Dubai in good position to move forward through global financial crisis
According to property experts, Dubai is in a good position to move forward through the global financial crisis due largely to its construction and real estate industries as there are a number of fundamentals in place that would pull the emirate through the worst of the ensuing credit crunch. These included visionary government-led real estate and infrastructure projects such as the Dubai Metro and Burj Dubai. According to Khalid Howlader, Senior Credit Officer, Moody's, these are seen as vital to the future of the emirate.
Howlader said, "No one is going to take developments such as those away. The dynamism of the government would allow for a quicker turnaround once banks were able to resume lending again."
the pressure on poorly equipped firms, some of which may be forced into bankruptcy because of the financial crisis, would also be good for the construction industry in the long run. This will fundamentally change the Dubai real estate outlook for the short-term.
