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UAE central bank extends Dubai $10B loan

The Emirate of Dubai will receive a $10bn loan from the UAE central bank as part of its debt restructuring program the Financial Times reported Sunday. The Dubai real estate sector, which has been a primary driver of regional development over the past half decade, has seen prices fall by at least 25 percent between the third and fourth quarters of last year. The loan, part of a wider $20bn bond restructuring program, is expected to restore a measure of confidence in the Emirate as it seeks to create a more diversified services-based economy. For now, the cranes over Dubai are largely idle, though some may argue their silence should be viewed as a welcome pause in development, and not a calamity.