What credit crunch?

Mideast companies are shrugging off the credit crunch at the annual Cityscape property fair. CNN's Leone Lakhani reports。

Welcome to our property lunch, needless style, no signs of foreclosures here, instead, elicit singers, and celebrity endorsements.

This is the party held by the developer select group. It’s launching its latest project, the 1.5-billion-dollar auqutian development undevise manmade world islands. An ambitious project as the credit crunch threatens the property market in the rest of the world.

You know I will be bow enough to say I’ve danced the credit crunch is gonna to fight the bar.

Even within all the glancing climber does notice this disguising the facts. The region’s main stock markets lost half their value this year. The central banks in the Gulf stepped into an issue that investors that displenty and equality in the markets. And reports point a turn to 15% property price correction in the next year.

But that wasn’t the message conveyed this year’s city scape. The ground scale of the event was man to scale any of market deltas.

For years just has been speculations that the property bump in the Golf is going to boost. If that’s the case, it certainly not evident here.

From the announcement of a 95-billion-dollar city development to debate plan to break its own record and build the world’s next tallest tower. Each company out doing the other dishing out millions on the disbalzes alone.

Companies spend up to several / million dollars just on the designs and of, and build the vibrate, and which is pretty unheard over sounds / as globally. But I think captures again the essence of what’s happening here and the length people are willing to go to, to track up on that investment right now.

/ holding believes that while it is time to cautious, there are also plenty of opportunities.

We are concerned people that are not always emotional. You know if you look at the stocks that have gone down in value, their profiteer race has not gone down. It is just an emotional say as a result of what’s going on in that of the world. What do we see is an opportunity for people to buy as one, you know. I would see that sent a project, you know, in the US or in Europe. Well, it’s an opportunity to buy among, you know, steep the accounts.

Egypt Sodic is developing two major city centers outside Cairo. They say the financial structure of dare deals means they are not under pressure from the lending crisis.

Mortgages only represent 2% of Egypt’s GDP, more its company, we have very little debts. We are sitting on a lot of, actually receivables. So we are in a very healthy position, quite / the storm if, if, you know, if it doesn’t span in this region.

With job losses on Wall Street and Europe, hundreds are moving into the regions in searching of work, but even with steady amount and prospects of strong growth, this cash-rich region isn’t completely immune to the global credit crunch.