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Dubai government to assist real estate firms
- United Arab Emirates: Thursday, March 12 - 2009 at 16:26
Nasser bin Hassan al-Shaikh, director general of Dubai's Department of Finance, said today that the property market in the emirate was hurt 'badly' by the global economic crisis, and pledged that the government will provide help to local real estate firms that have been affected by a decline in the construction, investment and acquisition of properties, reported Bloomberg. The recent price declines in the property market in the emirate were necessary, al-Shaikh said, adding that the industry needs to be reformed. He didn't elaborate.
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Jeff Florian, Senior ReporterThursday, March 12 - 2009 at 16:26 UAE local time (GMT+4)
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