Wednesday, December 02, 2009

Pics from the archive (14)

I wonder whether his little real estate project in Dubai ever happened?
Taken August 2005

The BBC's Robert Peston said on Monday: "It was no secret that of all the world's property bubbles, one of the very bubbliest had been in Dubai - or that the bubble had been pricked a year ago. Even the International Monetary Fund (in its latest report on the prospects for the global economy) noticed that the United Arab Emirates had suffered the third-worst fall in house prices during the first three months of this year of any country (a fall of nudging 40%; only Latvia and Estonia suffered worse drops). Dubai was not an accident waiting to happen: it had already happened, locally at least."

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