This file photo taken on September 25 shows a view of the Cityscape Global exhibition 2019 at the Dubai World Trade Centre in the Gulf emirate. / AFP / Karim SAHIB
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Dubai, defined by its glittering towers and man-made islands, is stuck in a five-year property downturn with no end in sight, drawing warnings of an industry reckoning that will see weaker players fail.Ahead of the Expo 2020 global trade fair that Dubai hopes will deliver an economic windfall and some 300,000 new jobs, hundreds of megaprojects have been unveiled in recent years, leading to an oversupply and a slide in prices.Standard and Poor's ratings agency has said the industry, which makes up 7.2 percent of Dubai's economy, may not stabilize before 2021 .Real estate deals in Dubai plunged 21.5 percent to $60.7 billion last year, according to government data.Dubai property prices dropped by 5.8 percent in the second quarter of 2019, falling for the 11th quarter in a row according to central bank data.In 2013 Dubai ranked 90th on the same survey.
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