Even the Arabs appear to be broke

  Grey Goo 12:16 26 Nov 2009
  spuds 12:57 26 Nov 2009

Perhaps they have been investing in to many football clubs ;o))

  Clapton is God 12:59 26 Nov 2009

"Even the Arabs appear to be broke"

Some good news at last. ;-))

  sunnystaines 13:19 26 Nov 2009

wait till their black juice runs out, everyone will move out then.

  Monoux 13:19 26 Nov 2009

Watch the oil price rise as a result of this and see our fuel costs escalate again !!

  Seth Haniel 13:37 26 Nov 2009
  GANDALF <|:-)> 17:52 26 Nov 2009

Having just come back from three and a half weeks in Dubai and Sri Lanka, I can confirm that the place (Sri Lanka as well) is going downhill fast.
At the airport I was taken to see a huge car park full of Bentleys, BMW's, Mercs, Lexus (Lexii?) all gathering dust. They were left by business people hopping out of the country as a debt lives with you for life and the Arabs are less than happy if you cannot cough up the moolah. I was politely informed that if I took any photos my family jewels would be removed sans anaesthetic.
Many foreign firms have vacated the office blocks and the place is littered with empty and half-finished blocks. Dubai has no oil reserves and naff all to export so they invested (unwisely with hindsight)heavily in property on the erroneous assumption (even more unwisely in hindsight) that supply could never meet demand (Keynes will be revolving in his grave as I type).
The state controlled press is effectively tied up and cannot report any *ahem* bad *ahem* economic news especially about Dubai. Anyone who has spent some time with the Dubai State Police or in one of their open sewers, collectively called 'prisons', will confirm that being selective with reporting the news is a good call.

Dubai is in a right mess that seems to be impossible for them to drag their bones out of as the excesses of previous years seem to unlikely to be repeated en masse. It would appear that the FTSE would be in accord with my hasty summary... click here

If I was owed any money from Dubai, I would be royally bricking it and pulling up the drawbridge to repel the invaders which will soon be coming.


  GANDALF <|:-)> 17:58 26 Nov 2009

...and European banks (including 2 that we, the taxpayers own, apparently have half the debt. Dear, dear me, what have I come back to. Anyone care to buy some RBS/Lloyds shares? Wasn't it Dubai that 'bailed' out Barclays?


  Forum Editor 18:02 26 Nov 2009

the office blocks ...."

One of my clients is one such firm - they pulled out of Dubai two weeks ago because plummeting revenues meant they could no longer justify the cost of maintaining a presence there. The CEO tells the same story as yours - in his words "the place is like a dead man walking".

  Monoux 18:08 26 Nov 2009

fourm member click here 4th line of introduction

Dubai produces 240,000 barrels of oil a day

  Forum Editor 18:16 26 Nov 2009

or at least some of it. Dubai's reserves aren't what they used to be, and in 20 years time the oil will run out, but for the time being it's there all right.

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