The Weeks Dubai Property News At A Glance

Small bits of news from around the Emirate. Emaar, the developer behind the iconic Burj Dubai and Downtown Dubai project has denied it is to make immanent job cuts in order to deal with the property downturn and reduced demand for Dubai real estate. The company has already laid off an unspecified amount of employees, its reaction to the start of the property price crash back in Q4 2008, but says it does not at present plan to axe anymore jobs from its 2500 Dubai based workers nor its 2500 employees abroad. As the largest developer in the Middle East, and one of the major players in the Dubai freehold property market, the company has been particularly hard hit by the Dubai property price crash. Q4 last year, saw the company make a AED 1.77 billion loss, due to the bankruptcy of its US based division John Laing Homes. The company has however stated that it will continue to adapt it structure to suit the market environment and therefore wouldn’t rule out job cuts in the future is the situation required so.

And Emaar’s land mark property has also been in the news recently with the announcement that test runs have started on a new breathtaking and record breaking fountain attraction. Dubai has always has a penchant for having the world’s biggest and best, and this newest addition to Dubai will be no different, as the fountain will be the world’s biggest. How big? Well the fountains should be capable of propelling water up to 500 feet in the air! Located in the 30 acre Downtown Dubai Lake, and within close distance to the Dubai Mall, the fountains looks to become another big addition to Dubai’s tourism attractions. Visitors are being told that once operational they can expect a ‘water, light and music spectacle’. The fountain will no doubt come as another great addition to the Downtown Burj Dubai project, which has already become one of the hottest areas in Dubai to own a freehold property, with some of the most expensive apartments in the city, and of course the world’s tallest tower, the Burj Dubai located at its centre.  We also have Dubai property news from the past feel free to check our posts.

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