Dubais rulers say their futuristic city of skyscrapers is ideal to host the event. But their well-oiled public-relations campaign belies a worry among many in the United Arab Emirates city that increased building and real-estate speculation driven by the event could put it on the cusp of another financial crisis. People are betting on whats to come rather than whats really here, said Faris Mansour, director of Mubadala Pramerica Real Estate Investors. He spoke on a panel at a recent real estate conference during a discussion on whether Dubai was in recovery or not. Lurking beneath Dubais massive push are fears it is headed toward another real estate bubble whether it wins the bid or not. Some analysts argue hosting the expo can help avert another crisis, while others say a massive building project for the expo will create another boom-and-bust cycle like the one that brought the city to its knees in 2008. A report by the Emirates-based branch of Chartered Financial Analysts Institute found 55 percent of surveyed investors worry a successful bid will create another economic bubble. Another report by Bank of America Merrill Lynch Global Research said there are a number of uncertainties surrounding tourism forecasts and spending in Dubais expo projections. abcnews.go/International/wireStory/dubai-world-expo-bid-inflates-real-estate-bubble-21000464
Posted on: Tue, 26 Nov 2013 00:23:23 +0000
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