I don't get something about Dubai

[aphex]

How does it seem that everyone there is insanely rich? Do they all own land all over the country and drill it for oil?

 

[PHiuR]

example *****?

 

[destrekor]

Originally posted by: aphex
How does it seem that everyone there is insanely rich? Do they all own land all over the country and drill it for oil?

Dubai is a very small land percentage of the UAE, and as such have very little oil compared to the rest of the area. I believe it was mentioned oil accounts for roughly 5% of the country's income.

 

[bctbct]

I suspect it may be a house of cards that will collapse. I saw a program that said all those houses on palm island were bought by investors with the intention of flipping them, they all sit empty.

 

[IronWing]

Most of the workers building the Dubai miricle are from Palestine and Pakistan. They don't have squat.

 

[aphex]

Originally posted by: destrekor

Originally posted by: aphex
How does it seem that everyone there is insanely rich? Do they all own land all over the country and drill it for oil?

Dubai is a very small land percentage of the UAE, and as such have very little oil compared to the rest of the area. I believe it was mentioned oil accounts for roughly 5% of the country's income.

Then where are these people making all their money?

 

[aphex]

Originally posted by: ironwing
Most of the workers building the Dubai miricle are from Palestine and Pakistan. They don't have squat.

But not the workers, I'm talking about the people who live there.

 

[destrekor]

Originally posted by: bctbct
I suspect it may be a house of cards that will collapse. I saw a program that said all those houses on palm island were bought by investors with the intention of flipping them, they all sit empty.

They will sit empty until the world catches up to Dubai and takes advantage of what is being offered. Dubai is just too new it seems, even if the country started with money, it still needs something to draw them there. They are poised to become an economic powerhouse, but they gotta draw the first crowds in. I suspect Dubai's tourism and residency won't surge until after Dubailand is at least underway. Hotels and businesses don't really draw the crowds. Something special needs to draw, and the hotels will provide the space.

 

[bctbct]

Originally posted by: destrekor

Originally posted by: bctbct
I suspect it may be a house of cards that will collapse. I saw a program that said all those houses on palm island were bought by investors with the intention of flipping them, they all sit empty.

They will sit empty until the world catches up to Dubai and takes advantage of what is being offered. Dubai is just too new it seems, even if the country started with money, it still needs something to draw them there. They are poised to become an economic powerhouse, but they gotta draw the first crowds in. I suspect Dubai's tourism and residency won't surge until after Dubailand is at least underway. Hotels and businesses don't really draw the crowds. Something special needs to draw, and the hotels will provide the space.

yeah, it just seems like a pretty big gamble still. It will be an amazing feat, one mans vision.

 

[destrekor]

Originally posted by: aphex

Originally posted by: destrekor

Originally posted by: aphex
How does it seem that everyone there is insanely rich? Do they all own land all over the country and drill it for oil?

Dubai is a very small land percentage of the UAE, and as such have very little oil compared to the rest of the area. I believe it was mentioned oil accounts for roughly 5% of the country's income.

Then where are these people making all their money?

who are these people? Those investors buying property aren't necessarily only located in Dubai, and even if they are, very likely are not FROM Dubai, maybe some other part of the UAE. But a lot are investment firms that buy up. Regardless, these aren't the normal folk of Dubai/UAE. They are the people that got somewhere and became investors. The USA has a lot of investors and investment firms, yet not everybody is rich. Investors follow the market, and everyone is preparing for Dubai to take off in the tourism industry, but everyone kind of jumped the gun it seems, but might as well get things done now, let any kinks get ironed out during the waiting period instead of when mass people are there..

Originally posted by: bctbct

Originally posted by: destrekor

Originally posted by: bctbct
I suspect it may be a house of cards that will collapse. I saw a program that said all those houses on palm island were bought by investors with the intention of flipping them, they all sit empty.

They will sit empty until the world catches up to Dubai and takes advantage of what is being offered. Dubai is just too new it seems, even if the country started with money, it still needs something to draw them there. They are poised to become an economic powerhouse, but they gotta draw the first crowds in. I suspect Dubai's tourism and residency won't surge until after Dubailand is at least underway. Hotels and businesses don't really draw the crowds. Something special needs to draw, and the hotels will provide the space.

yeah, it just seems like a pretty big gamble still. It will be an amazing feat, one mans vision.

well that's how it always ends up working. A few make some risky gambles. Some get shafted and sometimes forced to close up business, while others that make equally risky gambles get luck on their side and those are the ones that shoot up fast in the market and make the big bucks.

 

[bctbct]

Originally posted by: destrekor


well that's how it always ends up working. A few make some risky gambles. Some get shafted and sometimes forced to close up business, while others that make equally risky gambles get luck on their side and those are the ones that shoot up fast in the market and make the big bucks.

It would be one hell of a ghost town

 

[sonambulo]

It's all kinds of other businesses. Service, importing and exporting, shit like that.

It's also pretty easy to get/stay rich when you don't pay your workers.

 

[jpeyton]

Dubai has no sales tax and no income tax.

Imagine how much more wealthy you would be if you didn't have to fund our government's overspending domestically and abroad.

 

[slayer202]

I saw a clip today about how expensive some licence plates are in dubai. The low digit numbers are worth insane amounts of money. The guy who bought the licence plate "5" paid 6 million for it, and he said he is willing to pay 15-20 million for number 1 when it goes on sale soon. he was a stock trader

 

[intogamer]

Originally posted by: slayer202
I saw a clip today about how expensive some licence plates are in dubai. The low digit numbers are worth insane amounts of money. The guy who bought the licence plate "5" paid 6 million for it, and he said he is willing to pay 15-20 million for number 1 when it goes on sale soon. he was a stock trader

link

 

[Mo0o]

A lot of it is foreign investment

 

[adairusmc]

Originally posted by: intogamer

Originally posted by: slayer202
I saw a clip today about how expensive some licence plates are in dubai. The low digit numbers are worth insane amounts of money. The guy who bought the licence plate "5" paid 6 million for it, and he said he is willing to pay 15-20 million for number 1 when it goes on sale soon. he was a stock trader

link

www.google.com

 

[Epic Fail]

Saudi oil wealth, you don't have to be from Dubai to live there.

 

[Wreckem]

Originally posted by: adairusmc

Originally posted by: intogamer

Originally posted by: slayer202
I saw a clip today about how expensive some licence plates are in dubai. The low digit numbers are worth insane amounts of money. The guy who bought the licence plate "5" paid 6 million for it, and he said he is willing to pay 15-20 million for number 1 when it goes on sale soon. he was a stock trader

link

www.google.com

Front page of CNN. "Vanity plate goes for $6.8million"

 

[AnthroAndStargate]

Haliburton is now headquartered in Dubai. Most of the 1%ers of the worlds elite use that place as their personal playground. The only other people that live there are the wage-labor slaves from surrounding countries who live in shanty towns and are building the city. Haliburton moved over there (officially - they are no longer a US comapny) most likely so they wont be privy to US laws. Think Umbrella Corporation.

As for the rest of Duabi keep in mind its also a port city where drinking is allowed so all the Middle Eastern elites go there to party.

 

[ScottMac]

Dubai is very big on shipping & ME port services, especially warehousing & bonded warehousing.

They also invest and own all or big chunks of many banks. There's good money in money.


FWIW

Scott

 

[T9D]

Originally posted by: bctbct
I suspect it may be a house of cards that will collapse. I saw a program that said all those houses on palm island were bought by investors with the intention of flipping them, they all sit empty.

http://www.dailymail.co.uk/pag...511838&in_page_id=1879



Strangely the next topic I clicked on anandtech forums was about airships but it had a link to just what you were talking about. All about whos moving in to them.

They will not lose money. Soon as things are done these homes will skyrocket and be in high demand.

 

[jpeyton]

Originally posted by: bctbct
I suspect it may be a house of cards that will collapse. I saw a program that said all those houses on palm island were bought by investors with the intention of flipping them, they all sit empty.

The prices in Dubai have already skyrocketed. Homes on the Palm have tripled in value. Houses are being bought by people like David Beckham, Michael Schumacher, and Crown Princes.

Living in Dubai is extremely attractive because of the lower cost of living compared to Western nations, the easy availability of Western amenities, and lack of any taxes (sales or income).

They have a state of the art Formula 1 circuit (with neighboring Bahrain hosting an F1 race). You can watch Tiger Wood and Ernie Els play in the Dubai Classic this weekend. Federer played in the Dubai Desert Classic before heading to Melbourne.

They've got Armani building their first hotel in the world on their soil, and Trump (who, last time I checked, has been making billions off one great real estate deal after another) is building The Palm Trump International Hotel And Tower.

I think Dubai will be fine. The US housing market, on the other hand...

 

[Random Variable]

Dubai has become a city for wealthy Europeans (and some wealthy Americans, too). The crowds at the golf tournament this weekend consist almost entirely of European tourists.

 

[jhu]

Originally posted by: AnthroAndStargate
Haliburton is now headquartered in Dubai. Most of the 1%ers of the worlds elite use that place as their personal playground. The only other people that live there are the wage-labor slaves from surrounding countries who live in shanty towns and are building the city. Haliburton moved over there (officially - they are no longer a US comapny) most likely so they wont be privy to US laws. Think Umbrella Corporation.

halliburton is still headquartered in texas and still incorporated there. they just happened to opened up another headquarter in dubai and move the ceo over there.