Dubai bankrupt!

Discussion in 'Current Affairs, News and Analysis' started by HectortheInspector, Nov 26, 2009.

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  1. Not quite bankrupt... but not good. And I'd imagine incredibly humiliating for the the rulers who for a long time pretended they were creating something sustainable by blowing their wealth on folly.

    In a few decades tourists will flock to Dubai for the same reason they go to the Pyramids now. There's all these amazing constructions half buried in the desert, they must have cost a fortune to build, but they serve no purpose!
     
  2. Dubai was always going to turn into a train wreck at some point. Wholly unsustainable dream world built on sand with a raging property bubble to boot.

    Went there about 18 months ago: flash, vulgar and as far as I could tell full of mostly horrible people. A gold plated sh1t hole.

    But now they fcuked in terms of raising capital outside of the Arab world: nobody in the western financial world will ever trust them again, because nobody actually knows what the total liabilties of the other Dubai Government Related Entities are.

    Worst of all, they pulled this stunt just before a four day religous holiday in the region and Thanksgiving in the US. Maybe somebody thought that was really clever but of itself that has hugely p1ssed off those who worship at the Temples of Mammon.
     
  3. Having been resident in the UAE since July 2003, this is not a surprise. The cost of living has increased considerably over the last 6 years and already, since the last summer holidays, the expatriate working population has shrunk. All that glitters, is not gold but no doubt Abu Dhabi will step in with it's largesse from the Oil Income.
    Eid Mubarak!
     
  4. Banker

    Banker On ROPs

    The ruler's mouths have been promising cheques they have no chance of honouring for some time now.......looks like a technical breach of bond issues and syndicated loans. It's a big issue for them give the cross-default provisions (i.e. if one sovereign debt defaults, then the rest of the debt out there can be called).
     
  5. Ozymandias

    I met a traveller from an antique land
    Who said: "Two vast and trunkless legs of stone
    Stand in the desert. Near them on the sand,
    Half sunk, a shattered visage lies, whose frown
    And wrinkled lip and sneer of cold command
    Tell that its sculptor well those passions read
    Which yet survive, stamped on these lifeless things,
    The hand that mocked them and the heart that fed.
    And on the pedestal these words appear:
    `My name is Ozymandias, King of Kings:
    Look on my works, ye mighty, and despair!'
    Nothing beside remains. Round the decay
    Of that colossal wreck, boundless and bare,
    The lone and level sands stretch far away".
     
  6. Schaden

    Schaden LE Book Reviewer

    Good - nasty unpleasant shithole.
     
  7. I am sure the UK can bail them out, we give billions to other countries.
     
  8. Isn't there something in the bible about "building on foundations of sand"?
     
  9. I was in Dubai several times this year, mostly for getting visas for that shi thole Iran. The thing I noticed most of all were the huge shopping centres full of people looking but no one buying anything. In April this year I was looking in one shop window in the Dubai Mall at a highly inappropriate fashion patent leather "carry on board" suitcase which was priced at 600 us dollars. The shop manager came out and offered me a 70% discount and when I hummed and hawed about buying it, offered me another 5% off.

    The hookers in Dubai are having a lean time of it too and their prices have come right down (allegedly).
     
  10. I am told generous discounts are available, especially so for "parties" held in the more gobsmackingly dreadful bits of the vast hellhole that is International City, where competition has resulted in pimp on pimp action.
     
  11. Yes, apparently so :D
     
  12. No sympathy for a country that was only a generation ago a peasant shitehole that felt fit to make the well connected and associated family members get rich quick, turn to garish flamboyant projects with a Ooh-look-at-us-we're-better-than-you rationale and now let it all go wrong before it's even managed to go right.

    I'm sure that the locals will blame the western finance/banking system somehow for exacerbating the problem. :roll:

    Will this mean all the stupid ex-pat socialista's will have to bugger off somewhere else to hang on the coat tails of other 'In' people in another shallow materialistic hell-hole?
     
  13. You make it sound like a chav lottery winner. Give one 5 million and 10 years later chances are they'd be right back where they came from. There is a reason the rich stay rich, and it's nothing to do with spending, this goes for countries too!