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...report by the local branch of HSBC bank. Business journal the Middle East Economic Digest puts the figure at more than $300 billion. Postponed developments include the World, a luxury man-made island community designed to resemble a world map, and Dubailand, a theme park planned to be twice the size of Florida's Disney World. Housing prices have fallen 20%-40% from their peak in late 2008, and about 30% of the city's existing real estate space is lying empty...

Author: /time Magazine | Title: Dubai's Sand Castles | 5/25/2009 | See Source »

...money was used by the developer to purchase more land and then sell off more units without ever starting construction at a single site. "It seems to be some kind of Ponzi scheme," he says. What's worse, he then discovered that the company may have sold his property twice. "I thought Dubai looked like the safest place to invest in the Middle East," he says. "They appeared to have laws that would protect investors." But Dubai's real estate regulatory body was set up just two years ago. And Dubai's legal system gives no right to bring class...

Author: /time Magazine | Title: Dubai's Sand Castles | 5/25/2009 | See Source »

...gardening, all from a Muslim perspective," says Joseph. But Muslims are the fastest-growing segment of the middle class in Britain; they have big families - an average of 3.4 children against the national average of 1.9 - so they buy big cars; they spend money on home decoration and twice-yearly vacations - "not just going back to Pakistan or Bangladesh, like their [immigrant] parents did," says Joseph. Bucking the current publishing trend, Emel is hiring extra staff and planning new magazines to cater to Muslim readers. Advertisers include British Airways and banking giant HSBC...

Author: /time Magazine | Title: Halal: Buying Muslim | 5/25/2009 | See Source »

...start of the modern era was particularly good for Italian and American cinema: Italian films took home the award four times straight, from 1966 to 1972, and twice again in 1977-78. Italian-American heavyweights Martin Scorsese (Taxi Driver, 1976) and Francis Ford Coppola (Apocalypse Now, 1979) took the glory for the U.S. and even Bob Fosse joined in at the start of the 1980s with All That Jazz. But critics would snipe that truly great films (and directors) were being overlooked: there would be no Cannes love for Rainer Werner Fassbinder (Ali: Fear Eats the Soul),Werner Herzog (Every...

Author: /time Magazine | Title: The Palme d'Or | 5/24/2009 | See Source »

...Lynnfield Public Schools in 1988, eventually serving as the district’s superintendent before moving on to Lexington and then Newton, the community he had lived in for over 30 years. The Newton district, the ninth largest in the state, serves approximately 11,500 students, or nearly twice as many as Cambridge...

Author: By Sofia E. Groopman and Michelle L. Quach, CRIMSON STAFF WRITERSS | Title: Young To Enter Amid High Expectations | 5/22/2009 | See Source »

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