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.
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.
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.
A UPS plane headed from Dubai to Cologne, Germany, crashed minutes after takeoff with two crewmembers aboard.
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.
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.
Word on The Street is that many of the country's less-principled financiers are daydreaming about getting a one-way ticket out of Dodge. Luckily, the financial scofflaw with a truckload of money has several options at his or her disposal. Here are DailyFinance's picks.
The settlement everybody has been banking on still isn't a done deal, leaving investors with reason to be concerned that Dubai World's massive debt won't be repaid in a timely fashion. It has also led S&P to cut DP World's credit rating. The trouble isn't over yet.
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.
Dubai's sovereign debt problems have resurfaced as the kingdom reportedly plans to ask for a standstill on payments of $22 billion in debt issued by state-owned Dubai World.
