construction to resume on dubai world islands what a difference 10 bill makes
News Posted On: 17 December 2009
Construction is to resume on the Germany section of the World Islands in Dubai, the Austrian developer who has been given the contract to build it has announced.
The fact that the announcement comes just days after Abu Dhabi bailed out Dubai's state-owned developers with a $10bn cash injection cannot be a coincidence.
"Our company is specialised in European customers and they are looking for holiday homes," said the developer Josef Kliendiest.
Kliendiest also said that the man-made World Islands are the only place tobuild new holiday homes in the emirate, though i would suggest sending them to look at the thousands of apartments left unsold after the crash, but maybe it's just me.
The two main advisers to the ruler of the emirate: Sheikh Mohammed bin Rashid al-Maktoum, have been in London and the United States this week to explain the emirate's plans.
These include paying off the most immediate of Nakheel's debts, a $4.1bn (£2.55bn) bond, using money loaned to Dubai from Abu Dhabi.
The pair will also be promising improved transparency vis-a-vis the emirate's financial structuring and plans. Previously markets and bond prices have fluctuated wildly on rumour and mystery from the government, and more recently a "mistaken translation" has been blamed for reports that profit surpluses of the various developers would be added to the government's coughers.
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