Wednesday, August 27, 2008

Boom Times for Bankers in Gulf States

While firms in London and New York have shed about 100,000 jobs over the past year, they have taken the opposite approach in the Middle East. Citi, Deutsche, UBS and Morgan Stanley have grown their numbers to 400 in the region, according to Bloomberg.

And the boom is also reflected in the real estate market.

David Edwards, a Dubai-based real estate agent, told Bloombeg that he should easily sell a 7,000-square-foot villa with a minaret, a court yard and sea views — and located on one of Dubai’s 300 man-made islands — for $7.7 million.

“The growth here is tremendous,” he said. “Demand has definitely gone up.”

No comments:

Post a Comment