Dubai will liquidate scores of cancelled property projects and use the funds to repay investors who lost billions of dollars in the emirate's real estate market, state news agency WAM reported.
A decree by Dubai's ruler Sh
Dubai is considering cancelling 27 projects, the head of its real estate regulator said on Monday, as the emirate's once-booming property market slumps in the global downturn.
A decision whether to cancel or not would be made by the end of
Credit conditions for real estate projects are worsening and the viability of some developments needs to be re-examined, the head of Dubai Islamic Bank (DIB) said on Sunday.
"The days of cheap money are gone, be prepared to pay more," Khal