A new wave of construction has begun in Dubai, the world’s most expensive city, amid a global financial crisis.
Construction has been going on around the city since March, with the biggest blocks being built on the southern and northern edges of the city, as well as on the city’s eastern fringe, which is dominated by Dubai’s international airport.
The country’s capital has been undergoing construction since the 1980s and the latest wave of development is seen as the start of a new era for the city.
Dubai has also been facing a crisis of overcrowding and the emergence of crime linked to the spread of drugs and the use of social media.
One of the major new developments is the Miron Construction Insurance company, which has been responsible for building the world-renowned hotels, malls and shopping malls of the UAE.
Miron said in a statement it was pleased with the completion of the Mireya Dubai Hotel, which opened in the early hours of Wednesday morning, and said it was the start to an exciting future.
“The hotel will create jobs and boost tourism in Dubai,” the company said in the statement.
But many of the buildings have been damaged and a lack of maintenance has made them a magnet for crime, the company added.
The Dubai Municipality is also planning to introduce an “investment tax” on Dubai’s construction industry.
The tax will bring in about $100m annually to the local economy.
It is the latest development in a series of projects that have been proposed by Dubai officials in recent months to address the citys housing shortage.
There are a number of different kinds of construction projects in the city including the construction of residential units and hotels.
This article first appeared on Reuters.com.
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