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The spectacular rise and fall of Dubai

StageLeft

StageLeft

No Lifer
Dubai came up in another thread, so I did some more reading on it, and I think it deserves its own.

Dubai has been touted (heck, I've done it myself) as an economic powerhouse. Dubai itself, part of the United Arab Emirates, has grown not on oil but on tourism and real-estate and, well, hysteria. I personally know a few people who've gone there and gotten paid a great deal of money. Property values have gone through the roof (would make a person in Manhattan blush). Well, what goes up, must come down. Here are some links:

December 7, 2005
Thirty years ago, Dubai was a small fishing port where people came to dive for pearls or trade gold. Now it is one of the fastest-growing cities in the world.

Last year, Dubai's economy grew by almost 17%, four times faster than that of the United States and twice as fast as China's...He does not believe that the current building boom is unsustainable.

"Dubai has been expanding continuously for 30 years. There has never been a crash here."
Click to expand...

Feb 13, 2006
The fastest-growing city on earth...it become the most important place on the planet?
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April 1, 2007
World Travel and Tourism Council (WTTC) president...told ATN Dubai's bubble "will never burst".
Click to expand...

Feb 27, 2008
25 percent of the world?s operating construction cranes are currently in Dubai
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Wth! Author ponders when the bubble will burst. You can read some of the blog posts below for lawls, as some appear completely oblivious to it.

Nov 27, 2008
debate moves from whether the Dubai property bubble will burst to just how bad it is going to get. Some nervous bankers think property prices could fall by 80% or so in the next year or so.
Click to expand...

Feb 8, 2009
Much lower GDP projections...
Companies across Dubai have laid off thousands of employees as real estate prices dropped by at least a quarter from a peak late last year after speculators exited the market
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Feb 11, 2009
This posted in another thread...
With Dubai?s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills).
Click to expand...

 
There probably are not a million UAE citizens.

75-80% of the country is foreign nationals. They are there to serve the locals. It's like Kuwait on steroids.

And they own little parts of everything around the globe - probably as much as $1 trillion worth of CitiGroup, AMD, international ports and shipping, et. al. ....
 
It was a boom built entirely on credit and high oil prices. They're the next iceland. At least they have some nice buildings to show for it. I expect some unfinished buildings will just be left partially complete rather than continue. Images of that will probably be some of the iconic images of our times.
 
I think all the current construction projects will finish with the buildings

Don't know about the islands. The land was sold to individual companies and they were building on those, hotels, resorts, etc. If they run out of money then they sit as sitting ducks. I know Thrump was building something there
 
Originally posted by: zephyrprime
It was a boom built entirely on credit and high oil prices. They're the next iceland. At least they have some nice buildings to show for it. I expect some unfinished buildings will just be left partially complete rather than continue. Images of that will probably be some of the iconic images of our times.
Click to expand...

Dubai's non oil economy is much larger than it's oil economy and has been so for many years. Once the world economy stabilizes I expect Dubai to pick up again but not to the heights it reached in recent times.




 
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've always thought Dubai was a time bomb. Yes it could attract the money, but as soon as times turn, foreigners run like hell because of their laws. If you miss a mortgage payment in the USA, the worst that can happen is eventual forclosure. Miss a payment in Dubai and they'll probably throw you in prison, cut off your hands or castrate you. :shocked:
 
If I were a big player, I would invest in Dubai infrastructure and help their economy. A huge pipeline across the desert, from the Dubai munincipality through the mountains to Fujairah, making the straits of hormuz irrelevent. Dubai would rise again.

Because of oil, Dubai is the most important strategic piece of real estate on earth.
 
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?
 
Originally posted by: Nemesis 1
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?
Click to expand...

Oh Oh! me me me! I know!

They are lizard men yeah?

Or jews, no no!

Jewish lizard men, come to start the New World Order.


Shit.... DUCK AND COVER

 
Originally posted by: Skoorb
Feb 11, 2009
This posted in another thread...
With Dubai?s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills).
Click to expand...
Click to expand...

This sounds about right. Dubai is a scam and a trap. I have read articles by people who worked and lived there - who describe what a hell hole it really is. Workers are enticed to move and work there, finding out they're stuck when they can't afford to leave.
 
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