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Dubai World cuts 12,000 jobs

Dubai World cuts 12,000 jobs

Old Oct 15th 2009, 1:42 pm
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Default Dubai World cuts 12,000 jobs

http://www.thenational.ae/apps/pbcs....710159970/1133

globally, 3000 in the UAE and they keeps saying the economy is on an up turn? yeah right!
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Old Oct 15th 2009, 2:11 pm
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Default Re: Dubai World cuts 12,000 jobs

I'm amazed they still have that many employes!
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Old Oct 15th 2009, 2:22 pm
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Default Re: Dubai World cuts 12,000 jobs

Major staff cuts again in Nakheel today, predictions are the emirate will take up to five years to recover. !!
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Old Oct 15th 2009, 6:15 pm
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Default Re: Dubai World cuts 12,000 jobs

Originally Posted by Desert Rat View Post
Major staff cuts again in Nakheel today, predictions are the emirate will take up to five years to recover. !!
Did WAM give you that prediction???
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Old Oct 16th 2009, 12:45 am
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Default Re: Dubai World cuts 12,000 jobs

Originally Posted by Blue Cat View Post
http://www.thenational.ae/apps/pbcs....710159970/1133

globally, 3000 in the UAE and they keeps saying the economy is on an up turn? yeah right!
$hit - that is awful. Who's saying that the economy is on an upturn? Apparently my building in Dubai is almost 30% empty (considering they had wait lists for tenants) ...and my hubby told me yesterday that another 3 people from our floor were moving out by December.

Am wondering just how Nakheel will pay up on 14 Dec...talk is that they might convert the bonds into equity. I just hope they're able to pay otherwise it's going to be really bad for Dubai

BTW, believe it or not, although I absolutely love living in Melbourne, I quite miss Dubai sometimes. I am looking forward to my 6 week visit in Dec
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Old Oct 16th 2009, 4:29 am
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Default Re: Dubai World cuts 12,000 jobs

Originally Posted by IndieG View Post
$hit - that is awful. Who's saying that the economy is on an upturn? Apparently my building in Dubai is almost 30% empty (considering they had wait lists for tenants) ...and my hubby told me yesterday that another 3 people from our floor were moving out by December.

Am wondering just how Nakheel will pay up on 14 Dec...talk is that they might convert the bonds into equity. I just hope they're able to pay otherwise it's going to be really bad for Dubai

BTW, believe it or not, although I absolutely love living in Melbourne, I quite miss Dubai sometimes. I am looking forward to my 6 week visit in Dec
I'm there with you on that Indie.
I like living in Singapore but do miss some things about Dubai life.
was actually contacted by a headhunter about a job back in Dubai yesterday
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Old Oct 16th 2009, 5:25 am
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Default Re: Dubai World cuts 12,000 jobs

Originally Posted by Inselaffen View Post
I'm there with you on that Indie.
I like living in Singapore but do miss some things about Dubai life.
was actually contacted by a headhunter about a job back in Dubai yesterday
TBH, I love Dubai but think I like Melbourne more....it would have been simply perfect if hubby was also here

I'd be a bit wary about taking up a job offer in Dubai now unless it is an international firm (but not one with HQ in Dubai)....
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Old Oct 16th 2009, 7:01 am
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Default Re: Dubai World cuts 12,000 jobs

Originally Posted by IndieG View Post
TBH, I love Dubai but think I like Melbourne more....it would have been simply perfect if hubby was also here

I'd be a bit wary about taking up a job offer in Dubai now unless it is an international firm (but not one with HQ in Dubai)....

Glad to hear life is shaping up nicely for ya in Oz IndieG,hopefully it won't be too long before the family is all back together again.
Post some more about your new life in Oz,miss you on here.
xxxx
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Old Oct 16th 2009, 8:40 am
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Default Re: Dubai World cuts 12,000 jobs

Originally Posted by Eva View Post
Glad to hear life is shaping up nicely for ya in Oz IndieG,hopefully it won't be too long before the family is all back together again.
Post some more about your new life in Oz,miss you on here.
xxxx
Hey thanks...and missed you too!

We're planning to visit Dubai every 3-4 months during term break plus with hours of google talk everyday with hubby, it isn't too bad.

I am enjoying my retirement thoroughly... great to be able to spend more time with my kids and best of all, catching up with lots of reading and movies in my spare time (daughters in school from 9-3:30)! And surprise, surprise I'm managing really well without any maid and cook, who'd have thought that

I just got my internet connection a week back so you'll be seeing a lot more of me on this board...lol
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Old Oct 16th 2009, 11:10 am
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Default Re: Dubai World cuts 12,000 jobs

Am wondering just how Nakheel will pay up on 14 Dec...talk is that they might convert the bonds into equity. I just hope they're able to pay otherwise it's going to be really bad for Dubai


All the "positive" news in the local papers speculate mildly on his payment. I guess they can't be more cut and thrust on the subject. However there was a very interesting bit in the National by Wayne Arnold a week or so ago. It will be interesting to see how the payment is made. But what is perhaps more worrying is "Dubai's" total debt.

I know the Govt have guaranteed local banks for the next year or two bit is it just possible that Dubai could go bankrupt? What would happen to deposits then? Would AD come rushing to their aid or just pick off the best pieces?

It is interesting that NBAD is offering 2.3% for substantial fixed deposits, so obviously don't need extra cash flow, but DXB still offering 5% for one year in places. I guess this indicates where there is a tighter cash flow problem??
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Old Oct 16th 2009, 1:28 pm
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Default Re: Dubai World cuts 12,000 jobs

An interesting article on Abu Dhabi - looks like they have learnt from Dubai.

http://www.ft.com/cms/s/0/8e55af34-b...nclick_check=1
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Old Oct 16th 2009, 5:30 pm
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Default Re: Dubai World cuts 12,000 jobs

Originally Posted by Jim Smith View Post
Am wondering just how Nakheel will pay up on 14 Dec...talk is that they might convert the bonds into equity. I just hope they're able to pay otherwise it's going to be really bad for Dubai


All the "positive" news in the local papers speculate mildly on his payment. I guess they can't be more cut and thrust on the subject. However there was a very interesting bit in the National by Wayne Arnold a week or so ago. It will be interesting to see how the payment is made. But what is perhaps more worrying is "Dubai's" total debt.

I know the Govt have guaranteed local banks for the next year or two bit is it just possible that Dubai could go bankrupt? What would happen to deposits then? Would AD come rushing to their aid or just pick off the best pieces?

It is interesting that NBAD is offering 2.3% for substantial fixed deposits, so obviously don't need extra cash flow, but DXB still offering 5% for one year in places. I guess this indicates where there is a tighter cash flow problem??
Couldn't agree more with everything you've written.

I think the problems are far bigger than the media are allowed to reveal, we all know there is much more control of negative stories here so you can join the dots and figure out things are pretty bad.

I suspect AD will not sit by and watch Dubai totally fold as that would not be good for them either, and would embarrass the country. But they'll want their pound of flesh for helping out and given the size of the debts, they'll pretty much end up owning the whole place. It will basically be a takeover though I suspect symbolic control would remain with the present Dubai regime. Not sure if more AD control would mean Dubai becoming less liberal.

Observation on IRs is something too few people are taking notice of. Risk and reward are always related, a big spread in IRs does tend to suggest some places need cash more desperately. I would certainly not want my savings in a UAE bank - they will be bailed out for a time, but some of them must have such massive exposure to real estate and bad loans that collapse of many is inevitable. Not sure there is any deposit guarantee in the UAE, and if there was, would anyone trust it? The UAE has a habit of using words like 'freehold' and 'escrow' to describe arrangements that most certainly do not comply to those terms as used in English speaking countries.
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Old Oct 16th 2009, 5:45 pm
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Default Re: Dubai World cuts 12,000 jobs

Melbourne is a pretty awesome place. Prior to AD we were there for 5 years, and own a house there. I really hope to go back there as soon as his job is over, or I can get someone from our company to replace me here.
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Old Oct 16th 2009, 6:33 pm
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Default Re: Dubai World cuts 12,000 jobs

[QUOTE=NorthernLad;8021418]An interesting article on Abu Dhabi - looks like they have learnt from Dubai.

Interesting, thanks.

Also Captflack........

One other interesting offer last week was from a bank about an hour away (flying) who said if I deposited a couple of million at 5.5% they would hand back to me the full years interest at the time of deposit! As they say, if it sounds too good to be true, it usually is!
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Old Oct 16th 2009, 7:17 pm
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Default Re: Dubai World cuts 12,000 jobs

Oh, Dubai is bankrupt.

What is going to be interesting is seeing how the Dubai Emiratis are going to have to adjust to a lower standard of living than they've very recently become accustomed to.

Given that most Emiratis work for the government, and given that the lavish salaries, nearly free DEWAs, free housing at marriage, healthcare, free education and whatnot were actually all paid for through borrowed money in the last ten years, their party is about to end...soon, which will be made worse by that many of them are up to their eyeballs in debt.

How that will play out in support for the Makhtoum regime could be interesting.
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