"Survey Signals Dubai Housing Boom Has Ended" (WSJ)

Even Dubai is on the real estate roller coaster:

"This city's six-year property boom appears finally to be over, with asking prices for some homes here falling as much as 19% in October from the previous month, according to a closely followed survey.

Home prices were climbing sharply as recently as the first half of this year. But over the summer and fall, tightened local lending collided with the global financial crisis to choke off easy credit. That scared away buyers, especially local and international property speculators who have helped fan years of price increases..."

The Masdar Initiative - Abu Dhabi, UAE

"Abu Dhabi, United Arab Emirates, 13 January 2008 - The WWF and Masdar, The Abu Dhabi Future Energy Company, today launched a “Sustainability Action Plan” to deliver the world’s greenest city – Masdar City. Located near Abu Dhabi International Airport, Masdar City will be the world’s first zero-carbon, zero-waste, car-free city, aiming to exceed the 10 sustainability principles of “One Planet Living™”– a global initiative launched by the Worldwide Fund for Nature and environmental consultancy BioRegional.

Masdar City’s electricity will be generated by photovoltaic panels, while cooling will be provided via concentrated solar power. Water will be provided through a solar-powered desalination plant. Landscaping within the city and crops grown outside the city will be irrigated with grey water and treated waste water produced by the city’s water treatment plant.

The city is part of the Masdar Initiative, Abu Dhabi’s multi-faceted investment in the exploration, development and commercialisation of future energy sources and clean technology solutions. The six-square kilometre city, growing eventually to 1,500 businesses and 50,000 residents, will be home to international business and top minds in the field of sustainable and alternative energy..."

"In Booming Dubai, Call It the Anti-'Credit Crunch'" (Wall Street Journal)

"The booming Persian Gulf is starting to suffer from its own form of a credit and lending crisis.

As oil-fueled economic growth in the region surges, banks are finding that they don't have enough cash to meet all the demand from businesses to expand their operations.

The development means that unless banks are able to boost their deposits or develop new financial instruments, a lack of finance could provide an important brake on how quickly the region can grow....

"One of the big issues in the U.A.E. is the lack of financial instruments," says Mohsin Khan, the IMF's regional director for the Middle East and Central Asia. In particular, the fund is working to develop markets for "sukuk" bonds, a form of Islamic fund raising that can be traded without violating the Koran's prohibition on usury.

The value of sukuks issued rose to $47.10 billion in 2007 compared with about $25 billion in 2006 and $10 billion in 2005."...

Another factor adding to the crunch is the dollar's recent strength, which has driven away many foreign speculators who had bet the U.A.E. would cut its peg to the dollar, or revalue the local currency, the dirham."

The WORLD Islands - Dubai, UAE

If I were as rich as Michael Klein (see earlier post), I would surely buy the whole world, as in "The World" islands in Dubai, UAE! This is yet another mind-blowing project underway in the constantly evolving Emirati city of Dubai.

"It was developed by Nakheel Properties and was originally conceived by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai." (Wiki)

All of the islands have been sold and construction is well under way. They are being formed from sand dredged from the sea, which by the massive volume required, makes me wonder what will be the ecological impact of this landshift.

Dynamic Architecture, in Dubai, UAE

Another amazing project from Dubai! This 80-floor rotating tower is set to be completed in 2010. 90% of the tower will be built in a factory and shipped to the construction site. The entire tower will be powered from turbines and solar panels. Enough surplus electricity should be produced to power five other similar sized buildings in the vicinity. The turbines will be located between each of the rotating floors. They could generate up to 1,200,000 kilowatt-hours of energy. The solar panels will be located on the roof.