[asian_XL]

http://business.timesonline.co.uk/tol/business/markets/the_gulf/article6932539.ece

http://www.bloomberg.com/apps/news?pid=20601087&sid=anIpDPJCsiJA&pos=6

http://www.arabianbusiness.com/572766-japanese-builders-owed-billions-for-dubai-work---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:

[StylinRed]

welcome to a couple years ago

[tonyvu]

old news to me

[hotjoint]

cool, its about damn time :lol

[Mugen EvOlutioN]

meh...

[SkinnyPupp]

GOOD. Fuck those slavers and their bullshit phony cities.

[shenmecar]

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

[Graeme S]

really? I thought dubai was the reason they created the phrase "ballin' outa control'
What part of "out of control" do you not understand?

[typ.]

^ hahahahah

[J____]

it was so promising too =(

[dizzystar]

fuck dubai.

[Ferra]

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.

[Liquid_o2]

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

[fliptuner]

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

[Nvasion]

lol

[Dentz]

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.

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.

[raygunpk]

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

How was it when you worked there?

[bimmer91]

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

[dinamix]

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..

[cococly]

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

Although not the same country,but :D

[Liquid_o2]

How was it when you worked there?

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.

[PiuYi]

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

[ToneCapone]

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

http://www.independent.co.uk/opinion/commentators/johann-hari/the-dark-side-of-dubai-1664368.html

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

[JSALES]

meh, who cares really

[leilomo]

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?

[CP.AR]

TIME TO BID ON THOSE REPO'd LAMBOS

[ZhangFei]

and Vancouver isn't in trouble too?

we are pretty much screwed too. how are we going to pay for the olympics? what are we going to do with the rising house prices?

[bengy]

and Vancouver isn't in trouble too?

we are pretty much screwed too. how are we going to pay for the olympics? what are we going to do with the rising house prices?

We'll leave your momma on a corner of East Hastings and come back the next morning?

[achiam]

welcome to a couple years ago

No, now its even worse - my friend who lives there told me property has dropped nearly 40% in value!

[achiam]

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..

Actually Dubai itself is relatively poor - Abu Dhabi is the rich emirate with oil (hence the repeated low interest bail out loans this year)

[The_AK]

I wonder how many people actually live in Dubai on a day-to-day basis like any other regular city. It seems like its only a city for the rich to get away to once in a while; no middle class that truly powers the city. Any thoughts?

[dinamix]

Actually Dubai itself is relatively poor - Abu Dhabi is the rich emirate with oil (hence the repeated low interest bail out loans this year)

doesnt dubai have the most profitable port in the world?
its where 90% of the worlds oil has to pass through

[TekDragon]

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..

You do realize that Dubai has the least oil of those in the UAE, right? The whole point of Dubai was to create something that would last and bring prosperity after the oil was gone.

[StylinRed]

US shares slide over Dubai fears

US shares have opened lower on worries about Dubai's debt problems, with the Dow Jones index down 126 points, or 1.2%, at 10,338.49.

It was the first chance for markets in the US to react to news that state-owned Dubai World had asked for more time to repay its debts.

US markets were closed for a holiday on Thursday when other world markets suffered steep losses.

However, the main European markets recovered from earlier falls.

The main share indexes in the UK, France and Germany had all fallen by more than 3% on Thursday. But after falling further in early trade on Friday, the UK's FTSE 100 closed up 1%, and both Germany's Dax index and France's Cac 40 were up more than 1%.

Earlier in Asia, Japan's Nikkei index had closed down 3.2% and the Hong Kong Hang Seng ended 4.8% lower.

http://news.bbc.co.uk/2/hi/health/8383471.stm






No, now its even worse - my friend who lives there told me property has dropped nearly 40% in value!

yeah it was like that a year ago, problem has been coming for awhile and most ppl ignored the obvious signs

[AzNightmare]

So are they going to nuke their palm tree islands?

[Liquid_o2]

I wonder how many people actually live in Dubai on a day-to-day basis like any other regular city. It seems like its only a city for the rich to get away to once in a while; no middle class that truly powers the city. Any thoughts?

The population of Dubai is very small.

About 15% to 20% of the population are actual Emiratis, with most of the
Ex-Pats being transient Construction Workers (the majority of which are Indian and Pakistani).

[Meowjin]

as someone said on another site.

"hahaha eat shit you phallus building fucks"

[tiger_handheld]

wait till Oil reaches $140 again. the a-rabs will be laughing...

[bimmer91]

and Vancouver isn't in trouble too?

we are pretty much screwed too. how are we going to pay for the olympics? what are we going to do with the rising house prices?

how? we have about 2 million tourist coming here.

[q0192837465]

Dubai has been expanding on minimal capital & A SHIT LOAD of debt. This kind of capital structure will inevitably tumble in times of recession. I'm sure most ppl see it coming.

[CP.AR]

Dubai operated on a virtual economy... everything was credit on top of credit on top of credit. It works when everybody can see a bright future, but once there's a hint of speculation - YOU ARE FUCKED MY FRIEND