TA5

After spending billions in the Wall Street Journal and other media outlets pumping out pro dubai propaganda (BS) it must really suck to have them write your obituary.

http://dealbook.blogs.nytimes.com/20...ai-skyscraper/

mantronic

Whoever it was that did Dubais marketing did a remarkable job.

Looking back Dubai did a good job of capitalising on the credit bubble - its got enough landmark projects up to give it a modest tourist trade for a long time IMO.

It may go bust but the finished projects arent going anywhere.

The real tragedy is the town planning ... they could have spent half that much in better ways and built a real utopia not an urban planning nightmare.

One less of those billion dollar towers could have built alot of london style underground. Can the doomed latest palm and world and you could probably paid for a proper undergraound and AD to Dubai rail too. They wont get anything like if for another 100 years or more. Very shortsighted development.

Jeeper

Re: town planning, agreed.

Blue Cat

I have seen no evidence of properties being sold at less than 50% off their original asking price? the property papers are thinner certainly but I am yet to see any real 'bargains'

NorthernLad

I concede, you were right all along.

I really wish we lived in the USA right now, things look so much more positive there than here in the UAE.

W10

That's because properties are not being sold. Full Stop.

Anecdotally, I have heard of people being taken seriously when making offers of half price...but they weren't really interested in buying.

NorthernLad

I guess this will make things more difficult for a lot of potential buyers:

http://www.arabianbusiness.com/54361...n-by-over-200-

Grace O Malley

Town Planning agreed. I really thought AD would have paid some attention to that!

Blue Cat

and alot of places are insisting on at least a 40% deposit as well, not many go that sort of money these days

Norm_uk

Valid post there.

At least Abu Dhabi is focusing on it's infrastructure projects as a priority...if oil ever get's past $50 a barrel this year they will probably carry on with some of the more fancy projects too.

Poor Dubai - a real mess now.

N.

IndieG

I heard one major bank has completely stopped mortgage loans for expats....

Blue Cat

that sadly doesn't surprise me

Hello.Kitty

and this is sadly also where they realise that their long-term business plan of a tourism-fuelled economy will fall flat on its face. Empty plots and empty buildings are difficult to ignore... and if investors pull out or refuse to pay maintenance costs, we can also say goodbye to the unsustainable greenery that makes the place bearable.

"Shortsighted" doesn't even begin to describe it!

IndieG

Problem is there is absolutely no depth in management in most local companies and banks here. They haven't got a clue how to manage a crisis - they're just not used to what's happening now. They go running around like headless chickens (especially some of the locals - who have risen up from being tellers/officers to senior management within the last 18-24 months).

And yeah, according to my hubby's boss, the current problems in the UAE is all to be blamed on expats Apparently he was acting really obnoxious but my husband gave it back in good measure...bless him

Hello.Kitty

let's leave 'em to sort it out and prove their skills then!