Gulf Real Estate Projects Total $2.4 Trillion
June 15th, 2008 Posted in Real estate, Regional NewsThe Wall Street Journal recently published “Celebrity Endorsers Help Lure the Rich to Dubai: Brad Pitt Will Design Five-Star Hotel, Resort; Even B-List Makes It.” Beyond the talk of celebrities and buried in the latter portion of the article is the following:
“That said [in light of the threat of a Las Vegas-style property bust and recent scandals involving emirate real estate players ], there are few signs that investors are shying away from the region’s real-estate market. According to Dubai-based research firm Proleads, about $2.4 trillion in real-estate projects are currently under construction in the oil-rich Gulf Cooperation Council region, which includes Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman. Dubai alone, the second-largest emirate in the U.A.E., after Abu Dhabi, expects $50 billion in real-estate investment by 2010.” (Emphasis added)
