Dubai ... Financial problems?
 

DUBAI, United Arab Emirates ? Just a year after the global downturn derailed Dubai's explosive growth, the city is now so swamped in debt that it's asking for a six-month reprieve on paying its bills ? causing a drop on world markets Thursday

http://news.yahoo.com/s/ap/20091126/...esperate_times


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:1orglaugh

so all of a sudden lines that people would use to portray themselves as millionaires dont sound right as the industries are shit now for most

Im in the real estate business
Im in finance
I work on wall street
I work for a hedge fund
I manage a hedge fund
I travel to dubai for business
Exec. At a bank
Own a chain of retail stores
Own paysites

Saying "im a plumber" all of a sudden sounds pretty good

"In total, the state-backed networks nicknamed Dubai Inc. are $80 billion in the red and the emirate needed a bailout earlier this year from its oil-rich neighbor Abu Dhabi, the capital of the United Arab Emirates"

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Yup and everyone who sold the project is now retired and laughing out loud

Well theyre coming forward only now so who else has yet to come forward from other regions with massive default?

Six months - yeah, that's serious.

so sad , not good news

i saw people eating at an olive garden and a job sign up at the 7-11 things are ok with the economy.

There will a lot of problems from this madoff part 2.

at least or god damn national currency started its way in the proper direction: Down The Toilet!

Let's see what the news does to stocks today.


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Poor country, I am so sad... Will they ask money to Africa?

Ouch, Dow down 2 at the opening ...


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Doesn't look good.

Any setback they have due to the global economy is only going to be temporary... prices will drop again on all the shit they're building, many projects will go into bankruptcy and be taken over by others... investors will swoop in and start buying it all back up cheaper and so on and so forth.

its not like its a country that just relies on widget manufacturing and global demand for widgets is down and unlikely to recover in the next decade.

Fuck Dubai........ it could not happen to a nicer bunch of people. :1orglaugh

They'll be fine, it's the investors that will get screwed...

Dubai was built on debt as they have no oil and only a small amount of natural gas. UAE will have to cover them and is more than able to. Total debt for Dubai is around 80 billion, UAE has over 600 billion in just one of their general funds.

UAE will buy them out at a discount or prop them up til they can recover.

whats 80 billion lol sounds so small compared to the other dollar amounts in the news

I knew some people who worked there. The standard comment was, "Dubai is amazing. You have to see it. But once I make a killing there, I am so gone." Maybe it will be a long term thing but most of us don't really want to go to the desert and party in a Muslim country. And almost no one would want to live there.

In times of economic depression, wealth does not disappear...it is transfered.

I suggest they try and gamble their way out of debit. Put it all on red.

i think those peeps are fucking idiots ... in their hot climate area, they cud have solar power plants to run saltwater demineralizing plants to water greenhouse veggies/fruits and prolly bring in 3 harvests a year ... exporting food cud make them green aplenty ... besides, they cud sell water and energy to other countries or use the solar power to produce hydrogen to fuel engines ... those shortsighted bummy asses simply have no innovative ideas how to use their resources lol

This news doesn't surprise anybody with the crisis in real estate business