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Dubai's dream is built on sand

Dubai's dream is built on sand

Old Jun 21st 2009, 8:08 am
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Default Dubai's dream is built on sand

http://business.timesonline.co.uk/to...cle6543895.ece

this new brand dubai thingy is doing a good job of controlling the bad pr then

"The global recession has ripped through Dubai, leaving its dream of becoming the Switzerland of the Middle East looking like a mirage. Locals who used to joke that Dubai would be a great place “when it’s finished” now wonder whether it’s finished. "

"British investors have sunk some £200m into £1 billion-worth of property, much of which is unfinished and some of which may never be. An estimated £335 billion of projects have been halted or are on hold.

Tourism, 20% of GDP last year, is down. Room rates at Jumeirah, its leading hotel group, have fallen 25%, concedes Gerald Lawless, its Irish-born boss. There are fewer bums on the posh seats of Emirates, the city state’s airline"

"Now that the economy has slumped, many are questioning whether Dubai is the place to be. With the school year about to end, UBS says the population, which is already falling, could slump by as much as one third by year-end. A brain drain that big could be devastating. "

looking good for no traffic and cheap rent in september
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Old Jun 21st 2009, 8:35 am
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Default Re: Dubai's dream is built on sand

Originally Posted by shiva View Post
http://business.timesonline.co.uk/to...cle6543895.ece

this new brand dubai thingy is doing a good job of controlling the bad pr then

"The global recession has ripped through Dubai, leaving its dream of becoming the Switzerland of the Middle East looking like a mirage. Locals who used to joke that Dubai would be a great place “when it’s finished” now wonder whether it’s finished. "

"British investors have sunk some £200m into £1 billion-worth of property, much of which is unfinished and some of which may never be. An estimated £335 billion of projects have been halted or are on hold.

Tourism, 20% of GDP last year, is down. Room rates at Jumeirah, its leading hotel group, have fallen 25%, concedes Gerald Lawless, its Irish-born boss. There are fewer bums on the posh seats of Emirates, the city state’s airline"

"Now that the economy has slumped, many are questioning whether Dubai is the place to be. With the school year about to end, UBS says the population, which is already falling, could slump by as much as one third by year-end. A brain drain that big could be devastating. "

looking good for no traffic and cheap rent in september
i hope so, my lease is up for renewal then....
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Old Jun 21st 2009, 8:58 am
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Default Re: Dubai's dream is built on sand

We often complain about the media here but this article offers NOTHING new and it is full of mistakes. I am wondering why the Times publishes it...
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Old Jun 22nd 2009, 1:34 am
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Default Re: Dubai's dream is built on sand

I've decided that capitalsm in its current form is going to be royally ****ED once the global shitstorm is "over".
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Old Jun 22nd 2009, 12:55 pm
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Default Re: Dubai's dream is built on sand

Originally Posted by AnotherWorld View Post
I've decided that capitalsm in its current form is going to be royally ****ED once the global shitstorm is "over".
i think it was le carre who said something along the lines off "with the defeat of communisim we must now turn our attention to defeating capatilisim"
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Old Jun 22nd 2009, 1:04 pm
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Default Re: Dubai's dream is built on sand

Originally Posted by klaus3974 View Post
We often complain about the media here but this article offers NOTHING new and it is full of mistakes. I am wondering why the Times publishes it...
Why do people like you continue to keep your heads stuck firmly in the sand? If you read the article in its entirety, you will see that it contains many salient points and is reasonably fair minded. Somebody finally has the balls to criticise the UAE government for pretending for too long that a financial problem could not exist here...
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Old Jun 22nd 2009, 1:12 pm
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Default Re: Dubai's dream is built on sand

Originally Posted by klaus3974 View Post
We often complain about the media here but this article offers NOTHING new and it is full of mistakes. I am wondering why the Times publishes it...
One part of the article states "An estimated £335 billion of projects have been halted or are on hold."

Is that right, seems awfully high to me?
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Old Jun 22nd 2009, 1:17 pm
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Default Re: Dubai's dream is built on sand

Originally Posted by klaus3974 View Post
We often complain about the media here but this article offers NOTHING new and it is full of mistakes.
Like the fact that the metro is finished !!
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Old Jun 22nd 2009, 1:53 pm
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Default Re: Dubai's dream is built on sand

Originally Posted by NorthernLad View Post
One part of the article states "An estimated £335 billion of projects have been halted or are on hold."

Is that right, seems awfully high to me?
could be right, there was a list knocking about with stuff that had been cancelled, it was pretty big
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Old Jun 22nd 2009, 2:02 pm
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Default Re: Dubai's dream is built on sand

Originally Posted by Blue Cat View Post
could be right, there was a list knocking about with stuff that had been cancelled, it was pretty big
Yeah, I remember the list...but I don't remember it being that big...over half a trillion US Dollars???
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Old Jun 22nd 2009, 2:15 pm
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Default Re: Dubai's dream is built on sand

Originally Posted by NorthernLad View Post
Yeah, I remember the list...but I don't remember it being that big...over half a trillion US Dollars???
true but then there were some huge big developments up at Dubailand that were squashed so it could be right.
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Old Jun 22nd 2009, 3:02 pm
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Default Re: Dubai's dream is built on sand

Originally Posted by NorthernLad View Post
One part of the article states "An estimated £335 billion of projects have been halted or are on hold."

Is that right, seems awfully high to me?
When you consider that two of the larger developments shelved Jumeirah Gardens and the Arabian Canals had an estimated construction cost of US 100 billion and 61 billion respectively it sounds about right.
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Old Jun 22nd 2009, 3:05 pm
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Default Re: Dubai's dream is built on sand

Originally Posted by NorthernLad View Post
Yeah, I remember the list...but I don't remember it being that big...over half a trillion US Dollars???
I doubt that anyone actually knows - it isn't like either the local or federal government are that adept at either measurability or transparency.....
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Old Jun 23rd 2009, 2:11 am
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Default Re: Dubai's dream is built on sand

Originally Posted by lionheart View Post
Why do people like you continue to keep your heads stuck firmly in the sand? If you read the article in its entirety, you will see that it contains many salient points and is reasonably fair minded. Somebody finally has the balls to criticise the UAE government for pretending for too long that a financial problem could not exist here...
My dear boy, my point was that all the information that is in the article has been around for a while, so no new information at all (except that us westerns are 10 to 1 to locals....). At most, a good compilation of other articles. And despite all that, the foreign media (in favor, against, or with a neutral view of Dubai) keeps reporting a lot of wrong information about Dubai... like the place was actually a urban legend and not a place that actually exists on earth to which you can travel and get the actual basic facts (when the government allows you to).

My head is not stuck in the sand at all, and by the way, knowing some of the actual facts because of my job, I am the first person to have a critical view of DXB.

Anyway, LH pick your battles wisely. You are becoming less credible than the Dubai PR machine...
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