In keeping with Dubai's efforts to shore up real estate sector, another $10 billion (Dh36.73 billion) is being raised by selling bonds this year to tide over the present crunch. Dubai had earlier launched a $20 billion bond programme in February, issuing the first half to the UAE Central Bank to support firms struggling to meet debt and other financial commitments.
Dubai, home to the world's tallest properties and manmade islands shaped as palm trees, is somewhat emerging from the present nightmare through some visionary policies. Come September this year it will have a soft launch of its hi-tech metro services. This eventually can perk up the real estate sector further.
The global financial crisis and a collapse in oil prices somewhat froze the Gulf region's six-year economic boom. Things are somehow returning back to normalcy and the government should be lauded considerably on this count.
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