Scandals in Dubai Cast a Cloud
15/05/2008
Dubai real estate market is fast growing. Huge building property projects rub the sky. Sales and rental prices emerge floating as investments run in from other oil-rich Persian Gulf states, the former Soviet Union, India and Iran.
However, a chain of legal struggles and property related cases could hollow overseas investor confidence and stain the business friendly status the government has tried so hard to polish.
Earlier this month, the chief executive of one of Dubai's largest publicly traded developers was jailed. And two disputes involving European and U.S. investors have raised concerns about Dubai's regulatory and legal safeguards.
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