Dubai pauses luxury tower work, as virus adds to real estate woes
01 April 2020; MEMO: Developer Emaar Properties said on Tuesday it had suspended construction of a residential tower in a prime Dubai location near the world’s tallest building, showing how the coronavirus is deepening the emirate’s real estate downturn.
Dubai, a regional tourism, trade, and business hub, has faced a real estate slowdown for most of the past decade as the global financial crisis and weak oil prices burst a price bubble and left the market oversupplied with homes and offices.