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24.08.2014
In a recent editorial, local newspaper Gulf News highlighted that Dubai's recovery has been so marked that developer Nakheel has managed to repay its entire debt four years ahead of time. The emirate of Dubai has made its way out of the financial downturn despite the many obstacles it faced, according to a local newspaper's editorial piece.
Gulf News said, "Dubai’s economic recovery has been so marked that Nakheel, the government-owned property developer, has announced that it will repay its entire outstanding AED7.9 billion bank debt almost four years ahead of schedule." The developer's CEO Ali Rashid Lootah was quoted as saying, "“Where there’s a will, there’s a way. We will keep looking at ways to cut costs" a few months ago and has clearly stuck to this message, finding a way to push forward.
The editorial continued: " It is almost certain that this good news from Dubai will not make the massive headlines that all the bad news did a few years ago, but this lack of coverage does not change the reality that Dubai is back in business and ready to continue."
Dubai-owned companies suffered immensely in the financial downturn of 2009 and 2010, and some were found so severely lacking in liquidity that their survival was in doubt.
Gulf News said, "Dubai’s economic recovery has been so marked that Nakheel, the government-owned property developer, has announced that it will repay its entire outstanding AED7.9 billion bank debt almost four years ahead of schedule." The developer's CEO Ali Rashid Lootah was quoted as saying, "“Where there’s a will, there’s a way. We will keep looking at ways to cut costs" a few months ago and has clearly stuck to this message, finding a way to push forward.
The editorial continued: " It is almost certain that this good news from Dubai will not make the massive headlines that all the bad news did a few years ago, but this lack of coverage does not change the reality that Dubai is back in business and ready to continue."
Dubai-owned companies suffered immensely in the financial downturn of 2009 and 2010, and some were found so severely lacking in liquidity that their survival was in doubt.
