bye bye dubai

we are all ****ed :))
(but i hated these ****ing palm-islands and most of the other artificial crap
in the dusty desert anyway :lol: )

Dubai Debt Delays Revive Fear of Financial Crisis

... Investors recoiled from risky assets on Friday and dumped shares
in Asian banks and builders, fearing a Dubai debt default could reignite
the financial turmoil of the credit crisis ...
... The emirate said on Wednesday that it would ask creditors
of its two flagship firms, including Dubai World, to agree to a standstill
on billions of dollars of debt as a first step to restructuring,
stoking fears of a debt default ...
... the news shook the markets that were recovering from the collapse
of the U.S. housing market and contagion that threatened to rupture
the global financial system last year ...
... Dubai might have to abandon an economic model that focused
on heavy real estate investment and inflows of foreign money and labor ...
...Dubai's debt problems are a hangover from a property bubble that imploded ...
... "The panic button's been hit again" ...
Mixed feelings on Dubai . Was there recently and really enjoyed it. But also understood that it is built on slavery. The workers there have passports taken off them and have to pay back about two years wages before they see a penny. It is a medievel dictatorship in many ways. My mate summed it up when we asked how the funk they got a whale shark o
into an aquarium, answer it's Dubai you don't ask you just live.
The damage to the environmention is un real also, the air conditioning and the de dal plants all need power and everyone drives a Porsche cayenne! And it was all built on tick, they have very little oil compared to abu dhabi. That they have not stepped in speaks volumes, due tithe image damage to the UAE as a whole it was assumed they would never allow the. To default, now they effectively have must mean potential problems round the corner. And our banks are exposed to it hugely, my barclays shares dropped 8 percent in a day! All of this could be seen as an excercise in karma.
Secret agent man summed it up quite nicely.

I've only been as far as the airport, but everything I've seen/heard/read seems to suggest Dubai is an extravagantly soulless place. :confused:

Could be quite a shock to the system should they default...
Yep, I visited there last year for work.

Kind of like commercialism threw up in the desert.

It had a Vegas-esque element to it, but there are parts of Vegas that I enjoyed.

Soulless pretty much sums it up for me too Morbs...
Never been, never had any intention of going, full of paps with too much money and slaves with no money. Roasting hot. Sounds like hell.
it reminds me of somewhere and i just can't put my finger on where.........

Funnily enough, i just conceded to this point in an email to-ing and fro-ing between my mate who was arguing for Dubai's case :lol:

Still......... toilet.
Dubai panic seems overdone - WSJ
In a "Heard on the Street" column, the Journal says that there is a good chance that Dubai's problems will prove to be a local issue. The paper points out that the amounts involved seem minimal in the global scheme of things, with the emirate's total debt outstanding estimated to be around $80B. In addition, the only Western bank whose exposure looks material relative to its total loan book is Standard Chartered (STAN.LN), though it has one of the strongest capital positions in the industry to help cushion any loss.

my mate lives there... sounds like the wheels are coming off as we speak. ex pats leaving in droves, cars being dumped at the airport, sea full of sewage, new building projects abandoned, hotels empty... recent debt legislation making things even worse. keeps suggesting i go and visit... i keep changing the subject.
this is the end - now nobody wil trust these blokes anymore,
that whole illusion will collapse like a house of cards:

Dubai World’s Debt N-O-T Guaranteed by Government
Nov. 30 (Bloomberg)

Dubai’s government said it hasn’t guaranteed the debt of Dubai World,
the state-controlled holding company struggling with $59 billion in liabilities,
and that creditors must help it restructure.

“It is correct that the government owns Dubai World,
but the decision when it was set up was that it should receive financing
based on the viability of its projects, not on government guarantees,”
Abdulrahman Al Saleh, director general of the emirate’s Department of Finance,
said in an interview with Dubai TV, when asked whether the government
was backing the debt.
“The lenders should bear part of the responsibility.”
... It had a Vegas-esque element to it,
but there are parts of Vegas that I enjoyed ...
the biggest project ever (= with the ****ing name "citycenter") in las vegas
is opening in mid-december - "sponsored" by dubai-world !
i wonder if/when they run out of money ...
they are already trying to calm down the general public, never a good sign :)
A harrowing story indeed.

Unfortunate that the author was so intent on being so high and mighty. I think the effect would have been better without the annoying constant reminders of his liberal outrage.

Thats Johan Hari for you. Even more annoyingly, he is about 12 years of age.