Dubai Meltdown

[Oxidant]

I hope Dubai gets out of this crisis well. But damn, the place is overrated. i loved the buildings and shopping, that's it. It was quite soulless. Seeing Indians 24/7 and men holding hands was gay and very annoying

[MrPrestige]

I hope Dubai gets out of this crisis well. But damn, the place is overrated. i loved the buildings and shopping, that's it. It was quite soulless. Seeing Indians 24/7 and men holding gay was annoying

i am glad i am not the only 1 who noticed that about Dubai.

[Ka darag]

I hope Dubai gets out of this crisis well. But damn, the place is overrated. i loved the buildings and shopping, that's it. It was quite soulless. Seeing Indians 24/7 and men holding gay was annoying

exactly!! overrated!!!

[DR-YALAXOOW]

this buildings was built by pakistani bangaldeshi slaves. poor masaakiins was paid very low wages an BANGALEDESHI typical contraction workers in dubai MAKES only 100 dollar a mounth.
this SKSYSCAREBS WAS BUILT OF PURE SLAVERY.
its good Dubai Collapses sababtoo ah waa meel dhiiga masaakiinta lagu dhisey, carab futo weeeyn meel jiifa ma dhisin magaaladan.

[Pirate Nayaa]

Dubai = Gay capital of arabs (aka mini San Francisco). burn Dubai

DoBuy now will be called DontBuy

[gurey25]

There is a culture of abuse, there are human rights abuses, what do you expect they are a bunch of camel fokers anyway that just discovered a pot of gold.

but do not forget that it is a land of oppurtunity.
you would not believe how many multi millionaires Indian/Pakistani and Iranian that started from day labourers in the 60's and 70's.

do not underestimate the drive and cunning business skills of these indians, dubai used to be the equivalent of the american dream for them.

I went to school with one of the sons of such people, the father came as a construction labourer in the early 70's working , somehow moved into building materials trading and other stuff and now is a dollar millionaire.

[Paddington Bear]

Abu dhabi is paying their debt so inshalaah they will be fine.

babygirl eid wanaagsan
even if AD pay up and rescue their cuisins, it wont be like it used to be.

You mean they'll take the buildings down, dismantle the metro and close all those malls?

This whole thing is exaggerated because it is Dubai we are talking about. But Dubai is not the first place to have a credit crunch or a burst bubble! It is not the first capitalist city to suffer from the changing fortunes of bull and bear markets. It also will not be the last.

But forget all that; let us survey the wreckage of this latest disaster. When all this started in Dubai in the late eighties, it was a semi desert with a single skyscraper in the middle of nowhere. Now that skyscraper is surrounded by a dozen others that adorn the whole of Sheikh Zayid Road. When all this started, Dubai’s claim to fame was that it hosted the World Chess Championship between Kasparov and Karpov! Now, they host all sorts of business conferences, the world cricket organisation, Head Offices of many International companies (with that American oil company that I can’t recall right now being the biggest of the lot). World class golfers and tennis players come to Dubai to take part in its annual tournaments. Famous singers come to play their concerts there and even silly old Brad Pitt and his wife went to spend a holiday in Burj Al Arab.

All this is not likely to change because the infrastructure is already in place. Dubai itself (as a state) is not bankrupt but some companies started and encouraged by the state may become bankrupt.

As for the argument that Abu Dhabi will come and rescue Dubai, that in itself has been a red herring. Abu Dhabi will always bail out Dubai. They are one country and the Sheikhs of both cities are blood relations that have countless inter marriages (with Sheikh Mohammed of Dubai rumoured to being the nephew of the late Sheikh Zayid of Abu Dhabi). Furthermore, Abu Dhabi has been contributing to HALF the UAE budget (that’s Abu Dhabi, Dubai and the other five Emirates) since the Union’s inception. There was never a chance that Abu Dhabi will leave its Prime Minster (Sheikh Mo of Dubai) to fend for himself (not that he needs to).

So, all in all, these are the usual teething problems of a growing economy. The only ones to suffer shall be some of the expats, the conmen and businesses that did not have any contingency plans or conducted any risk assessments before embarking on multi million deals. The rest shall carry on as normal.

[gurey25]

the rulers of abudhabi and dubai are both from the bani yas tribe.

[Keyse_0208]

this buildings was built by pakistani bangaldeshi slaves. poor masaakiins was paid very low wages an BANGALEDESHI typical contraction workers in dubai MAKES only 100 dollar a mounth.
this SKSYSCAREBS WAS BUILT OF PURE SLAVERY.
its good Dubai Collapses sababtoo ah waa meel dhiiga masaakiinta lagu dhisey, carab futo weeeyn meel jiifa ma dhisin magaaladan.

didn't you hear the sheikh, he said there is no meltdown, he said this is Pure jelousy on dubais image.

[The Nomad]

They'll bail them out, but it'll come at a huge price. There is already reputable sources that are saying that the real debt is likely to be double what Dubai officially states. The Sovereign Wealth Funds (SWF) of the UAE are pretty much exclusively held by the capital, Abu Dhabi and are worth about 800 billion, it will be no trouble getting them out of this predicament, but Dubai will have to undergo rapid changes. Don't think the fact that their leaders are blood relatives means Abu Dhabi will help them with no strings attached.

Dubai has already been forced to cancel around 400 projects including a 1 KM high building that was planned to be even taller than the Burj Dubai, already the tallest building in the world when it opens some time in January. Expect to see more of the same. The luxury is over.

[Oxidant]

Well, I do think the debt is being overhyped by the media. However, Dubai needs to reinvent itself. Maybe they should start investing in human capital and physical capital. They should invest more in productive assets and its people. How can your economy rely on the tourism solely and overstated, inflated real estate market?

A strong economy is built upon a strong internal market