At least the Olympic Village will get built. In Dubai and other real-estate hotspots around the world, the dominoes are falling, along with the public offerings. Like the $100-billion Jumeirah Gardens development, with One Dubai as its centrepiece:
More here in Der Spiegel:
The international economic crisis has caught up with the nouveau-riche high flyers in the Middle East and Asia who, until recently, had gloatingly watched the collapse of the West, where one skyscraper project after the next has been abandoned. But now the brakes are also being put on one construction project after another in Dubai, Saudi Arabia and Russia.
And here’s a sample of the fantasies that were being pedalled up until just a few weeks ago.