Pass the flannel...
Apr 2nd 2008, 6:53 pm
#1
Now 15% less offensive
Thread Starter
Joined: Jul 2004
Location: Poole, Dorset. (Ex. Dubai, but might be back soon)
Posts: 793
Pass the flannel...
In the Gulf news today, Sheik Mo, when commenting on the state of the worlds economy (sub prime espec.) said...
'It will affect many countries, but it will not affect us. We have made arrangements to enable our property market to avoid any such negative impacts'
I am not as financially astute as some members here, but to my mind, this sounds like complete bollocks. As usual, Gulf News was very light on detail.
What do you think?
'It will affect many countries, but it will not affect us. We have made arrangements to enable our property market to avoid any such negative impacts'
I am not as financially astute as some members here, but to my mind, this sounds like complete bollocks. As usual, Gulf News was very light on detail.
What do you think?
Apr 2nd 2008, 7:21 pm
#2
Account Closed
Joined: Jul 2007
Posts: 7,028
Re: Pass the flannel...
In the Gulf news today, Sheik Mo, when commenting on the state of the worlds economy (sub prime espec.) said...
'It will affect many countries, but it will not affect us. We have made arrangements to enable our property market to avoid any such negative impacts'
I am not as financially astute as some members here, but to my mind, this sounds like complete bollocks. As usual, Gulf News was very light on detail.
What do you think?
'It will affect many countries, but it will not affect us. We have made arrangements to enable our property market to avoid any such negative impacts'
I am not as financially astute as some members here, but to my mind, this sounds like complete bollocks. As usual, Gulf News was very light on detail.
What do you think?
Apr 3rd 2008, 9:47 am
#3
Lost in BE Cyberspace
Joined: Dec 2006
Posts: 23,434
Re: Pass the flannel...
I'll pretend I didn't read that...
Apr 3rd 2008, 9:48 am
#4
Joined: Jan 2008
Posts: 3,028
Re: Pass the flannel...
Oh.....Stereotyping, by Jingo...!!!
Apr 3rd 2008, 9:52 am
#5
BE Enthusiast
Joined: Jan 2005
Location: Dubai
Posts: 888
Re: Pass the flannel...
There isn't really a sub prime mortgage market in Dubai, the lending criteria are (for now anyway) too strict and most people buying property here have relatively well paying jobs. That might be what he means but other than that I don't know. The developers can certainly afford to have towers completed but standing empty if they need to control supply and demand.
Apr 3rd 2008, 9:56 am
#6
Lost in BE Cyberspace
Joined: Dec 2006
Posts: 23,434
Re: Pass the flannel...
There isn't really a sub prime mortgage market in Dubai, the lending criteria are (for now anyway) too strict and most people buying property here have relatively well paying jobs. That might be what he means but other than that I don't know. The developers can certainly afford to have towers completed but standing empty if they need to control supply and demand.
Apr 3rd 2008, 10:28 am
#7
Now 15% less offensive
Thread Starter
Joined: Jul 2004
Location: Poole, Dorset. (Ex. Dubai, but might be back soon)
Posts: 793
Re: Pass the flannel...
There isn't really a sub prime mortgage market in Dubai, the lending criteria are (for now anyway) too strict and most people buying property here have relatively well paying jobs. That might be what he means but other than that I don't know. The developers can certainly afford to have towers completed but standing empty if they need to control supply and demand.
I agree with you re. sub prime in Dubai, but the sub prime market in the US - sold on as Mortgage Based Securities - has wreaked havoc globally. I just wondered how Dubai was going to miss out on all the fun. Have their financial institutions specifically avoided such products?
