As an antidote to the property-related crisis sweeping over Lehman Brothers, I went over to the Javitz conference centre in Manhattan yesterday to learn about one property development that is not short of money.
It is Saadiyat Island, the mind-boggling $27bn project to develop an island next to Abu Dhabi in the United Arab Emirates. At about $1bn per square kilometre, the emirate is not stinting on Saadiyat.
I suppose the falling oil price may crimp the style of Abu Dhabi and its next-door emirate Dubai a little. But it is not stopping the creation of Saadiyat, which will not only have nine resort hotels along a 9 kilometre beach but a cluster of world-class museums. Read more