Dubai’s sharp reversal of fortunes

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

DUBAI, November 26, 2009 (AFP) – The plan by state-owned Dubai World to suspend payments on its large debts highlights the sharp economic reversal in the once-booming Gulf Emirate. A timeline of events since the global economic crisis began:

2008

– Oct 5:The frenetic expansion of Dubai appears relentless as state-owned Nakheel announces plans for a building more than one kilometre tall, to top world record-holder Burj Dubai, already 688 metres in height and still rising.

– Oct 6: State-owned Meeras unveils proposals for the 95 billion-dollar Jumeirah Gardens city-within-a-city project, to rival Nakheel’s flagship Palm Jumeirah artificial islands and The World, a 300-island development.

– Nov 4 – Dubai Mall, a shopping centre with room for 1,200 shops, finally starts trading after the opening was repeatedly delayed from the end of 2006.

– Nov 26: Cruise liner Queen Elizabeth 2 arrives in Dubai for transformation into a floating hotel.

– Nov 29: The Dubai Financial Market’s losses since the start of the year reach 67 percent. – Nov 30: Nakheel announces it has fired 500 staff and will be scaling back work on some projects. Only one of the three planned