'It's not doom and gloom' for the world of Dubai

03/12/2009 - Dubai Investment News
'It's not doom and gloom' for the world of Dubai

Posted by Bob Brunskill

In light of the news of Dubai World's economic crash, those with property in the UAE should be comforted by everything else the region has to offer, according to the Guardian.

Dubai remains the home to one of the world's tallest buildings and the only seven-star hotel – the place where celebs such as Michael Schumacher and David Beckham all own villas.

Palm Island represents one of the only man-made objects visible from outer space, according to pictures from the International Space Station. The Crescent around the island functions as a breakwater - able to withstand a 4 metre wave.

As Dubai World is behind the Palm Island project, alongside a host of others, it recently requested a moratorium on debt repayments while conducting finance negotiations on its borrowings – which led to panic on the stock market.

In a statement earlier this week, Dubai World stated: "It is envisaged the restructuring process will be carried out in an equitable way for the overall benefit of all stakeholders and will comprise several phases including: long term plans and commitment of stakeholders."
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