The spectacular rise and fall of Dubai

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Originally posted by: Whitecloak

Originally posted by: Skoorb

Originally posted by: Whitecloak
meh. I have been hearing this about dubai for the last 10 years. I will believe when I see it.

What do you mean? It's happening; this is real.

let's see if this is long term.

Bubbles do not reflate. Dubai's economy relied on confidence too much.
new link

House prices on the Palm Jebel Ali, second largest of Nakheel?s palm-shaped islands, have fallen by as much as 40 percent in the last two months as the global financial crisis sees foreign investors move to liquidate assets in Dubai, according to three Dubai-based real estate agents.

1/3rd of A380 Airbus orders are to the UAE. lol

 

[Aimster]

the UAE as a whole is seeing positive GDP growth

 

[heyheybooboo]

The foreign investors are liquidating their assets in the UAE.

The UAE has much more stable investments in CitiGroup and AMD.

 

[KK]

Originally posted by: Slew Foot
dont let Obama know, hell want to bail them out

:laugh:

 

[MixMasterTang]

Originally posted by: heyheybooboo
The foreign investors are liquidating their assets in the UAE.

The UAE has much more stable investments in CitiGroup and AMD.

I think that's a point not many people (including many of the posters here) do not get. Dubai is all foreign investment and some investment from investment groups in Abu Dhabi. The Abu Dhabi investment groups have trillions invested all around the world as well. A lot of the money being lost right now are from foreigners who tried to get rich quick by buying properties before they were even built expecting to sell them either before the properties were finished or just barely completed.

 

[StageLeft]

Originally posted by: MixMasterTang

Originally posted by: heyheybooboo
The foreign investors are liquidating their assets in the UAE.

The UAE has much more stable investments in CitiGroup and AMD.

I think that's a point not many people (including many of the posters here) do not get. Dubai is all foreign investment and some investment from investment groups in Abu Dhabi. The Abu Dhabi investment groups have trillions invested all around the world as well. A lot of the money being lost right now are from foreigners who tried to get rich quick by buying properties before they were even built expecting to sell them either before the properties were finished or just barely completed.

Seriously, my brother came damn close to being one of those

 

[Aimster]

UAE just banned an Israeli tennis player from competing in a tournament in Dubai.
A-holes. Without their oil money they'd be back to their sand castles.
<-- pissed

 

[StageLeft]

Originally posted by: Aimster
UAE just banned an Israeli tennis player from competing in a tournament in Dubai.
A-holes. Without their oil money they'd be back to their sand castles.
<-- pissed

One of the premier triathlon teams is "Tri Dubai". They sponsor pros to race for them, this despite the fact that Dubai is actually too fricking hot to have much in the way of triathlons :0

 

[nCred]

Property prices in dubai have fallen 41 % in three months.

Link

 

[Wreckem]

The only country with a worse house of cards than the US is Dubai.

Dubai's national debt is 109% of its GDP. It HAD to be bailed out by Abu Dabi or however you spell it.

They have an unsustainable economy. If there economy gets worse they will be unable to produce enough water to sustain everything there, which will result in EPIC disaster.

 

[babylon5]

Originally posted by: Wreckem
The only country with a worse house of cards than the US is Dubai.

Dubai's national debt is 109% of its GDP. It HAD to be bailed out by Abu Dabi or however you spell it.

They have an unsustainable economy. If there economy gets worse they will be unable to produce enough water to sustain everything there, which will result in EPIC disaster.

Some here would argue debt = good

 

[lokiju]

I can't help but think that it'll become a city filled with Ryugyong Hotel's...

 

[kalrith]

Originally posted by: Wreckem
The only country with a worse house of cards than the US is Dubai.

Dubai's national debt is 109% of its GDP. It HAD to be bailed out by Abu Dabi or however you spell it.

They have an unsustainable economy. If there economy gets worse they will be unable to produce enough water to sustain everything there, which will result in EPIC disaster.

Woah! I never knew Dubai had attained country status!

 

[BlahBlahYouToo]

Well, they built Las Vegas out in the desert, one grand hotel- resort after another and it just keeps growing and getting more glamourous. The "if you build it they will come" philosophy worked there.

one big difference. LV is in the US.

 

[MrMatt]

Well, they built Las Vegas out in the desert, one grand hotel- resort after another and it just keeps growing and getting more glamourous. The "if you build it they will come" philosophy worked there.

I'm glad someone else said that. I've always thought the same thing. Vegas is in the middle of a shit hole desert, and they attract people via glitzy shlock. Dubai is no different, except their glitzy stuff is more interesting. ::wants to live in rotating building::

 

[fskimospy]

Yet the building quit. Everthing is stopping. Look this is stupid. $$$ is paper thats all its been since 1970 paper. The China wants its money give it to them . Its only paper let them have it. Print all you want its only paper . Now all of the sudden that paper is no good. It never was. Its been paper since 1970. We owe NO gold NO silver. Just paper . I say give them all they want. Than declare were bankrupt . Than go back on Gold standard. China never gave us anything for helping them in WWII . Time to pay up .

No really guys do you really believe this is about paper money.? Not likely . Something is being hidden from us. Watch the world leaders when they speak . There eyes. Many can't even look into the camera. There eyes are filled with fear. Why?

You do know that we were aiding the Chinese Nationalists in WW2, right? You know... the people who were the enemies of those who run China's government now?

No, I'm not sure why that fact was the one I chose to address in this explosion of insanity Nemesis calls a post.

 

[BrownTown]

Just FWIW alot of people here don't seem to understand Dubai. Oil is a very small part of their economy, their huge boom had nothing to do with oil, it was tourism, international business, and of course alot of debt.

 

[dmcowen674]

But, investors can jump from the highest buildings there.

can they please take all the supporters especially the American ones with them?

 

[tvarad]

I'm glad someone else said that. I've always thought the same thing. Vegas is in the middle of a shit hole desert, and they attract people via glitzy shlock. Dubai is no different, except their glitzy stuff is more interesting. ::wants to live in rotating building::

I think the big difference is that Las Vegas doesn't pretend to be anything but glitzy shlock.

 

[Zorkorist]

I don't believe this is true, as the incompetence of the loan officers would be too suspect.

If it is true, then, I wan't this guy on my side, and maybe he can make my peasant salary into millions.

 

[freegeeks]

like I said on the first page of this thread 10 months ago, it's a giant bubble. I worked in the region for a while and you don't have to been a Nobel prize economist to see that it's all fluff. I made good money though

 

[dawp]

I'm glad someone else said that. I've always thought the same thing. Vegas is in the middle of a shit hole desert, and they attract people via glitzy shlock. Dubai is no different, except their glitzy stuff is more interesting. ::wants to live in rotating building::

one slight difference, not many roads to Dubai. Almost all tourist fly in, and in this economy not as many are flying. With LV, a lot of people drive there. and if you do fly, the flights are short and cheaper.

 

[alphatarget1]

Did anyone make bank by shorting the living sh!t out of Dubai?

 

[BlahBlahYouToo]

Did anyone make bank by shorting the living sh!t out of Dubai?

what's their stock symbol?

 

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In case some o you didn't notice, something like 60&#37;+ of ALL mortgages in Nevada are underwater. LV is having a hard time. Perhaps not as hard as dubai, but they are hard to compare.