MEED is reporting a 85 percent decline in the value of contracts awarded in the UAE in the fourth quarter of 2008 compared with a year earlier. Approximately 10 percent of projects already under construction have been halted across the country, including Palm Deira, Dubai Waterfront, Dubailand, and the Trump International Hotel and Tower. (Link here)
Meanwhile, the UAE has approved a 21 percent increase in its federal budget. This increase represents the biggest in UAE history. Education and services are the chief benefactors. (Story here)
Various Emirati CEOs make their predictions for 2009 in today's Emirates Business 24/7. Needless to say, there isn't much optimism here but all are careful not to be overly pessimistic.
And because the UAE continues to have such a psychological pull over the business climate in the Gulf (and even, although to a lesser degree, the rest of the Middle East), here's a nifty little article about how the downturn in Dubai is being perceived in the Saudi press:
When a Ripple Turns into a Wave
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