UAE imposes building ban

1978 - UAE President His Highness Shaikh Zayed Bin Sultan Al Nahyan imposed a moratorium on building in the UAE, other than for use by owners. Shaikh Zayed has also ordered banks to stop financing investments in the construction industry. The move has been taken to stimulate the country’s economy and streamline its development programmes. UAE banks poured large sums into the construction sector, but there were not enough end-users.