Dubai World debts and Dubai Economy

[Cyrian]

Feel a bit better about the Dubai World problems after reading the<snip>]website review on the problem - and its impact on the Dubai economy.

 

[Brendan R]

well, everybody now in the World know about Dubai... not sure that's the kind of advertisement they were looking for though...

well, debt cannot be rolled forever, you have to pay it back first and see if you can borrow again. Dubai assumed its debt could be rolled forever. :alberteinstein:

 

[Demoniise]

Hi,

The Dubai news or should I say bad press was just used by big players on the financial markets 1) to make weak longs sell and 2) to burn people who take a short positon:

The long-legged Dubai price bars now look like classic rinse jobs on the major indices. These stop gunning exercises clean out considerable selling pressure and set up supportive conditions for spring-loaded breakouts.

 

[Sixgun]

Hi,

The Dubai news or should I say bad press was just used by big players on the financial markets 1) to make weak longs sell and 2) to burn people who take a short positon:

The long-legged Dubai price bars now look like classic rinse jobs on the major indices. These stop gunning exercises clean out considerable selling pressure and set up supportive conditions for spring-loaded breakouts.

Sounds great, what you should do now then, is sell and re-mortgage everything you have and buy as much real estate as you can in Dubai.

or have you already done that?

 

[Demoniise]

SixGun y are you being rude? I was just explaining how the Dubai bad news was used by the market makers in US and why it was blown so much out of proportion.

I would never tell anyone to sell or remortgage their house in the UK, always rent it out if you want to experiment.

Yes I have got a flat in Dubai before the pre 2007/08 years and reasonably happy.

 

[Kjarkata]

Dubai world financial crisis might make the Dubai rulers think once again how to make quick money as they did earlier with real estate investors. Just a guess, I assume that the dubai rulers will try to revised the UAE law for residence visa for free hold property owners and as well as other conditions to attract many small investors from Pakistan, Iran, India who would be looking for dubai residence visas.

 

[Sixgun]

Dubai world financial crisis might make the Dubai rulers think once again how to make quick money as they did earlier with real estate investors. Just a guess, I assume that the dubai rulers will try to revised the UAE law for residence visa for free hold property owners and as well as other conditions to attract many small investors from Pakistan, Iran, India who would be looking for dubai residence visas.

They may try that, and who is going to believe them on the 2nd time around?
I was involved in 2 projects in Dubai, but with the laws changing, and conditions being unclear (resident visas, escrow accts, service charges, SPA contracts not arriving, RERA's lack of commitment, etc) well I got suspicious about the future in this dream, and pulled out.

I wasn't being rude earlier, just a bit sarcastic, Dubai obviously have some serious problems, which couldn't be contained longer, for them to have to lose 'face', not something they take lightly.
And how do they react to restore our confidence?
The ruling sheik publicly tears into the whole wide worlds traders saying "they do not understand anything"
One of his represtentive's tell us the lenders should take responsibility for this default, for being good enough to lend them the funds in the first place.

 

[Kjarkata]

Sixgun, I agree with what you have mentioned above. Lets hope something comes out soon rather than later and Dubai needs to come up with a quick solution or will have to face more damage to already dying economy with thousands and millions losing thier jobs, businesses, investments, etc. The rulers of Dubai make lot of money from the day to day business like parking, indirect taxes, fees, etc

 

[Sixgun]

Sixgun, I agree with what you have mentioned above. Lets hope something comes out soon rather than later and Dubai needs to come up with a quick solution or will have to face more damage to already dying economy with thousands and millions losing thier jobs, businesses, investments, etc. The rulers of Dubai make lot of money from the day to day business like parking, indirect taxes, fees, etc

I just hope what you say may happen for only one reason, the sake of the thousands of good honest expat citizens who've committed, with their hard-earned lifetime money, to make dubai work.

Do these people deserve to be left in the air by the system?
and does Dubai deserve or expect MORE investors to follow like sheep, to be confused, ignored and left to wonder if they're broke at age 60.

What % of expat investors do you think would like to be given back just their original investment and forget they'd heard of the place?
i don't know, but it would be intersting poll.

i'