Gulf Air Developments
Join Date: Feb 2007
Location: italy
Age: 65
Posts: 19
Likes: 0
Received 0 Likes
on
0 Posts
HA HA HA
EK made $970m dollar profit in the first six months of this year.... ,SO WHAT ABOUT THIS GUARDIAN ARTICLE :
The International Monetary Fund estimates its total indebtedness at $US110 billion, including the debts of central government, government-related companies such as Dubai World, and other corporations. This is about 140 per cent of GDP - putting the emirate above Greece and Ireland in the world debt league.
Compounding Dubai's problems, much of this debt falls due in the short to medium term. Some $US24 billion is repayable between now and the third quarter of 2012, suggesting that a raft of restructurings are likely soon.
Dubai Holding, the conglomerate owned personally by Sheikh Mohammed, which owns the Jumeirah hotels brand as well as the emirate's once gung-ho private equity group, Dubai International Capital, sent a shiver through UAE markets just before the Eid al-Adha holiday last week with a statement that it was in talks with bankers to restructure its $12 billion or so of debts.
It had missed two debt repayments, and is in serious risk of a formal default. It promises a resolution by the end of this month.
As well as rescheduling, Dubai has also said it will sell assets to repay debts. Some of these will be baubles that the emirate picked up on international markets in the boom years, from the New York retailer Barneys to the Canadian entertainment group Cirque du Soleil and the cruise liner QE2.
Others possibly earmarked for disposal or flotation on international markets include the indigenous businesses built up as part of the core economic strategy: Jumeirah hotels, Emirates Airlines and the DP World ports and shipping group (which contains the old P&O business bought in 2006).
''Is Dubai going to sell the family silver to pay for its profligacy? That would be a big blow to its pride,'' said a local banker.
In particular, another branch of the UAE family might object. Abu Dhabi, the biggest emirate, which plays Washington to Dubai's New York, will want a say in the fate of these and other assets regarded as core to the UAE's global strategy. There are already plans to merge the Dubai and Abu Dhabi sharemarkets, and there has been open speculation about Abu Dhabi taking over Dubai's huge new airport, the modestly named Dubai World Central.
Perhaps the most significant change of the past year has been the relationship between Dubai and the far richer but more conservative Abu Dhabi. The capital bailed out Dubai with $US20 billion of loans at the height of the crisis. These also have to be repaid and it is likely that Abu Dhabi will ultimately want a different kind of return.
Davidson said: ''For the first time in 170 years, Dubai has lost its de facto autonomy, given that its creditor and lifeline is now oil-rich Abu Dhabi, which has clear and unashamed ambitions to centralise the UAE federation and curb any autonomous macro-economic or political activity within its borders.''
Apart from the possibility of Abu Dhabi taking over Dubai's assets, this new subservience to the capital could make itself felt in two other ways, both with serious implications for Dubai: the setting of the emirate's budgets within the overall federal financial structure...........
EK made $970m dollar profit in the first six months of this year.... ,SO WHAT ABOUT THIS GUARDIAN ARTICLE :The International Monetary Fund estimates its total indebtedness at $US110 billion, including the debts of central government, government-related companies such as Dubai World, and other corporations. This is about 140 per cent of GDP - putting the emirate above Greece and Ireland in the world debt league.
Compounding Dubai's problems, much of this debt falls due in the short to medium term. Some $US24 billion is repayable between now and the third quarter of 2012, suggesting that a raft of restructurings are likely soon.
Dubai Holding, the conglomerate owned personally by Sheikh Mohammed, which owns the Jumeirah hotels brand as well as the emirate's once gung-ho private equity group, Dubai International Capital, sent a shiver through UAE markets just before the Eid al-Adha holiday last week with a statement that it was in talks with bankers to restructure its $12 billion or so of debts.
It had missed two debt repayments, and is in serious risk of a formal default. It promises a resolution by the end of this month.
As well as rescheduling, Dubai has also said it will sell assets to repay debts. Some of these will be baubles that the emirate picked up on international markets in the boom years, from the New York retailer Barneys to the Canadian entertainment group Cirque du Soleil and the cruise liner QE2.
Others possibly earmarked for disposal or flotation on international markets include the indigenous businesses built up as part of the core economic strategy: Jumeirah hotels, Emirates Airlines and the DP World ports and shipping group (which contains the old P&O business bought in 2006).
''Is Dubai going to sell the family silver to pay for its profligacy? That would be a big blow to its pride,'' said a local banker.
In particular, another branch of the UAE family might object. Abu Dhabi, the biggest emirate, which plays Washington to Dubai's New York, will want a say in the fate of these and other assets regarded as core to the UAE's global strategy. There are already plans to merge the Dubai and Abu Dhabi sharemarkets, and there has been open speculation about Abu Dhabi taking over Dubai's huge new airport, the modestly named Dubai World Central.
Perhaps the most significant change of the past year has been the relationship between Dubai and the far richer but more conservative Abu Dhabi. The capital bailed out Dubai with $US20 billion of loans at the height of the crisis. These also have to be repaid and it is likely that Abu Dhabi will ultimately want a different kind of return.
Davidson said: ''For the first time in 170 years, Dubai has lost its de facto autonomy, given that its creditor and lifeline is now oil-rich Abu Dhabi, which has clear and unashamed ambitions to centralise the UAE federation and curb any autonomous macro-economic or political activity within its borders.''
Apart from the possibility of Abu Dhabi taking over Dubai's assets, this new subservience to the capital could make itself felt in two other ways, both with serious implications for Dubai: the setting of the emirate's budgets within the overall federal financial structure...........
Join Date: Jun 2005
Location: You Name It.
Posts: 355
Likes: 0
Received 0 Likes
on
0 Posts
The article refers to Dubai not EK. Another Douche!FT.com / Companies / Airlines - Emirates profits quadruple to $925m
keep relying on those numbersJoin Date: Jun 2005
Location: You Name It.
Posts: 355
Likes: 0
Received 0 Likes
on
0 Posts
As the one who works for the 40 thieves in GF I would suggest you are the one who needs the luck. You can have mine. What is the loss now, about $1.5m/day. Ha ha ha! Good luck Regional Boy.
Join Date: Jan 2006
Location: Bhutan
Posts: 58
Likes: 0
Received 0 Likes
on
0 Posts
well i am glad i am not in the same company with these nasty characters like jackbauer. I bet he will never be happy.
PS I would much rather fly locally and live in Bahrain than to fly 18 hours followed by 24 hours rest and fly back to dubai for 18 hours. Don't blame GF when you are diagnosed with cancer.
Good luck radiation boy !!!
PS I would much rather fly locally and live in Bahrain than to fly 18 hours followed by 24 hours rest and fly back to dubai for 18 hours. Don't blame GF when you are diagnosed with cancer.
Good luck radiation boy !!!
Join Date: Jun 2001
Location: Surrounded by aluminum, and the great outdoors
Posts: 3,780
Likes: 0
Received 0 Likes
on
0 Posts
If you are going to call us "naive" then learn how to spell it at least...
some of us enjoy our lifestyle, and have a job to support it, others seem to center their life on their job, because they have no life out of uniform....
some of us enjoy our lifestyle, and have a job to support it, others seem to center their life on their job, because they have no life out of uniform....
i call that nostalgia 
safe Flt radiation boy
Join Date: Aug 2007
Location: UK
Posts: 0
Likes: 0
Received 0 Likes
on
0 Posts
Well said IronB. I had a short spell in Gf. Loved it. Bahrainis were sooooper. All the Arab guys I had the privilage to fly with were better than any Europeans or others. I too, just really enjoyed Bahrain and all it had to offer, Family loved it, kids thrived and all went on to really good stuff, as a result of the above average Bahrain school education. Nothing "naive" here, either. Good luck to you all.
Join Date: Jan 2008
Location: Asia
Posts: 86
Likes: 0
Received 0 Likes
on
0 Posts
Look guys, who the hell cares about spelling mistakes!!!! All I'm saying is that you must realize that these companies were not put up for profits. From what I have gathered, Emirates started because one player at the round table wanted more flights to ____, back then, GF was the the "bully" of the region and said no, so, Emirates started up, GF was laughing at it, now Emirates is laughing at GF and I believe the same scenario was for Etihad and Qatar. Then the Omani weren't happy at trowing money down the toilet and the result is that GF is now a "national carrier"!!! Solely owned by the proud gov of BAH!!!! 
oups i did forget the hugely importance of the highly qualified Mumtalakat management 
Now, as for quality of live, im surprised that anyone still believes that you are an actual human being with rights when you work in the GCC!! For those wonderful western boys, that includes my beloved USA, CAN, EU Nations (but not the eastern european countries because non of the GCC countries seem to realize that a country like Poland is part of the EU, and therefore gives anyone from the eastern europe hard time with the visa's because everyone there is a prostitute!!!! ) ... boys, aside from a hand full of countries in the world, there is no human rights, no working labour law, no logic to a judicial system, it's the jungle!!!!!!! So if you want to make the "BIG" money by being in the GCC because your own country steals from you in the form of taxes that are supposed to be beneficiating everyone but you, then you have a hard decision to take .... hmmmm .... money vs quality of life vs being the slave of a GCC owner or being the slave of the nice and polite western government ...... hard choices folks, hard choices!!! i wouldn't want to be one of you having that to make that choice.
As for me, being a slave that makes about 10k/month, that suits me fine. i'd rather be a slave living opulently than a "free" slave.
damn, i've wasted too much of my "free" time on this forum! I sure hope my master doesn't find out
oups i did forget the hugely importance of the highly qualified Mumtalakat management Now, as for quality of live, im surprised that anyone still believes that you are an actual human being with rights when you work in the GCC!! For those wonderful western boys, that includes my beloved USA, CAN, EU Nations (but not the eastern european countries because non of the GCC countries seem to realize that a country like Poland is part of the EU, and therefore gives anyone from the eastern europe hard time with the visa's because everyone there is a prostitute!!!! ) ... boys, aside from a hand full of countries in the world, there is no human rights, no working labour law, no logic to a judicial system, it's the jungle!!!!!!! So if you want to make the "BIG" money by being in the GCC because your own country steals from you in the form of taxes that are supposed to be beneficiating everyone but you, then you have a hard decision to take .... hmmmm .... money vs quality of life vs being the slave of a GCC owner or being the slave of the nice and polite western government ...... hard choices folks, hard choices!!! i wouldn't want to be one of you having that to make that choice.
As for me, being a slave that makes about 10k/month, that suits me fine. i'd rather be a slave living opulently than a "free" slave.
damn, i've wasted too much of my "free" time on this forum! I sure hope my master doesn't find out
Join Date: Aug 2007
Location: way down south
Posts: 339
Likes: 0
Received 0 Likes
on
0 Posts
A word of warning gentlemen. Keep a close eye on your leave balances since by the end of the year the 'easy' system will only carry over 10 days to 2011 & although we have been told it will not effect us you can bet your a** the scum in HR will use it as an excuse to screw us over once again.
Join Date: Jun 2001
Location: Surrounded by aluminum, and the great outdoors
Posts: 3,780
Likes: 0
Received 0 Likes
on
0 Posts
What does being in or out of uniform have to do with spelling mistakes??...and no news from the meeting..
Im sitting here in my civvies with a Caribou coffee reading the same people bitch and moan at their new job just like they did when they were here...grown-ups move forward, brats (euro) live in the past...and relive the same headaches wherever they go...
Im sitting here in my civvies with a Caribou coffee reading the same people bitch and moan at their new job just like they did when they were here...grown-ups move forward, brats (euro) live in the past...and relive the same headaches wherever they go...
Join Date: Jan 2008
Location: Asia
Posts: 86
Likes: 0
Received 0 Likes
on
0 Posts
So, great meeting right?
What have we learned? ... We are still in the red, we've cut down 20% of our staff while at the same time managing on doing more movements, saved more fuel, and according to the stats, pilot utilization was high.
We've also learned that the plan for 2012 is to be as close as possible to zero losses, or "manageable". That we'll have 25 narrow bodies, 10 regional, single digits long range. That perhaps the rest of the 6 regionals to come might be A318, and that there is no way in Hell that rostering will change any time soon!
We've learned that lots of failures to command, perhaps due to a "legacy" system and also due to the lack of preparation. They are working on it and "soon" a better system will come out.
We've learned that some pilots fly too much, some not at all, and according to management it's all because of swaps.
We've learned that the EMB boys are frustrated because they have been on the "upgrade" since the beginning of the year and as the most senior f/o's they were making the least money.
We've learned that implementing a new fleet is very very very difficult and that there will be hardships for everyone. That those who decide to stick it out will reap the benefits of it, whatever they may be.
We've learned that the rumor of lowering the mins for captains to 3500 hrs is bs.
We've learned that the transfer for f/o's to the 330 is still ongoing. That the mix fleet flying will resume in March for captains only.
What do I think? ... You won't loose your job, you'll still get payed on time, you won't fly the biggest airplane in the world for the biggest airline in the world on the most exotic destinations but you'll always be employed providing you don't directly insult the CEO, DFO, CP, MDFO, MCP, MCEO, who did I miss? Well you get the drift...
all and all not bad, thou I must admit was not impressed with the sandwiches!!!! they didn't have as many as last time, once again reflecting the budget cuts ! but well done, it's the thought that counts. almost felt special 
What have we learned? ... We are still in the red, we've cut down 20% of our staff while at the same time managing on doing more movements, saved more fuel, and according to the stats, pilot utilization was high.
We've also learned that the plan for 2012 is to be as close as possible to zero losses, or "manageable". That we'll have 25 narrow bodies, 10 regional, single digits long range. That perhaps the rest of the 6 regionals to come might be A318, and that there is no way in Hell that rostering will change any time soon!
We've learned that lots of failures to command, perhaps due to a "legacy" system and also due to the lack of preparation. They are working on it and "soon" a better system will come out.
We've learned that some pilots fly too much, some not at all, and according to management it's all because of swaps.
We've learned that the EMB boys are frustrated because they have been on the "upgrade" since the beginning of the year and as the most senior f/o's they were making the least money.
We've learned that implementing a new fleet is very very very difficult and that there will be hardships for everyone. That those who decide to stick it out will reap the benefits of it, whatever they may be.
We've learned that the rumor of lowering the mins for captains to 3500 hrs is bs.
We've learned that the transfer for f/o's to the 330 is still ongoing. That the mix fleet flying will resume in March for captains only.
What do I think? ... You won't loose your job, you'll still get payed on time, you won't fly the biggest airplane in the world for the biggest airline in the world on the most exotic destinations but you'll always be employed providing you don't directly insult the CEO, DFO, CP, MDFO, MCP, MCEO, who did I miss? Well you get the drift...
all and all not bad, thou I must admit was not impressed with the sandwiches!!!! they didn't have as many as last time, once again reflecting the budget cuts ! but well done, it's the thought that counts.
almost felt special
Join Date: Mar 2007
Location: Havana
Posts: 600
Likes: 0
Received 0 Likes
on
0 Posts
Tziganul
We've learned that lots of failures to command, perhaps due to a "legacy" system and also due to the lack of preparation. They are working on it and "soon" a better system will come out.