So it's claimed that $72.563 billion worth of projects are on hold in Dubai
Feb 2nd 2009, 10:11 am
#1
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So it's claimed that $72.563 billion worth of projects are on hold in Dubai
"A list of project cancellations and delays of properties in Dubai, which has been emailed to Kipp on at least three occasions, has caused a stir among the emirate’s expatriates.
If the list is accurate, then approximately $72.563 billion worth of projects are on hold, and $3.275 billion have been cancelled."
Full article here: http://www.kippreport.com/kipp/2009/...ist-of-losers/
If the list is accurate, then approximately $72.563 billion worth of projects are on hold, and $3.275 billion have been cancelled."
Full article here: http://www.kippreport.com/kipp/2009/...ist-of-losers/
Feb 2nd 2009, 10:43 am
#2
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
yes I got a copy of that the other day too 
Feb 2nd 2009, 11:04 am
#3
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
The list does say Meydan has been cancelled though...
It also doesn't list several big projects which were announced but never got off the ground.
Lagoon (Sama Dubai)
The Universe
Jumeirah Garden City
plus
Most of Dubailand
It also doesn't list several big projects which were announced but never got off the ground.
Lagoon (Sama Dubai)
The Universe
Jumeirah Garden City
plus
Most of Dubailand
Feb 2nd 2009, 11:25 am
#4
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
The Meydan racecourse project is cancelled?? What - for ever??
So the Exiles and BC's beloved Country Club could have been spared???
So the Exiles and BC's beloved Country Club could have been spared???
Feb 2nd 2009, 12:29 pm
#5
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
so that does mean my penthouse on the burj will be finished then...
Feb 2nd 2009, 12:44 pm
#6
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
What does "On hold" mean? That they'll get round to it in a few months or that they are still waiting before they cancel so they can keep deposits etc?
Feb 2nd 2009, 12:46 pm
#7
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
MM, xx
Feb 2nd 2009, 1:00 pm
#8
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
I'm just about to attach a copy of that list and e-mail it to Piers Moron........
Feb 2nd 2009, 1:06 pm
#9
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
from what I can understand/have been told is that the racecourse is going ahead but the land that took from the country club is on 'hold'. Furious or what!
Feb 2nd 2009, 1:28 pm
#10
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
yes jumeirah gradens should be on there . that would add at least another US100 million to the figure ( that is how much they went to the overseas banks in loans for) .it is on indefinite hold at the moment. the developer apparently hasnt paid any of the consultants (including one architect is apparently owed in the region of £30million and one of the engineering consultants in excess of £6 million and another £2million)
Feb 2nd 2009, 1:47 pm
#11
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
Feb 2nd 2009, 2:35 pm
#12
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
I notice that a high proportion of those projects are Nakheel jobbies.
It may come to a head sooner rather than later - in December this year USD 3.52 billion of sukuk bonds are due to be repaid by Nakheel to investors, with a further USD 750 million in Jan 2011.
If you're confident they'll be able to meet the first of those obligations, buy the sukuk, and hold it to maturity (only about ten months away) - if they repay in full, you'll have earned a return of about 35 percent p.a.........
........... which, in an era of virtually-zero USD interest rates, gives you some idea of how risky the market thinks lending to Nakheel now is...........
Of course, they may have delayed those projects to ensure they have enough cash to repay the sukuk in December........... yeah, right...........
It may come to a head sooner rather than later - in December this year USD 3.52 billion of sukuk bonds are due to be repaid by Nakheel to investors, with a further USD 750 million in Jan 2011.
If you're confident they'll be able to meet the first of those obligations, buy the sukuk, and hold it to maturity (only about ten months away) - if they repay in full, you'll have earned a return of about 35 percent p.a.........
........... which, in an era of virtually-zero USD interest rates, gives you some idea of how risky the market thinks lending to Nakheel now is...........
Of course, they may have delayed those projects to ensure they have enough cash to repay the sukuk in December........... yeah, right...........
Feb 2nd 2009, 3:25 pm
#13
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
"A list of project cancellations and delays of properties in Dubai, which has been emailed to Kipp on at least three occasions, has caused a stir among the emirate’s expatriates.
If the list is accurate, then approximately $72.563 billion worth of projects are on hold, and $3.275 billion have been cancelled."
http://www.kippreport.com/projectcan...ncellation.jpg
Full article here: http://www.kippreport.com/kipp/2009/...ist-of-losers/
If the list is accurate, then approximately $72.563 billion worth of projects are on hold, and $3.275 billion have been cancelled."
http://www.kippreport.com/projectcan...ncellation.jpg
Full article here: http://www.kippreport.com/kipp/2009/...ist-of-losers/
Feb 2nd 2009, 3:55 pm
#14
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
"A list of project cancellations and delays of properties in Dubai, which has been emailed to Kipp on at least three occasions, has caused a stir among the emirate’s expatriates.
If the list is accurate, then approximately $72.563 billion worth of projects are on hold, and $3.275 billion have been cancelled."
http://www.kippreport.com/projectcan...ncellation.jpg
Full article here: http://www.kippreport.com/kipp/2009/...ist-of-losers/
If the list is accurate, then approximately $72.563 billion worth of projects are on hold, and $3.275 billion have been cancelled."
http://www.kippreport.com/projectcan...ncellation.jpg
Full article here: http://www.kippreport.com/kipp/2009/...ist-of-losers/
Feb 2nd 2009, 3:55 pm
#15
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Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
The source of that list may be very official.
According to a (usually reliable) contact:
the document looks like it came from the Real Estate Regulatory Authority.
According to a (usually reliable) contact:
the document looks like it came from the Real Estate Regulatory Authority.
