Dubai Bankrupt?!?!
Manfred.....
Perhaps camels and dates, but I don't think there will be any pearls due to the upheaval to the marine ecology that's almost certainly taken place with the constuction of the ridiculous and ill-conceived man-made offshore monstrosities that now exist. 
And it wouldn't surprise me if, as quoted by L1011,
in the Gulf a lot sooner than the 30 to 40 years timeframe that you're suggesting.
In 30 to 40 years this place will be back to camels dates and pearls.
And it wouldn't surprise me if, as quoted by L1011,
The lone and level sands stretch far away....
Well, Dubai in general and Emirates in particular are receiving some nice free publicity right now on Sky News Active as the QE2 approaches Dubai, with frequent low level close-up shots of A340s flying overhead and, to cap it all, the main subtitle is - EMIRATES!
Jack
Jack
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Syrian Aviator, I can understand your anger, but the real life is not just what you read on the local papers, see on local tv or hear on the local radio or what people generally say.
With the exception of few countries in the region where the wealth is institutional, convince yourself that the wealth will just "migrate" to the dismay of the general guy or girl on the street, road, city, village, etc.. Do not have illusions on that. It happened in the past when other Rulers were overthrown and It'll happen again here and elsewhere (even) outside this region. Look at Africa and other places.
Remember: the wealth is just with few if you compare it with the population numbers here.
With the exception of few countries in the region where the wealth is institutional, convince yourself that the wealth will just "migrate" to the dismay of the general guy or girl on the street, road, city, village, etc.. Do not have illusions on that. It happened in the past when other Rulers were overthrown and It'll happen again here and elsewhere (even) outside this region. Look at Africa and other places.
Remember: the wealth is just with few if you compare it with the population numbers here.
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Syrian aviator - unlike fractional I actually don't understand your diatribe
I thought all of you buggers were trying to get green cards in the US of, what was it? Oh yes, xxxxing A...
I thought all of you buggers were trying to get green cards in the US of, what was it? Oh yes, xxxxing A...
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Hmmm... with Syrian working alongside us we can all sleep safely in the knowledge everything is under control...how can we possibly move forward with that kind of mentality in our midst 
Last time I checked, Delta Charly was an A380.
Two rows of windows, right?
Was the E&E compartment on fire? Definitely a 380.
Cheers, dears! You seem to be assuming that we were looking at the same aircraft - and last time I checked that wasn't how to spell "Charlie"!
Jack
Two rows of windows, right?
Was the E&E compartment on fire? Definitely a 380.
Cheers, dears! You seem to be assuming that we were looking at the same aircraft - and last time I checked that wasn't how to spell "Charlie"!
Jack
Happy to be corrected by the man on the spot, the Flying Dutchman, not to mention the other spotters!
Perhaps I was concentrating too much on the Queen of the Seas rather than the Queen of the Skies .....
Jack
Perhaps I was concentrating too much on the Queen of the Seas rather than the Queen of the Skies .....
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It was a 380 for sure with our esteemed leader flying it - did ya see me on a boat down there?! Back to the thread. I am increasingly worried by the unfolding economic events.
Al Habtour group fired 30% staff or thereabouts yesterday. Commercial and retail credit in Dubai non existant.(Direct from Financial Controler at major property developer) Not a crane moveing on Shk Z. And this is just the begining. Rents and resale (what resale) value dropping like a stone. We could be living (or not) in a very different world in 6 months.
How safe are we in EK??? Woolies went tits up yesterday (30000 staff out of work) Nothing and no one is sacred. Very scary times. Sure will be flying at econ and keeping my head down. Can they ditch some of these plane orders?Pax demand is sure to fall off a cliff shortly and we dont have no money to fly empty planes.
Comments please my bretheren
Excuse the spelling!
Al Habtour group fired 30% staff or thereabouts yesterday. Commercial and retail credit in Dubai non existant.(Direct from Financial Controler at major property developer) Not a crane moveing on Shk Z. And this is just the begining. Rents and resale (what resale) value dropping like a stone. We could be living (or not) in a very different world in 6 months.
How safe are we in EK??? Woolies went tits up yesterday (30000 staff out of work) Nothing and no one is sacred. Very scary times. Sure will be flying at econ and keeping my head down. Can they ditch some of these plane orders?Pax demand is sure to fall off a cliff shortly and we dont have no money to fly empty planes.
Comments please my bretheren
Excuse the spelling!
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wizard1,
I agree with the most and I'm getting a bit worried as well.
However EK is quite a safe place to work. It's not made from sand like most things over here and you must have noticed that they have a very good idea what they are doing (like squizing the last dh out of everyone).
How much of our traffic was transit again? I believe it is more than 80%. So people will fly again, no doubt.
We will feel it, for sure (they might push our inflight rest further back in Y ) and there will be a big slowdown but as always they will get the most out of it and I bet they are even kicking Boeing to get compensations for the T7 delays as we speak. In the mean time upgrading will peake to >5 years and after this is over they will stuff FO's with a couple of hundreds more DECs...
Now back to the topic. DXB bankrupt: You must have been in a coma NOT to have this seen coming.
With great amusement I see all these distress sales ads popping up in the GN...
keep discovering....
I agree with the most and I'm getting a bit worried as well.
However EK is quite a safe place to work. It's not made from sand like most things over here and you must have noticed that they have a very good idea what they are doing (like squizing the last dh out of everyone).
How much of our traffic was transit again? I believe it is more than 80%. So people will fly again, no doubt.
We will feel it, for sure (they might push our inflight rest further back in Y ) and there will be a big slowdown but as always they will get the most out of it and I bet they are even kicking Boeing to get compensations for the T7 delays as we speak. In the mean time upgrading will peake to >5 years and after this is over they will stuff FO's with a couple of hundreds more DECs...
Now back to the topic. DXB bankrupt: You must have been in a coma NOT to have this seen coming.
With great amusement I see all these distress sales ads popping up in the GN...
keep discovering....
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A380 flyover on Sky
Since Newscorp is in the ****e, no doubt Sky will show anything as newsworthy, like it has always done in the past anyway with their sensational war mongering terminologies of ethnicities and religions.
Emirates takes advantage of any possibility to show itself next to an icon such as the QE 2 and Sky would do anything to try and recover from its loss of face over the many debacles it has suffered.
Seeing the majority of poms now live in an absurd world of Union jacks still flying high (when in fact they ceased flying long ago) let one thing remind everyone that it now them who need Arab money after years of slander.
Interesting times to come indeed, would that mean that if they did lend the money, Abu Dhabi would take control of the UK?
I doubt they are capable of anything close to it since they can't even manage their own airline, let alone their city.
We are heading for the unknown, a major crach and no credible political systems or leaders to indicate otherwise.
Emirates takes advantage of any possibility to show itself next to an icon such as the QE 2 and Sky would do anything to try and recover from its loss of face over the many debacles it has suffered.
Seeing the majority of poms now live in an absurd world of Union jacks still flying high (when in fact they ceased flying long ago) let one thing remind everyone that it now them who need Arab money after years of slander.
Interesting times to come indeed, would that mean that if they did lend the money, Abu Dhabi would take control of the UK?
I doubt they are capable of anything close to it since they can't even manage their own airline, let alone their city.
We are heading for the unknown, a major crach and no credible political systems or leaders to indicate otherwise.
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We are heading for the unknown, a major crach and no credible political systems or leaders to indicate otherwise.
"Coalition forces are currently protecting the Gulf, and our navy will not receive its first ships until April 2009,"
..."withdrawing precipitously, our gulf will become like the Gulf of Aden, where there have been 95 acts of piracy,"
Obeidi was addressing journalists on his support for the controversial military pact that would allow US troops to remain in Iraq until the end of 2011, a deal now being considered by the Iraqi parliament.
The minister did not enlarge on his remarks or explain how the Gulf would become prey to pirates when one of its littoral states, Bahrain, is home to the US Navy's Fifth Fleet.
The Gulf, which supplies the bulk of world oil imports, is also bordered by Kuwait, Saudi Arabia, Qatar, the United Arab Emirates, Oman and Iran, all of whose navies patrol the waterway.
The minister did not enlarge on his remarks or explain how the Gulf would become prey to pirates when one of its littoral states, Bahrain, is home to the US Navy's Fifth Fleet.
The Gulf, which supplies the bulk of world oil imports, is also bordered by Kuwait, Saudi Arabia, Qatar, the United Arab Emirates, Oman and Iran, all of whose navies patrol the waterway.
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BBC:
The same guy of the economic task force is chairman of Emaar! Now we can really be assured things will be ok.
And these assets they mentioned are valued by whom? Themselves in a hyper inflated, speculation fueled property boom which is just going bust.
Dubai's stock market has fallen 5% to the lowest in four years, despite the emirate's efforts to assure investors that it can meet debt obligations.
The head of Dubai's economic taskforce, Mohammed al-Abbar, said the government owed $10bn (£6.6bn), while state-affiliated firms were $70bn in debt.
However, he said both the government and state companies had assets worth much more than their debts.
Dubai's government recently bailed out two lenders hit by the credit crisis.
"We are rationalising our expenditure and consolidating our activities", said Mohammed al-Abbar.
Emaar, the state-controlled property firm of which Mohammed al-Abbar is also chairman, was one of the biggest losers on Monday, dropping another 9% to its lowest level since being listed eight years ago.
The head of Dubai's economic taskforce, Mohammed al-Abbar, said the government owed $10bn (£6.6bn), while state-affiliated firms were $70bn in debt.
However, he said both the government and state companies had assets worth much more than their debts.
Dubai's government recently bailed out two lenders hit by the credit crisis.
"We are rationalising our expenditure and consolidating our activities", said Mohammed al-Abbar.
Emaar, the state-controlled property firm of which Mohammed al-Abbar is also chairman, was one of the biggest losers on Monday, dropping another 9% to its lowest level since being listed eight years ago.
And these assets they mentioned are valued by whom? Themselves in a hyper inflated, speculation fueled property boom which is just going bust.
I would love to see exactly what these "assets" actually are.
I can say I have umpty squillion dollars worth of assets too...does it mean they are real, or if they are can I realise the book value for them...
I can say I have umpty squillion dollars worth of assets too...does it mean they are real, or if they are can I realise the book value for them...
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Interesting article. Perhaps there is more to the rumour than "pure and utter tripe"?
Abu Dhabi wants stake in Emirates for bailout cash
Abu Dhabi wants stake in Emirates for bailout cash
