Builders bruised by Dubai's real estate market woes

Dubai

DUBAI'S real estate downturn is forcing construction and engineering firms to cut jobs and halt expansion plans, in turn raising fresh risks for the wider economy.

Known for its glittering skyscrapers and luxury villas, the Dubai property market is oversupplied, especially in the residential sector where prices have fallen steadily from a peak in mid-2014. Many towers stand half-empty, and some construction sites have been left dormant.