Dubai broke
Emratty wrote
The tip of the iceberg who is going to lend money now to Dubai??? Just watch the property values over the next few months. The world has finally woken up to the Dubai nightmare.
Well if Abu Dhabi doesn't, no one else in the west can - We are all broke as well !! Perhaps China, or even India could buy a chunk with its 200 tonns of gold !!
But seriously, the whole "purpose" of Dubai is flawed, especially now the west is in a protracted and serious recession. Nightmare sums it up nicely.
Having been (albeit for short stays only) to both Dubai and Abu Dhabi, the latter seems to have a bit more "brains" in its investment strategy. Dubai went for the "all swank and show" method, fine when tons of (borrowed) money is swilling around, not so fine now it needs paying back !!.
An Arab saying is "My father rode a camel, I drive a Ferrari, my son flies an jet, his son will ride a camel" - Seems to be coming true.
Good luck to you expats (and indeed everyone else) over there, take care and be alert.
Flying Lid
Last edited by flying lid; 26th November 2009 at 10:03.