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More blows for Dubai building boom
10:34 05 Dec 2008
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Some of the most ambitious building projects in the Gulf have been put under review, as Dubai's multi-billion dollar building boom starts to falter.
The Guardian reported that government-owned developer Meraas was looking again at the £46bn Jumeirah Gardens project.
And Khalid al-Malik, chief executive of developer Tatweer told the National newspaper in Abu Dhabi that the Dubailand hotel and leisure project, expected to cost around £60bn, is also being reassessed.
The effect of falling oil prices and the rising costs of financing projects has forced several Gulf developers to reconsider whether their schemes are still commercially viable.