The building in Muhaisnah 4 had suffered structural damage last week and has been sealed off as authorities conduct investigations
One of seven emirates in the UAE federation,
Real growth in gross domestic product (GDP) in
“Hopefully the worst is behind us,” Safadi said. “We are being challenged on exports, on the real estate sector, construction ... all of these sectors are under pressure here.”
During a six-year building boom supported by high oil prices in the Gulf, Dubai was thrown into the global spotlight with lavish projects such as the world’s tallest tower, an indoor ski slope and islands in the shape of palm fronds and the world map.
In 2007, the government of
That target that was reduced this year to between 4 and 6 per cent.
The emirate said in January it expected to run its first budget deficit ever of 4.2 billion dirhams ($1.14 billion) this year. But signs of the slowdown are evident. Companies across
Facing the risk of greater mortgage loan defaults, banks are taking massive provisions for bad loans.
Meanwhile, research firm Proleads said last week the UAE has put on hold $582 billion in construction projects, retailers are complaining of slower sales and the
But Safadi, who called the GDP growth forecast “ conservative”, said
Safadi said he was “not aware” of any similar plan to inject capital into
The building in Muhaisnah 4 had suffered structural damage last week and has been sealed off as authorities conduct investigations
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The museum to offer visitors the chance to take part in dance, yoga and work-out sessions while gazing upon paintings and sculptures