Dubai Pearl loses DIFC Investment

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Another Dubai property development has been forced to scale back construction and seek further investors after the collapse of the real estate market in 2008.  The Dubai Pearl development, a $3.8 billion project, will no longer have the support of the Dubai International Financial Center investment group, as they have pulled away from their $800 million commitment after paying only $13.5 million.  DIFC posted losses of  $247 million last year, and $561 million in 2009.

Some analysts predict that commercial occupancy in the Emirates might be as low as 50% this year, due to the overabundance of available office space.  A slowing economy combined with the housing bust of 2008 to drive down prices and occupancy, and many projects have stalled along with the Dubai Pearl.  The Pearl was forced to put on a roadshow in Asia to drum up investors, and say they had moderate success.  Details are unavailable.

 

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Reading Time: 1 minute

Another Dubai property development has been forced to scale back construction and seek further investors after the collapse of the real estate market in 2008.  The Dubai Pearl development, a $3.8 billion project, will no longer have the support of the Dubai International Financial Center investment group, as they have pulled away from their $800 million commitment after paying only $13.5 million.  DIFC posted losses of  $247 million last year, and $561 million in 2009.

Reading Time: 1 minute

Another Dubai property development has been forced to scale back construction and seek further investors after the collapse of the real estate market in 2008.  The Dubai Pearl development, a $3.8 billion project, will no longer have the support of the Dubai International Financial Center investment group, as they have pulled away from their $800 million commitment after paying only $13.5 million.  DIFC posted losses of  $247 million last year, and $561 million in 2009.

Some analysts predict that commercial occupancy in the Emirates might be as low as 50% this year, due to the overabundance of available office space.  A slowing economy combined with the housing bust of 2008 to drive down prices and occupancy, and many projects have stalled along with the Dubai Pearl.  The Pearl was forced to put on a roadshow in Asia to drum up investors, and say they had moderate success.  Details are unavailable.

 

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