Has the bubble burst? Dubai in panic!

[N.O.R.F]

Its been a very interesting week! Mega projects shelved, some postponed and many losing their jobs.

 

Dubai in debt to a tune of $80 billion because of the aggresive construction. No one thought the ME would be affected.

 

Watch the reports

[Allamagan]

What must rise must fall....

[Miriam1]

Dudai in debt??!??!!!

 

WOW

[N.O.R.F]

Dubai: Crisis, What Crisis?

 

The businessman tasked with sorting out Dubai's financial problems insists his country is not in crisis.

 

Mohammad Al Abbar told Sky News that rumours circulating the Middle East that Abu Dhabi is bailing out its neighbour were false.

 

He insisted that the intervention from the UAE Central Bank was beginning to restore confidence in the country's economy.

 

"There's a lot of talk, but it doesn't exist. No money has been asked for, there has been no discussion, it's not happening," he said of the Abu Dhabi link.

 

His comments came as investment bankers from London flew into Dubai to discuss the country's banking bailout.

 

Members of the Goldman Sachs, UBS and Morgan Stanley are speaking to the government about restructuring the state's financial sector.

 

It was forced to merge four banks into one at the weekend.

 

But Mr Abbar, chairman of Dubai's Economic Crisis Council, accepted that some building projects may have to be put on hold as the global financial crisis bites.

 

Dubai has recently seen several lavish building projects, including the opening last week of the world's most expensive hotel - the £1bn Atlantis.

 

"One has to be realistic and look at what's going on on the world," he said.

 

"If a project or two has to be put back by six months or one year - lets do that.

 

"We have to look at what's going on in the world."

 

But Mr Abbar insisted that the world's largest theme park would go ahead - if not necessarily on time.

 

"Dubailand will definitely go ahead," he said.

 

"They have signed agreements, but even concerning Dubailand, if there is a need to move things around, adjust, because of the global situation, let's do that".

 

Mr Abbar also denied reports in Dubai that Abu Dhabi's airline Etihad is about to snap up part of the country's flagship carrier Emirates.

 

[Libaax-Sankataabte]

Norf, how are the housing prices doing there? Taking a dive as expected?

 

I am afraid 2009 will be an interesting year for Dubai. Dubai hasn't seen anything yet. A positive side to these sort of financial disasters is that things become cheaper. Dubai may become affordable afterall. But at the same time, no one will be able to afford the cheap stuff if there is no money.

[N.O.R.F]

^They have apparently taken a dive and some banks are no longer lending. The speed at which things have taken a turn for the worse is what has suprised everyone. Two weeks ago everything was normal and everyone thought UAE would not be affected at all.

[Abyan]

interesting

[N.O.R.F]

http://www.7days.ae/storydetails.php?id=73494%20%2 0%20%20&page=local%20news&title=The%20Woods%20thro ugh%20trees

[NGONGE]

^^ Abu Dhabi will come in and stabilise things eventually.

 

Just. Need. Some. Disastar. To. Put. The. Prices. Of. PETROL. Up!

[Sophist]

http://business.timesonline.co.uk/tol/business/mar kets/the_gulf/article5663618.ece

 

For many expatriate workers in Dubai it was the ultimate symbol of their tax-free wealth: a luxurious car that few could have afforded on the money they earned at home.

 

Now, faced with crippling debts as a result of their high living and Dubai’s fading fortunes, many expatriates are abandoning their cars at the airport and fleeing home rather than risk jail for defaulting on loans.

 

Police have found more than 3,000 cars outside Dubai’s international airport in recent months. Most of the cars – four-wheel drives, saloons and “a few” Mercedes – had keys left in the ignition.

 

Some had used-to-the-limit credit cards in the glove box. Others had notes of apology attached to the windscreen................

 

Dubai and Expats! Interesting read

[N.O.R.F]

^Thats really nothing new. Things have just gotten worse with all the redundancies of late.

 

Ngonge, do you know something we don't?

[Decadent Ambition]

Does this mean Dubai and the house of Saud will give a green light to to say a bloodless coup in Iran. Or bribe Iran to cause mayhem and threaten Israel.

Another oil tanker captured 'allegedly' by Somali Pirates. Anything to cause oil disruption and hike in crude.

[Valenteenah.]

Sounds grim. It must be really bad if glittering Dubai is taking it in the neck.

[Khayr]

Systems built on credit are bound to collapse.

 

Today in the news, the big story was the review committee's hearings of the Securities Exchange Committee handling of firms. Congressional members were yelling "you could have stopped this....you could have have stopped this (in reference to the wall street bubble that began back in October, 2008)". My response to them would have been "and if we did, then you wouldn't be driving your G5 coupe and wouldn't have oak desks that cost $5000 in your office".

[rudy-Diiriye]

if its 2 good to be true, then its a fake. for a while them boyz thought that they were untouchable... remember the 60 minutes episode about shiekh rashid..he taught he went to heaven.

 

if u live in planet earth, expect everything. now they need to put the camels in those sky scrappers!