Will The World be saved? UAE attempts to rescue collapsed real estate market in Dubai.
The massive world-shaped islands off the coast of Dubai have been an environmentalist’s nightmare. With little regard to marine ecosystems, and the future impact of these buildings, Dubai ‘s building of The World has been brought to a halt due to billions of dollars worth of debt, much of which is held in UK banks, we reported last week.
But Dubai’s real estate debt crisis may not be as serious as people think, according to comments made over the weekend by CNN’s Jim Boutin and Financial Times correspondent Simon Kerr.
Speaking on a CNN financial new program, dealing with the effects of the so-called “Dubai Domino Effect” Kerr said that Dubai is “set to start a press campaign, headed by senior members of the supreme fiscal committee and department of finance aimed to reschedule the $25 billion in bad debts around Nakheel and Istithmar, developers of the Dubai World island project.”
The plan involves issuing special bonds, known as Sukuk or Islamic bonds, in order to defer the debt on assets that have a current estimated market value of more than $75 billion over the next few years.
Rima Malallah, a young woman living and creating in Amman, Jordan, is bringing her colorful handmade art to the Ammanian masses. Different from other galleries in Amman, Malallah offers a wide variety of products (including original paintings, prints, postcards, journals, cards, jewelry, handpainted ties, hand-knit scarves, bottle vases, key chains and coasters) and encourages interaction with her clients. Customers can walk in and commission a piece from her directly.
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