Babel looking shaky

Simon Fairlie chapter7 at
Tue Sep 16 19:04:51 BST 2008

The news gets better and better, see below.


Global market turmoil could burst Dubai property bubble
16 September, 2008
By Dan Stewart
Real estate giants in Middle East see shares plunge after Lehman Bros  

The collapse of US banking giant Lehman Bros has shaken the UAE  
markets, causing fears that the Dubai property boom could be halted  
in its tracks.

Early trading today saw Dubai’s main index drop 4% on opening.

Tamweel fell by 7% and Emaar Properties dropped over 6%. In Abu  
Dhabi, Aldar Properties fell almost 6%.

The stocks rebounded later in the day, but the volatility of global  
trading could have serious repercussions on the increasinly unstable  
Dubai property market.

Emaar Properties, the developer behind the Burj Dubai, announced a  
share buyback scheme this weekend after its shares fell nearly 50% in  
the past year.

But the announcement that it would buy back 10% of its shares has so  
far failed to turn Emaar’s fortunes around.

The company’s share price yesterday fell to a three-year low, and  
sank lower still in today’s downturn.

The collapse of Lehman Brothers and the simultaneous acquisition of  
Merrill Lynch by the Bank of America have sent stock markets  
worldwide into freefall.

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