt Locker, French films win U.S. critics awards |
Ke$ha leads U.S. pop singles chart for second week
Potter, Avatar spur box office record in '09 |
Shares of Japan Airlines surge on loan reports
Soundgarden reunion planned for 2010
South Korean bonds fall early on foreign selling
Susan Boyle aims for sixth week atop U.S. chart
This year in film
Ke$ha leads U.S. pop singles chart for second week |
Soundgarden reunion planned for 2010 |
Peter Gabriel goes orchestral for covers album
Susan Boyle aims for sixth week atop U.S. chart |
'Avatar' blue yields billion dollars in box-office gold
Peter Gabriel goes orchestral for covers album |
US-TECH Summary
Novartis seeks full ownership of eyecare giant Alcon
Iran says several foreigners arrested in protests
Freescale takes aim at tablet computer market
Food Network And HGTV Viewers Demand Cablevision Put Networks Back On Air
Five US, British troops die in Afghan attacks
"Deadliest Catch" Deckhand Arrested For Bank Robbery
Karzai orders Afghan parliament to suspend break |
France seeks talks with journalists' Afghan kidnappers
Four US soldiers killed in Afghan bomb blast: NATO
CNN Says Sorry For Kathy Griffin's F-Word Rant On Live Air
Abbas weighs summit to revive stalled peace talks |
"Avatar" Crosses $1 Billion Box Office Mark
Iran says several foreigners arrested in protests |
Winter Storm Batters Maritime Provinces
Iran calls off visit by EU parliamentary group |
North Korea tries to bring life to failed trade zone |
Saudi rights NGOs write to king about jailed activist |
South Africa's President Zuma marries for fifth time |
Iraq will file lawsuits against Blackwater |
Big chill grips Asia, little economic impact seen |
Newark air terminal locked down over security
Tunnels beneath Vegas a refuge for homeless people
3.3 million acres of Maine land conserved
Census Bureau kicks off once-a-decade head count
China river diesel spill prompts water use alert
Obama ends Hawaiian holiday, returns to Washington
Chinese dissident appeals subversion conviction
US suspects 'wanted to help Afghan Muslims'
US plans for Mideast peace deal in two years: report
Iranian president wins support from Tajikistan
US, British missions in Yemen shut over security fears
Powerful quake strikes near Solomon Islands
Obama Doll Found Hanging From Rope Noose
Chinese underground bishop Yao dies at 87
Myanmar chief confirms elections to be held 2010
176 Arrested In Raid Of Texas Cockfight; Birds To Be Euthanized
NYC How-To Heroin Guide Hits Streets
Record snow brings travel chaos in China, S.Korea
Taipei 101 shrugs off loss of tallest skyscraper title
WWII Mariners Seek $1,000 'Thank You'
Four U.S. Troops Killed In Afghanistan
52 Malaysia couples face jail for hotel liaisons
First SeaGrass Restoration Project In Florida Keys Showing Signs Of Success
US Ends Ban On Immigrants With HIV/AIDS
Atlanta, Houston Mayors Begin Their Terms
Canadian Man Triggers Tighter Security In Airports Because Of Newark Security Breach
Asian markets start year on upbeat note
Pakistani rupee falls to record low; o/n rates up
Survey shows China manufacturing growing
Carrefour: will appeal Indonesia antitrust ruling
Japan Airlines shares soar on credit lifeline
World's tallest tower to open as Dubai faces crisis
India on road-building frenzy, invites investors
Gadget makers focus on cost-effective temptations
China manufacturing rises in December: survey
Kim Raver promoted on "Grey's Anatomy"
GM China reports record sales in 2009
Thai inflation up for third month, ministry says
Avatar passes $1 billion at world box office |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01