07.10.2008 - GCC firms launch $100 bln projects
From Gulf-daily-news.com: GCC property firms launched $100 billion of new projects, but the news failed to restore investor confidence as fears grew that the global credit crunch is biting and the local real estate market overheating. From a 350bn UAE dirhams ($95bn) beachfront project to a kilometre-high tower, developers at Dubai's annual Cityscape exhibition launched the usual raft of mega-developments that have propelled the GCC commercial hub to international fame. The Dubai government has launched the 350bn dirham project to develop a huge swath of land near the coast..... Full Article: Source