Dubai's dream is built on sand
#1
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
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
#2
BE Enthusiast
Joined: Jun 2008
Posts: 788
Re: 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
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
#3
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...
#4
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".
#5
Re: Dubai's dream is built on sand
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"
#6
Account Closed
Joined: Jul 2007
Posts: 7,028
Re: Dubai's dream is built on sand
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...
#7
Re: Dubai's dream is built on sand
Is that right, seems awfully high to me?
#12
Forum Regular
Joined: Sep 2008
Posts: 102
Re: Dubai's dream is built on sand
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.
#13
Re: Dubai's dream is built on sand
I doubt that anyone actually knows - it isn't like either the local or federal government are that adept at either measurability or transparency.....
#14
Re: Dubai's dream is built on sand
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 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...