Report on Dubai Real Estate and Effect of Low Oil Prices

Oil Price Casualty: The Downturn Hits Dubai
Free Internet Press - New York, NY, USA
With plummeting oil prices causing the Persian Gulf economy to shrivel, Dubai's push to become a global financial hub is in jeopardy.

 

For a year or so, the movers and shakers of the small but oil-rich United Arab Emirates have watched the unfolding of the credit crisis in the West with a mixture of dismay and denial. It won't happen here, was their view. And for a long time it didn't. Now it is. The price of oil, the lifeblood of the Persian Gulf economy, has fallen more than 60 percent since its mid-July peak.