Prepare for a horrible day in stocks - Dubai is about to fuck us
- Thread starter papajohn56
- Start date
Have your laughs now. As soon as we secure the proper permits and plug the leaks, my underwater resort will have its grand opening and you'll all be BEGGING me for comps.
I've just got back from a holiday in Dubai and I think this debt issue is somewhat overrated. Dubai is part of 7 emirate states and doesn't happen to have any oil. Many of the other states (UAE) are major oil exporters and will not let it fail. It is sort of the Las Vegas of the desert, minus the massive casinos and strip clubs. I went to Atlantis, The Burj and many other places while I was over there and they have created projects on an absolutely amazing scale.
The unfortunate thing is lots of skyscrapers out there seem to be under construction (as always). It was certainly some poor planning on the part of the government but they still have some of the best infrastructure and facilities in the middle east. It is also one of the safest and free Islamic countries in that area, as long as you don't piss off an Emirate (citizen). By the pure fact that they now have all these facilities in place, it will be a big hub for the middle east for quite some time.
You should definitely not believe everything you read in the newspapers because I can tell you now, it's still as thriving as ever.
The unfortunate thing is lots of skyscrapers out there seem to be under construction (as always). It was certainly some poor planning on the part of the government but they still have some of the best infrastructure and facilities in the middle east. It is also one of the safest and free Islamic countries in that area, as long as you don't piss off an Emirate (citizen). By the pure fact that they now have all these facilities in place, it will be a big hub for the middle east for quite some time.
You should definitely not believe everything you read in the newspapers because I can tell you now, it's still as thriving as ever.
I mean, no, we shouldn't listen to the state-owned company that publicly asked for a $57bil debt freeze. I think people are just milking it still while they can
I was hoping that Dubai will fail, look at the wasteful shit they done on a middle of nowhere desert.
Just got back from a holiday in Dubai as well. So far it looks like it hasn't affected the markets as much as it was made out to be in the media. Global market should be able to absorb 60-80B from what I'm told (no expert here).
As mentioned before, this wasn't breaking news for Dubai...everyone there has known this for a while now. It was more of a formal statement (not necessarily done in the most tactful way).
The city itself has gone above and beyond in terms of design and building a true metropolis. Their new metro looks like something out of Minority Report. They now have the world's tallest building and their newest resorts seems to be doing fine.
This of course is not the bottom and it will take 20 years or so at least for Dubai to come back to where it was before. It will eventually though in my opinion.
As mentioned before, this wasn't breaking news for Dubai...everyone there has known this for a while now. It was more of a formal statement (not necessarily done in the most tactful way).
The city itself has gone above and beyond in terms of design and building a true metropolis. Their new metro looks like something out of Minority Report. They now have the world's tallest building and their newest resorts seems to be doing fine.
This of course is not the bottom and it will take 20 years or so at least for Dubai to come back to where it was before. It will eventually though in my opinion.