dubai

Tiger Woods-Branded Luxury Development in Dubai Halted

Construction of Tiger Woods Dubai, a high-end residential complex that was to be built around a championship-caliber golf course, has been halted because of poor market conditions in the Middle Eastern emirate, Bloomberg News reported, citing developer Dubai Properties.

Emirates Chief to Take Over as Head of Dubai World

Sheikh Ahmed bin Saeed Al Maktoum, head of the Emirates airline, is taking over as chairman of Dubai World as the company struggles to restructure. Dubai%u2019s government said today that Sheikh Ahmed will replace Sultan Ahmed bin Sulayem, who oversaw the construction of palm-shaped islands off the emirate%u2019s coast, Bloomberg News reported.

Can Hong Kong Gently Deflate Its Real Estate Bubble?

Hong Kong took a new step this week to let some air out of its real estate bubble, levying a heavy tax on property flippers -- a move that has already sent asking prices there downward. But Hong Kong's real estate risks are dwarfed by those in Mainland China.

Dubai Raises Questions About Islamic Finance

While the worst of the crisis may be past for the emirate, Dubai's financial troubles have highlighted some of the thorny issues underlying the Islamic world's integration with worldwide finance.

Dubai World Reaches Deal to Restructure $24.9 Billion of Liabilities

Dubai World, the state-owned conglomerate, reached a deal to restructure about $24.9 billion of liabilities. Dubai%u2019s government said that Dubai World reached an agreement with more than 99% of its creditors, Reuters reported. In a separate statement, Dubai World said it plans to close the restructuring in "the coming weeks."

Dubai World Said Planning to Sell Prized Assets for $19.4 Billion

Dubai World plans to sell off some of its most prized assets in order to raise as much as $19.4 billion to pay off creditors, Reuters reported. The state-owned conglomerate told investors last month that the need to restructure was "urgent", Reuters said, citing a document handed out at an investor meeting.

Orders for Boeing's 787 Jet Keep Falling

Boeing has had more canceled orders for its 787 jet than new orders now that aircraft-leasing company Dubai Aerospace Enterprise has stopped 25 orders in the past month.

Gucci Has Designs on the Luxury Hotel Market

The Gucci name has gone from designer leather goods to designer clothes -- now, it's getting into the hospitality business. Elisabetta Gucci Hotels, led by the daughter of designer Paolo Gucci, plans to open its first boutique hotel in Dubai this year.

Dubai's Debt Repayment Plan Is on Shaky Ground

Dubai does everything big, and that includes its debt -- all $60 billion. Investors have reason to be concerned whether Dubai World, government's investment arm, can make its payments in a timely fashion. It's worrisome then that the proposed settlement for Dubai World to restructure $26 billion in debt is so tenuous, that one claim from a creditor could ruin the plan.

Japan's Dubai Rail Builders Surge, Hong Kong Property Market Smoking Hot

Shares had a mixed day in Asia Tuesday. Hong Kong's Hang Seng Index climbed 1.2%, with real estate companies continuing to climb, and China's Shanghai Composite Index slumped 0.7%. In Japan, the Nikkei 225 Index slid 0.5%, though reports that Dubai's government is committed to helping keep Dubai World afloat, sent shares of several engineering companies involved in the building of the Dubai Metro surging.

Monument or Tombstone for Dubai?

The emir of Dubai opened the world's tallest building Monday amid talk of his nation's massive debt, its overextended real estate market, rising unemployment and a host of other recession-linked miseries. But despite the many experts ready to write Dubai's financial obituary, the emirate is far from dead yet.

Why the Dollar
May Rally

A few years ago, ever-rising home prices seemed like a sure bet. Today, Wall Street's sure bet is a weak and falling dollar. But investors would be wise to consider what would happen if the conventional wisdom falls short again.