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Dubai's Emaar pauses luxury tower work, as virus adds to real estate woes

Developer Emaar Properties said it had suspended construction of a residential tower in a prime Dubai location near the world’s tallest building, showing how the coronavirus is deepening the emirate’s real estate downturn.

Dubai, a regional tourism, trade and business hub, has faced a real estate slowdown for most of the past decade as the global financial crisis and weak oil prices burst a price bubble and left the market oversupplied with homes and offices.

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