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'Dubai dream' may be over, says Citigroup
- United Arab Emirates: Wednesday, November 19 - 2008 at 10:54
A new report by Citigroup says the 'Dubai dream' may be over because falling oil prices are drying up investment from the emirate's crude-exporting neighbours. Dubai's two biggest concerns are its real-estate sector and how it will refinance the debt it has built up in recent years, the report said. However, while noting that Dubai is experiencing a 'much-needed correction in the property market,' the report added that 'global conditions are likely to slow Dubai's economic growth, but not knock it out'.
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Jeff Florian, Senior ReporterWednesday, November 19 - 2008 at 10:54 UAE local time (GMT+4)
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