Re: Dubai economy?
 

I was talking to one of my mates who's out in KSA at the moment and he agrees with the above with regards to it being busy but by no means a boom town. From what he sees they are chucking things out left, right and centre for bids but in his opinion the likelihood is that only a small number of them will amount to anything.

Re: Dubai economy?
 

Yes that's what I've seen. Plus the largest contractors in KSA are still releasing staff right now, so it hasn't filtered through. I understand that a certain level of hype has to be created around the projects, and each consultant and PMC etc. that gets signed up starts giving more authenticity and critical mass to the the project actually getting fully invested and built. However like all things Saudi, everything can get pulled at the last moment.

Re: Dubai economy?
 

I noticed a few of my Western connections (mostly in finance) in LinkedIn from back in the day in Abu Dhabi have moved to Riyadh. Working for the PIF, Neom, Qiddiya, etc.

I agree with your regard. When I lived in AUH I went to Riyadh a few times and I didn't find it that different. Naturally they had some of those stupid laws (like women not being allowed to drive) but below that the culture is the same. Reading that Dubai is the Switzerland in the ME and that Riyadh is somehow a shithole is hilarious. Comparing Dubai to Riyadh is probably like comparing London to Manchester. Dubai might be fancier and more international, but it is the same culture after all.

Personally something I like about Riyadh is the weather. I like that dry desert weather compared to the unbearable humid weather in the UAE or anywhere in the Gulf. In winter it even gets chilly so you can live a few months a year without air conditioning 24/7.

Re: Dubai economy?
 

Read this back in August: Bloomberg reporting that work on the Al Maktoum airport was put on hold due to sluggish economy.

https://www.bloomberg.com/news/artic...nomies-stumble

Re: Dubai economy?
 

Well, it's about as useful as any other response on here. We're all guessing and repeating stuff from someone else who heard it from the mate of a guy who heard it in the yacht club... :thumbup:

Re: Dubai economy?
 

To be fair to me :) the project funding is exactly how I have described. Most of the project websites actually are clear about how it works, like Amaala for example. https://www.amaala.com/en/about-us/
Nothing wrong with this approach - it's just not as much a sure thing as when the government pours the money directly into the project.
Most of the consultants being described as strategic partners is always something of note - it usually means they are working on a MOU or very early limited contracts and will only be fully engaged when the funding builds up. Again it's a (lower cost) way of establishing the authenticity and trust for investors.

Re: Dubai economy?
 

Hey it wasn't a dig at you individually. Just the general stuff with KSA at the moment, there's so much going on it's impossible to know where there's sensible progress, pie in the sky or genuine opportunity.
Some consultants have even paid to become 'partners' to things in the region. Misleading to say the least.

Re: Dubai economy?
 

Halt All New Home Construction In Dubai Or Face Economic Disaster, Top Builder Warns

Damac Properties share price, oof!

Re: Dubai economy?
 

Emaar's response to this is lol.

Re: Dubai economy?
 

FT is joining in the fun.

https://www.ft.com/content/3d537bae-...vhl6x3wIskrmn8

Re: Dubai economy?
 

Don't pretend to subscribe to the FT.

Re: Dubai economy?
 

Yeah I know, :thumbup: I just thought some factual information should be out there

Re: Dubai economy?
 

I don't, but I do to The Telegraph.

Re: Dubai economy?
 

I'll let you know what I see when I'm over there soon. Visa being sorted, should be visiting in the next few weeks for a few days.

Re: Dubai economy?
 

You don't need a visa anymore. On arrival for Brits.