Pass the flannel...

Old Apr 2nd 2008, 6:53 pm
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Default Pass the flannel...

In the Gulf news today, Sheik Mo, when commenting on the state of the worlds economy (sub prime espec.) said...

'It will affect many countries, but it will not affect us. We have made arrangements to enable our property market to avoid any such negative impacts'

I am not as financially astute as some members here, but to my mind, this sounds like complete bollocks. As usual, Gulf News was very light on detail.

What do you think?
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Old Apr 2nd 2008, 7:21 pm
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Default Re: Pass the flannel...

Originally Posted by NedKelly63 View Post
In the Gulf news today, Sheik Mo, when commenting on the state of the worlds economy (sub prime espec.) said...

'It will affect many countries, but it will not affect us. We have made arrangements to enable our property market to avoid any such negative impacts'

I am not as financially astute as some members here, but to my mind, this sounds like complete bollocks. As usual, Gulf News was very light on detail.

What do you think?
In the event of a down turn in the housing market here, maybe the "arrangements" involve a certain organisation blowing up dozens of congested towers in order to stimulate demand by artificially reducing supply? Seems like a good idea for a movie plot.
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Old Apr 3rd 2008, 9:47 am
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Default Re: Pass the flannel...

Originally Posted by lionheart View Post
In the event of a down turn in the housing market here, maybe the "arrangements" involve a certain organisation blowing up dozens of congested towers in order to stimulate demand by artificially reducing supply? Seems like a good idea for a movie plot.
I'll pretend I didn't read that...
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Old Apr 3rd 2008, 9:48 am
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Default Re: Pass the flannel...

Originally Posted by lionheart View Post
In the event of a down turn in the housing market here, maybe the "arrangements" involve a certain organisation blowing up dozens of congested towers in order to stimulate demand by artificially reducing supply? Seems like a good idea for a movie plot.
Oh.....Stereotyping, by Jingo...!!!
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Old Apr 3rd 2008, 9:52 am
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Default Re: Pass the flannel...

There isn't really a sub prime mortgage market in Dubai, the lending criteria are (for now anyway) too strict and most people buying property here have relatively well paying jobs. That might be what he means but other than that I don't know. The developers can certainly afford to have towers completed but standing empty if they need to control supply and demand.
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Old Apr 3rd 2008, 9:56 am
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Default Re: Pass the flannel...

Originally Posted by Border Reiver View Post
There isn't really a sub prime mortgage market in Dubai, the lending criteria are (for now anyway) too strict and most people buying property here have relatively well paying jobs. That might be what he means but other than that I don't know. The developers can certainly afford to have towers completed but standing empty if they need to control supply and demand.
One day the taps will be dry of water...
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Old Apr 3rd 2008, 10:28 am
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Default Re: Pass the flannel...

Originally Posted by Border Reiver View Post
There isn't really a sub prime mortgage market in Dubai, the lending criteria are (for now anyway) too strict and most people buying property here have relatively well paying jobs. That might be what he means but other than that I don't know. The developers can certainly afford to have towers completed but standing empty if they need to control supply and demand.
Hi Border,

I agree with you re. sub prime in Dubai, but the sub prime market in the US - sold on as Mortgage Based Securities - has wreaked havoc globally. I just wondered how Dubai was going to miss out on all the fun. Have their financial institutions specifically avoided such products?
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