Genesis Studios involvment with Dubai, United Arab Emirates
A year ago, the global downturn decimated Dubai’s astonishing (over)development. Most people I spoke with that had any involvement in Dubai’s growth expressed concern that this was unsustainable.
Now there is so much debt that it’s requesting a six-month “standstill” on paying its bills.
This caused a drop on world markets Thursday. The worst fears in the US market seemed to subside as realization set in that the US was not as heavily invested as some other countries such as Great Britain.
Dubai’s main development engine, Dubai World and Nakheel, the company’s Real Estate Arm which was behind the series of “Palm Islands” and other mega projects are responsible for most of the $80 billion owed to banks and other entities such as contractors.
Dubai’ ruler, Sheik Mohammed bin Rashid Al-Maktoum, seemed to gloss over concerns over the city-state’s liquidity and the claims it overreached during the good times.
Genesis Studios Inc. did renderings of the 1st and 2nd Palm Islands and surrounding projects for HHCP Design International, in Maitland, FL for Nakheel.
We also worked on various other phases of development such as “Dubai Union Canal” (image 5 0f 30 under watercolors on our website). This also involved Eric Kuhne Associates, London.
In the last few years we worked for Limitless, LLC, which was set up in July 2005, with the key objective of diversifying and globalizing Dubai’s portfolio through Nakheel.
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