Footballers and Film Stars Caught Out As Dubai Crash Hits New Low
November 26, 2009 Footballers and Film Stars Caught Out As Dubai Crash Hits New Low Hugh Tomlinson in Dubai David Beckham and Brad Pitt are believed to be among the celebrities and sportsmen who bought villas in Palm Jumeirah in Dubai, a luxury development that juts out into the Gulf. But when the property bubble burst this year, residents saw the value of their investments collapse. Yesterday their situation worsened as Nakheel, the developer, and its state-owned parent made a request to suspend debt repayments. The statement rocked credit mar-kets around the world and prompted analysts to question whether Dubai,...
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Tags: Brad Pitt, Celebrities, Collapse, Crash, David Beckham, Debt Repayments, Developer, Film Stars, Footballers, Hugh Tomlinson, Investments, Kets, Luxury Development, Palm Development, Palm Jumeirah In Dubai, Sportsmen