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Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Off-Topic / Current Events

Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 11-26-2009, 05:50 AM   #1
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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.

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Old 11-26-2009, 05:58 AM   #2
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welcome to a couple years ago
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Old 11-26-2009, 06:07 AM   #3
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old news to me
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Old 11-26-2009, 08:07 AM   #4
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cool, its about damn time
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Old 11-26-2009, 08:08 AM   #5
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meh...
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Old 11-26-2009, 08:16 AM   #6
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GOOD. Fuck those slavers and their bullshit phony cities.
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Old 11-26-2009, 08:30 AM   #7
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really? I thought dubai was the reason they created the phrase "ballin' outa control'
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Old 11-26-2009, 08:34 AM   #8
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really? I thought dubai was the reason they created the phrase "ballin' outa control'
What part of "out of control" do you not understand?
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Old 11-26-2009, 08:44 AM   #9
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Old 11-26-2009, 09:32 AM   #10
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it was so promising too =(
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Old 11-26-2009, 09:37 AM   #11
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fuck dubai.
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Old 11-26-2009, 09:37 AM   #12
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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.
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Old 11-26-2009, 09:52 AM   #13
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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
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Old 11-26-2009, 09:53 AM   #14
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Guess when the Burj Dubai opens in a month, it'll be empty.
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Old 11-26-2009, 09:58 AM   #15
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lol
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Old 11-26-2009, 10:08 AM   #16
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Quote:
Originally Posted by Ferra View Post
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.
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Old 11-26-2009, 10:42 AM   #17
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Quote:
Originally Posted by Liquid_o2 View Post
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?
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Old 11-26-2009, 10:55 AM   #18
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we saw this coming since they started developing dubai like madness... no surpise.
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Old 11-26-2009, 11:12 AM   #19
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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..
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Old 11-26-2009, 11:44 AM   #20
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"It's back to carpet for you!", said James May.

Although not the same country,but
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Old 11-26-2009, 11:48 AM   #21
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Quote:
Originally Posted by raygunpk View Post
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.
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Old 11-26-2009, 05:30 PM   #22
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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
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Old 11-26-2009, 06:45 PM   #23
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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
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Old 11-26-2009, 07:22 PM   #24
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meh, who cares really
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Old 11-26-2009, 07:32 PM   #25
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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?
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