The Dubai Property Collapse Continues...
Dec 9th 2008, 4:21 pm
#152
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Re: The Dubai Property Collapse Continues...
Sorry - of course there is a little federal help - AD also provides all the emirates with xxx barrels of oil every day for free too. I mean there isn't major help, in that they won't ride to the rescue with a limitless pile of cash.
The power supply is still a major PR gaffe and AD won't help completely solve the situ, the way it will help completely solve Dubai's problem. The reason? The global press doesn't know or care where UAQ is and whether it lives or dies, but it will certainly splash headlines about Dubai all over its front pages, which will in turn have a knock on effect for AD's future plans.
The power supply is still a major PR gaffe and AD won't help completely solve the situ, the way it will help completely solve Dubai's problem. The reason? The global press doesn't know or care where UAQ is and whether it lives or dies, but it will certainly splash headlines about Dubai all over its front pages, which will in turn have a knock on effect for AD's future plans.
Dec 9th 2008, 4:24 pm
#153
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Re: The Dubai Property Collapse Continues...
It was also interesting to see that two of the most heavily leveraged companies pulled sizeable bond payments (in full) out of their hats this week.
Where did the money come from?
1, Are the Maktoums personally bankrolling now? If so, negotiations with AD will begin in earnest soon
2, Did the cash come from AD? If so...what have they already bought (Nakheel was the big, serious rumour - Emirates is the very very unlikely rumour)
Where did the money come from?
1, Are the Maktoums personally bankrolling now? If so, negotiations with AD will begin in earnest soon
2, Did the cash come from AD? If so...what have they already bought (Nakheel was the big, serious rumour - Emirates is the very very unlikely rumour)
Dec 9th 2008, 4:55 pm
#154
Lost in BE Cyberspace
Joined: Aug 2007
Posts: 7,646
Re: The Dubai Property Collapse Continues...
I like the analogy with Scotland.
In fact, it brings to mind a Theatre Group: 7:84.
The Al Nayans would be the equivalent 7% if you ask me.
In my humble opinion, Zayed was the Architect of the Union, evidenced herein to a degree.The whole Union benefitted from AD's oil.
''When Britain announced in January 1968 that it would withdraw its military presence in the Gulf, Sheikh Zayed was the first statesman to call for a union. Zayed realized that for Abu Dhabi to prosper, it would need to co-operate with its tribal neighbors. So his first step was to meet with the then-ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoom. The two held meetings on the 19th of February 1968 at Samih and discussed border disputes. This followed by the signing of an agreement on the 27th of February 1968, which would form a federation of nine emirates (Abu Dhabi, Ajman, Bahrain, Dubai, Fujairah, Ras al-Khaimah, Sharjah, Qatar and Umm al-Quwain). Unfortunately the had many setbacks as Zayed tried for 3 years to bring things together. Bahrain and Qatar wanted to seek full independence and Ras Al Khaymah also declined to join. On the 2nd of December 1971, a federation of six emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Sharjah, Umm al-Quwain) formed the United Arab Emirates [UAE]. Sheikh Zayed was elected president and Sheikh Rashid was elected vice-president. Shortly afterwards, Ras Al Khaimah decided to join the federation, which officially took place on the 11th of February of 1972.
Sheikh Zayed has been re-elected as president at five-year intervals by the Supreme Council Members, who are ruling members of each of the seven emirates. Sheikh Rashid was re-elected vice-president until he died in 1990, at which time his son, Sheikh Maktoum, took his father's place. Sheikh Zayed continues to utilize the oil revenues of Abu Dhabi to fund projects throughout the UAE.
Sheikh Zayed also played a major role in the formation of the Gulf Cooperation Council (GCC), which officially started in Abu Dhabi in 1981.
Sheikh Zayed has been re-elected as president at five-year intervals by the Supreme Council Members, who are ruling members of each of the seven emirates. Sheikh Rashid was re-elected vice-president until he died in 1990, at which time his son, Sheikh Maktoum, took his father's place. Sheikh Zayed continued to utilize the oil revenues of Abu Dhabi to fund projects throughout the UAE. Sheikh Zayed also played a major role in the formation of the Gulf Cooperation Council (GCC), which officially started in Abu Dhabi in 1981.
Full Article http://guide.theemiratesnetwork.com/...ed.phpArticle:
In fact, it brings to mind a Theatre Group: 7:84.
The Al Nayans would be the equivalent 7% if you ask me.
In my humble opinion, Zayed was the Architect of the Union, evidenced herein to a degree.The whole Union benefitted from AD's oil.
''When Britain announced in January 1968 that it would withdraw its military presence in the Gulf, Sheikh Zayed was the first statesman to call for a union. Zayed realized that for Abu Dhabi to prosper, it would need to co-operate with its tribal neighbors. So his first step was to meet with the then-ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoom. The two held meetings on the 19th of February 1968 at Samih and discussed border disputes. This followed by the signing of an agreement on the 27th of February 1968, which would form a federation of nine emirates (Abu Dhabi, Ajman, Bahrain, Dubai, Fujairah, Ras al-Khaimah, Sharjah, Qatar and Umm al-Quwain). Unfortunately the had many setbacks as Zayed tried for 3 years to bring things together. Bahrain and Qatar wanted to seek full independence and Ras Al Khaymah also declined to join. On the 2nd of December 1971, a federation of six emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Sharjah, Umm al-Quwain) formed the United Arab Emirates [UAE]. Sheikh Zayed was elected president and Sheikh Rashid was elected vice-president. Shortly afterwards, Ras Al Khaimah decided to join the federation, which officially took place on the 11th of February of 1972.
Sheikh Zayed has been re-elected as president at five-year intervals by the Supreme Council Members, who are ruling members of each of the seven emirates. Sheikh Rashid was re-elected vice-president until he died in 1990, at which time his son, Sheikh Maktoum, took his father's place. Sheikh Zayed continues to utilize the oil revenues of Abu Dhabi to fund projects throughout the UAE.
Sheikh Zayed also played a major role in the formation of the Gulf Cooperation Council (GCC), which officially started in Abu Dhabi in 1981.
Sheikh Zayed has been re-elected as president at five-year intervals by the Supreme Council Members, who are ruling members of each of the seven emirates. Sheikh Rashid was re-elected vice-president until he died in 1990, at which time his son, Sheikh Maktoum, took his father's place. Sheikh Zayed continued to utilize the oil revenues of Abu Dhabi to fund projects throughout the UAE. Sheikh Zayed also played a major role in the formation of the Gulf Cooperation Council (GCC), which officially started in Abu Dhabi in 1981.
Full Article http://guide.theemiratesnetwork.com/...ed.phpArticle:
Dec 9th 2008, 5:04 pm
#156
Lost in BE Cyberspace
Joined: Aug 2007
Posts: 7,646
Re: The Dubai Property Collapse Continues...
'' The title of the company derived from a 1966 statistic that 7 percent of the population of Great Britain owned 84 percent of the wealth. The company split in two in 1973 to form 7:84 (England) and 7:84 (Scotland). The aims of the 7:84 were to present the realities of working class life and history to working class audiences. 7:84 (Scotland) toured throughout Scotland with its productions.''
Dec 9th 2008, 5:10 pm
#158
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Joined: Aug 2007
Posts: 7,646
Re: The Dubai Property Collapse Continues...
Dubai is an isolated economy. It did everything on its own, without the backing (and in many cases the blessing, of Abu Dhabi) and Abu Dhabi has had to bail it out before.
It will bail it out again in this instance too, but it will come at a price.
Abu Dhabi is not the engine, it is the printing press. Dubai drove the UAE's growth.
It will bail it out again in this instance too, but it will come at a price.
Abu Dhabi is not the engine, it is the printing press. Dubai drove the UAE's growth.
Dubai couldn't have without the jump start and co-driving from AD
Dec 9th 2008, 5:21 pm
#159
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Re: The Dubai Property Collapse Continues...
Many, many years ago.
(although Dubai did get a bail out in the 90s)
Dubai pretty much made itself a success story in the last 10 to 15 years. There are certain national laws, synergies etc but by and large each state is autonomous. Of course AD knows what Dubai is going to do and there is an element of bartering between all the emirates but it isn't standing and holding Shk Mo's hand.
Ten years ago - AD did not introduce business free zones, open up the property market to foreigners, open up the financial sector, invest in education, build the world's biggest dry dock before there was a demand, build massive iconic developments, liberalise its laws, start a concerted tourism campaign, build up one of the world's leading airlines...Dubai did. He took the risks and got the rewards (at the time)
Unless you are suggesting AD secretly had a hand in all of this infrastructure and project planning (especially when at the beginning there was opposition to Dubai's plans from within parts of the ruling AD family)
(although Dubai did get a bail out in the 90s)
Dubai pretty much made itself a success story in the last 10 to 15 years. There are certain national laws, synergies etc but by and large each state is autonomous. Of course AD knows what Dubai is going to do and there is an element of bartering between all the emirates but it isn't standing and holding Shk Mo's hand.
Ten years ago - AD did not introduce business free zones, open up the property market to foreigners, open up the financial sector, invest in education, build the world's biggest dry dock before there was a demand, build massive iconic developments, liberalise its laws, start a concerted tourism campaign, build up one of the world's leading airlines...Dubai did. He took the risks and got the rewards (at the time)
Unless you are suggesting AD secretly had a hand in all of this infrastructure and project planning (especially when at the beginning there was opposition to Dubai's plans from within parts of the ruling AD family)
Dec 9th 2008, 5:24 pm
#160
Guest
Posts: n/a
Re: The Dubai Property Collapse Continues...
there is some help for the other emirates from abu dhabi.
FEWA (the federal electric co.) has taken over the northern emirates power supply ostensably as a fedral concern, in reality its because AD doesnt want the empty buildings with no power thing affecting its own reputation. As in so many things FEWA is Abu Dahbi as is the UAE to a large degree
FEWA (the federal electric co.) has taken over the northern emirates power supply ostensably as a fedral concern, in reality its because AD doesnt want the empty buildings with no power thing affecting its own reputation. As in so many things FEWA is Abu Dahbi as is the UAE to a large degree
These infrastructure projects also have their price...it will become apparent in the coming years.
Dec 9th 2008, 5:26 pm
#161
Lost in BE Cyberspace
Joined: Aug 2007
Posts: 7,646
Re: The Dubai Property Collapse Continues...
Many, many years ago.
(although Dubai did get a bail out in the 90s)
Dubai pretty much made itself a success story in the last 10 to 15 years. There are certain national laws, synergies etc but by and large each state is autonomous. Of course AD knows what Dubai is going to do and there is an element of bartering between all the emirates but it isn't standing and holding Shk Mo's hand.
Ten years ago - AD did not introduce business free zones, open up the property market to foreigners, open up the financial sector, invest in education, build the world's biggest dry dock before there was a demand, build massive iconic developments, liberalise its laws, start a concerted tourism campaign, build up one of the world's leading airlines...Dubai did. He took the risks and got the rewards (at the time)
Unless you are suggesting AD secretly had a hand in all of this infrastructure and project planning (especially when at the beginning there was opposition to Dubai's plans from within parts of the ruling AD family)
(although Dubai did get a bail out in the 90s)
Dubai pretty much made itself a success story in the last 10 to 15 years. There are certain national laws, synergies etc but by and large each state is autonomous. Of course AD knows what Dubai is going to do and there is an element of bartering between all the emirates but it isn't standing and holding Shk Mo's hand.
Ten years ago - AD did not introduce business free zones, open up the property market to foreigners, open up the financial sector, invest in education, build the world's biggest dry dock before there was a demand, build massive iconic developments, liberalise its laws, start a concerted tourism campaign, build up one of the world's leading airlines...Dubai did. He took the risks and got the rewards (at the time)
Unless you are suggesting AD secretly had a hand in all of this infrastructure and project planning (especially when at the beginning there was opposition to Dubai's plans from within parts of the ruling AD family)
Within two decades of a bailout, they carried on regardless and the walls are now tumbling down.
They thought they were greater then Rome...........
Dec 9th 2008, 5:35 pm
#162
Lost in BE Cyberspace
Joined: May 2008
Posts: 5,125
Re: The Dubai Property Collapse Continues...
ad watched dxb make its mistakes first and then is playing catch up but in a different more informed way.
Dec 9th 2008, 5:51 pm
#163
Forum Regular
Joined: Sep 2008
Posts: 102
Re: The Dubai Property Collapse Continues...
Dec 9th 2008, 6:03 pm
#164
Lost in BE Cyberspace
Joined: Aug 2007
Posts: 7,646
Re: The Dubai Property Collapse Continues...
Yes, The Dean posted a thread re this earlier and Admon's quick eye discovered a flaw in Dubia.-attention to detail impresssive there.....
Dec 10th 2008, 7:35 am
#165
Banned
Joined: Jan 2007
Location: Holland, luckily!
Posts: 223
Re: The Dubai Property Collapse Continues...
The main infrastructure (Jebel Ali port) was financed by the Kuwaiti, directly to Sheik Rashid, but it's only something I've heard from many local friends. It has since then paid for itself, the airport, etc. The local gov should really fear the moment someone like Oman or Iran would established something similar, better and/or cheaper. The model is perfectly replicable.