Dubai is in deep shit
 

http://business.timesonline.co.uk/to...cle6932539.ece

http://www.bloomberg.com/apps/news?p...DPJCsiJA&pos=6

http://www.arabianbusiness.com/57276...ork---official

Basically, their business is shrinking, their luxury houses are not selling,
projects are halted and commercial buildings are left empty. Booming has
become a bust for them. It seems like they are going to go bankruptcy soon.

:eek:

welcome to a couple years ago

old news to me

cool, its about damn time :lol

meh...

GOOD. Fuck those slavers and their bullshit phony cities.

really? I thought dubai was the reason they created the phrase "ballin' outa control'

What part of "out of control" do you not understand?

^ hahahahah

it was so promising too =(

fuck dubai.

I thought all of their companies are government owned...
60 billions debt doesn't sound that much for a government??
Some of their developments costs tens of billions of dollars alone.

And it isn't a big deal if their government does go bankrupt anyway. It will still be there and only the creditors are screwed. The government will lose its credibility, but seriously who cares? it is not like they have much to start with now anyway.

Dubai is as fake as they come. I was predicting this a while ago after I did some work there.

Abu Dhabi is the real heart of the U.A.E

Guess when the Burj Dubai opens in a month, it'll be empty.

lol

If they declare bankruptcy they'll all go to jail!

Seriously, I remember reading something about people getting sent to jail for bankruptcy or something.

How was it when you worked there?

we saw this coming since they started developing dubai like madness... no surpise.

Dubai will never go down..too much fuckin oil money there..the greedy sheiks just dont want to fork out their own cash...theyre just waiting to get baildout from abu dhabi..

"It's back to carpet for you!", said James May.

Although not the same country,but :D

I didn't actually work IN Dubai, but I had projects that I worked on that were in the city.

Omar bin Salaiman (DIFC) was a client of ours. They paid handsomely, but everything had to be super high end luxury/7 stars, etc.

Dubai has been shaky for the last several years, you could see the cracks starting to form, but many disregarded it. It is like a "House of Cards" that is now imploding.

With all these people switching positions, it is a significant changing of the guards in Dubai.

it was a playground for the rich, but completely unsustainable by itself

i heard HSBC was owed a huge chunk of that 60billion.... hope they dont get skrewd over again... its like it happens every year, first the states now saudis

yah its old newz, there was an article posted on RS a while back

http://www.independent.co.uk/opinion...i-1664368.html

its actually a good read if your willing to spend a bit of time on it

meh, who cares really

anybody have any ideas on how this will affect the general stock markets? start of the double dip recession or just a minor setback on the continued bull run?