ViruRulez Posted November 30, 2009 Share Posted November 30, 2009 Dubai was doing good until they became too ambitious and started the "Dubai World" project. Almost all their debt is due to "Dubai World" and the group of islands is not even near to completion. Palm Island, the hotel and world's highest building etc. were all ok but they made the biggest mistake by starting the "Dubai World" project who nobody is interested anyways. One bad thing is that Dubai's economic problems will also affect our economic growth alongwith the rest of the world to some extent as per economic analysts. Meanwhile Burj-Al-Arab / world's highest building (not sure if that is the exact name) will open in January or February next year perhaps and is nearly completed and maybe they can make some money out of it. Now Dubai World is half-finished and they cannot shelve it altogether and carrying on building this island project is also proving costly to them. Link to comment Share on other sites More sharing options...
nospam Posted November 30, 2009 Share Posted November 30, 2009 Dubai was doing good until they became too ambitious and started the "Dubai World" project. Almost all their debt is due to "Dubai World" and the group of islands is not even near to completion. Palm Island' date=' the hotel and world's highest building etc. were all ok but they made the biggest mistake by starting the "Dubai World" project who nobody is interested anyways. One bad thing is that Dubai's economic problems will also affect our economic growth alongwith the rest of the world to some extent as per economic analysts. Meanwhile [b']Burj-Al-Arab / world's highest building (not sure if that is the exact name) will open in January or February next year perhaps and is nearly completed and maybe they can make some money out of it. Now Dubai World is half-finished and they cannot shelve it altogether and carrying on building this island project is also proving costly to them. Burj Dubai Link to comment Share on other sites More sharing options...
The Outsider Posted November 30, 2009 Share Posted November 30, 2009 Dubai was doing good until they became too ambitious and started the "Dubai World" project. Almost all their debt is due to "Dubai World" and the group of islands is not even near to completion. Palm Island' date=' the hotel and world's highest building etc. were all ok but they made the biggest mistake by starting the "Dubai World" project who nobody is interested anyways. [b']One bad thing is that Dubai's economic problems will also affect our economic growth alongwith the rest of the world to some extent as per economic analysts. Meanwhile Burj-Al-Arab / world's highest building (not sure if that is the exact name) will open in January or February next year perhaps and is nearly completed and maybe they can make some money out of it. Now Dubai World is half-finished and they cannot shelve it altogether and carrying on building this island project is also proving costly to them. On the contrary, I read a Wall Street Journal article yesterday which said that the Dubai collapse alongwith the shaky position of countries like Greece, Ireland, Romania, and several Eastern European countries is likely to benefit places like India and China - which do not have much exposure to real estate and are likely to draw a lot of the investment which companies had planned for these countries in trouble. Link to comment Share on other sites More sharing options...
CricketGirl Posted November 30, 2009 Share Posted November 30, 2009 i remember speaking to Landlords when i was working as an Estate Agent by the end of 2005 they wouldnt even consider buying in Dubai so i suppose lots of investors could see this coming!! Link to comment Share on other sites More sharing options...
Macj Posted November 30, 2009 Share Posted November 30, 2009 I was in Dubai earlier this year and was shocked by the vulgarity of the place. Now since all this construction was done on borrowed money it seems even more vulgar. Heres to the beginning of the end of the vilest region (ME) known to man. Link to comment Share on other sites More sharing options...
ViruRulez Posted November 30, 2009 Share Posted November 30, 2009 Burj Dubai Yup I was saying about it. It looks marvelous and when I was checking the world's highest buildings the other day, I was surprised to see that it is higher than the second highest building (Taipei 101) as well as the second highest standing structure by a huge margin. On the contrary' date=' I read a Wall Street Journal article yesterday which said that the Dubai collapse alongwith the shaky position of countries like Greece, Ireland, Romania, and several Eastern European countries is likely to benefit places like India and China - which do not have much exposure to real estate and are likely to draw a lot of the investment which companies had planned for these countries in trouble.[/quote'] Not sure about it. But when the Dubai debt news came a few days ago the Indian stock markets dropped by more than 500 points which itself implied that there was significant impact. The news channels were saying that the impact would not be that high but India also might be affected to some extent in the long run though the West who are the main investors would be affected a lot more. Link to comment Share on other sites More sharing options...
Guest Gunner Posted November 30, 2009 Share Posted November 30, 2009 Yup I was saying about it. It looks marvelous and when I was checking the world's highest buildings the other day' date= I was surprised to see that it is higher than the second highest building (Taipei 101) as well as the second highest standing structure by a huge margin. Built on the blood of thousands of faceless Indian workers.... Link to comment Share on other sites More sharing options...
ViruRulez Posted November 30, 2009 Share Posted November 30, 2009 Built on the blood of thousands of faceless Indian workers.... What do you mean .. I dont know the story behind it :hmmm: Link to comment Share on other sites More sharing options...
Karan114 Posted November 30, 2009 Share Posted November 30, 2009 What do you mean .. I dont know the story behind it :hmmm: Google it dude - exploitation of Indian workers in Dubai is well known story Link to comment Share on other sites More sharing options...
retterimp Posted November 30, 2009 Share Posted November 30, 2009 On the contrary' date=' I read a Wall Street Journal article yesterday which said that the Dubai collapse alongwith the shaky position of countries like Greece, Ireland, Romania, and several Eastern European countries is likely to benefit places like India and China - which do not have much exposure to real estate and are likely to draw a lot of the investment which companies had planned for these countries in trouble.[/quote'] correct. watch out for Aldar properties based in Abu Dhabi, they have loads of capital and they are talking about expanding and starting projects in India, Saudi and some parts of Africa. Dubai developers have realized their mistake and now they need to consolidate, and are looking for projects in India etc after they got owned in Dubai Link to comment Share on other sites More sharing options...
Celeste Posted November 30, 2009 Share Posted November 30, 2009 What do you mean .. I dont know the story behind it :hmmm: Link to comment Share on other sites More sharing options...
kabira Posted November 30, 2009 Share Posted November 30, 2009 Yup I was saying about it. It looks marvelous and when I was checking the world's highest buildings the other day, I was surprised to see that it is higher than the second highest building (Taipei 101) as well as the second highest standing structure by a huge margin. when the Dubai debt news came a few days ago the Indian stock markets dropped by more than 500 points which itself implied that there was significant impact. The news channels were saying that the impact would not be that high but India also might be affected to some extent in the long run though the West who are the main investors would be affected a lot more. Our damn stock market drops for no reason too. Link to comment Share on other sites More sharing options...
Ram Posted November 30, 2009 Share Posted November 30, 2009 You know something’s not right when you see all those palm shaped wonder resorts created right in the middle of a phucking desert. Dubai is probably the worst example of the irrational exuberance that was seen in the economic system in the last decade. I remember seeing photos of these dazzling and incredible resorts and hotel chains that truly blew your breath away many years ago. I cannot believe not one economist worth his salt looked at and said ‘Hmmm, something fishy is going on down there…’ I cannot believe people from a few select countries of the world can simply splurge on their credit cards and home-loans, inevitably default later on and the have their govts. borrow more money to bail them out in one side of world, while hundreds of millions of hard-working people from the ‘third world’ countries bust their butt day in and day out in oppressive working conditions for the same meager income and still struggle to put food on their family’s mouth. There’s gotto be a better, more equitable way of doing things. Why are the Asian countries lending more of their hard-earned money to the western counterparts so that this insanity is sustained? Why should that average weaver in India or the coal-worker in China work their **** off, only to see their hard earned deposits siphoned away to sponsor the western profligate life-style. Trade is what happens between two near equal partners. You produce something, sell it and get something for it in return. What happens today between the West and the Asian countries is no longer trade, it’s a ridiculous con. Link to comment Share on other sites More sharing options...
The Outsider Posted November 30, 2009 Share Posted November 30, 2009 Not sure about it. But when the Dubai debt news came a few days ago the Indian stock markets dropped by more than 500 points which itself implied that there was significant impact. The news channels were saying that the impact would not be that high but India also might be affected to some extent in the long run though the West who are the main investors would be affected a lot more. I wouldn't take these short term stock market moves too seriously - half the time they are panic sells induced by hedge funds to manipulate the market where they can sell off stocks in large quantities to induce the average share holder to start selling even further lowering the price and then they buy it back at these even lower rates. Stock markets have become very easy to manipulate for the big players to make killings on any major global news - positive or negative. There is a lot of merit to the argument that the fall of Dubai and the tethering of Eastern Europe is good news for India in the long run. Link to comment Share on other sites More sharing options...
Macj Posted November 30, 2009 Share Posted November 30, 2009 Why are the Asian countries lending more of their hard-earned money to the western counterparts so that this insanity is sustained? Why should that average weaver in India or the coal-worker in China work their **** off, only to see their hard earned deposits siphoned away to sponsor the western profligate life-style. Its because they expect more ROI on their investments in Western countries especially since theyre guaranteed by a 10Trillion $ economy. Link to comment Share on other sites More sharing options...
kabira Posted November 30, 2009 Share Posted November 30, 2009 ^Globalization has flaws too. India still has saving culture. People do save here for rainy day unlike western counterparts. Most indians have saving accounts and Mutual Fund investment accounts. So where does our saving end up, probably in hands of ambitious banks around the world. Link to comment Share on other sites More sharing options...
Ram Posted November 30, 2009 Share Posted November 30, 2009 Its because they expect more ROI on their investments in Western countries especially since theyre guaranteed by a 10Trillion $ economy. ‘Guaranteed’ by a $10 Trillion economy? That figure came about due to ridiculously bloated paper asset values dude. And the day Asian countries stop lending their hard-earned money to the people from the West, these asset values will come crashing down like a pack of cards (we already saw that happen a bit during the sub-prime mortgage crisis) and the Trillion dollar economies will be reduced to pauper status. Wealth is not determined by merely your asset values, its determined by your ability to produce something that you can sell for others to use. And on that front, the Western cupboard is looking increasingly bare by the day. The only saving grace for the West is that they even though they may not own much of the productive capacity of the world, they still own a large proportion of the intellectual capital and they’re banking on that to keep them going for a while at least, till they figure out a new ways of conning the poor, hard-working people of the word. Link to comment Share on other sites More sharing options...
ViruRulez Posted December 1, 2009 Share Posted December 1, 2009 Google it dude - exploitation of Indian workers in Dubai is well known story Yup I know about the exploitation not only of Indian but all Asian workers in Dubai. But at the same time, I wont say it as exploitation too. What is the need for Indian and Asian workers to go to Dubai. Why cant they work in India instead? Fact is that laborers, poor and uneducated people are exploited everywhere in the world. Though it is a sad thing but it is true. It happens even here in India. They reside in slums and shacks in India or other Asian countries and they live in slum kind of dwellings in Dubai or other countries too. I personally have seen many laborers, drivers, mechanics and other Indian people from low professions who want to go to Dubai instead of living in India. I still remember a driver who was requesting me for long to lend him around 50K so that he can go to Dubai. I said that he should work in India instead but he was adamant that he would go to Dubai because he can earn and save a lot more than he can earn in India. He was already ditched once in Dubai but still wanted to go there. So, it is not by force that they are forced to go to Dubai by India but these people are going themselves. Hence, I wont consider this exploitation as they are not being forced to work there. They can return and work in India if they want but they want to lead the shabby life in Dubai. It is just people's personal lives and what they want. For example, if I am even given a very good managerial position in Dubai or even in any Western country then I would still not go. I like being a king and getting respect in my own country rather than going to another nation and seen as an outsider. But most Indian techies are more interested in living in the West or Dubai etc. even though there is racism, seen as outsiders, somewhat exploitation etc. rather than living in India. So, it is just personal choice. I dont support the exploitation but I really feel that these workers can avoid it by being loyal to India and working in our own country instead. I wouldn't take these short term stock market moves too seriously - half the time they are panic sells induced by hedge funds to manipulate the market where they can sell off stocks in large quantities to induce the average share holder to start selling even further lowering the price and then they buy it back at these even lower rates. Stock markets have become very easy to manipulate for the big players to make killings on any major global news - positive or negative. There is a lot of merit to the argument that the fall of Dubai and the tethering of Eastern Europe is good news for India in the long run. The news channels and the business analysts were saying that the 500 points fall on that day was due to the Dubai thing. The market has again moved up from the next day onwards. I am still not sure about the effects but it wont affect much compared to other countries especially the West. Link to comment Share on other sites More sharing options...
Jadoo Posted December 1, 2009 Share Posted December 1, 2009 Dubai says that they will not be bailing out Dubai World, and that Dubai World is a completely different entity to the Dubai governmet. What morons, firstly, it may be a seperate entity, but when the government of Dubai - Shieikh Mo, happens to have the compete majority sharholding in Dubai world, then it sounds silly to hear such statements. It is pretty obvious that Dubai is trying to save face by saying it's not going to ball Dubai World, as if to say; 'we can save it but we will not'. Come on guys, I think everyone by now has realsied that Dubai is in no position to save Dubai World. Link to comment Share on other sites More sharing options...
The Outsider Posted December 1, 2009 Share Posted December 1, 2009 The news channels and the business analysts were saying that the 500 points fall on that day was due to the Dubai thing. The market has again moved up from the next day onwards. I am still not sure about the effects but it wont affect much compared to other countries especially the West. Yaar, it's the same trend every time there is some major negative news. Hedge funds immediately dump huge quantities triggering a loss in value. Seeing the stocks slide common investors start selling as well resulting in an even greater drop at which point the hedge funds buy their stocks back making a nice profit and so you are seeing this rebound the very next day. Common investors should only buy/sell on the basis of long term trends, but it becomes difficult when you see such a huge drop in a day to keep holding on. Link to comment Share on other sites More sharing options...
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