High Estates

Luxury development in Dubai are finding it hard to weather the financial crisis as builders and other firms connected with them are defaulting on their obligations due to financial institutions pulling out credit lines or stopping financing all together. The news is the same all over the globe with major luxury development projects halted due to the strain of the recession that is currently plaguing all of us. Most of the financial institutions who were providing their financial resources stopped doing so altogether due to them being victims themselves to the financial crisis. Developments in China have been hit as well with the Venetian development project stopping in its tracks with only the main casino and hotel up and running. Migrant workers in China running into the millions are being sent home without work to keep them in the many factories that used to employ a majority of the Chinese population.
Other countries are following suit as their citizens clamor for jobs that used to be done by foreign workers, their government’s sending them home without any jobs available in their home countries. These are some of the effects of the worsening economic conditions globally which are indeed taxing hard on people and businesses as we all try to weather out the storm.

This entry was posted on Sunday, March 29th, 2009 at 6:41 am and is filed under Dubai, Information, News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.