For months there had been speculation that Dubai’s real estate bubble was ready to burst. It did in January, tanking real estate prices by 30 percent and putting the kibosh on the large construction projects that turned the city into one of the Middle East’s–and certainly the United Arab Emirates’–most glamorous (and safest) playground.
Predictably, the downturn has led to an exodus of foreigners, who comprised most of the city’s population. The Dubai government is reported to be canceling residency visas at the rate of 1,700 a day, almost three times as many as a year ago.
As grim as things appear, the situation hasn’t significantly dimmed the hopes of two Atlanta-based restaurant franchisors with units in Dubai.It’s Helping, Not Hindering… read on.