What impact is the global economic downturn having on the Middle Easts architecture and design industry?
All areas in the world are likely to be affected by the economic downturn. Hopefully the Middle East, and particularly the UAE, will be less affected as their economies are underpinned by oil. In the property sector it is likely there will be fewer end users and buyers from Europe, but these could be replaced by others from India, Pakistan and GCC countries. It seems probable there will be some correction. Obtaining financing from overseas banks will likely be more difficult and this may slow down some of the projects. The effect on financing by Arab banks is unknown and will hopefully be minimal.
