Go Back  PPRuNe Forums > PPRuNe Worldwide > Middle East
Reload this Page >

Dubai Bankrupt?!?!

Middle East Many expats still flying in Knoteetingham. Regional issues can be discussed here.

Dubai Bankrupt?!?!

Old 16th Dec 2008, 09:32
  #101 (permalink)  
 
Join Date: Jul 2002
Location: guess where
Posts: 374
It seems that the deal has now gone through and Etihad has purchased an unknown stake in Emirates
source please??
what_goes_up is offline  
Old 16th Dec 2008, 09:46
  #102 (permalink)  
 
Join Date: May 2008
Location: pit
Posts: 314
Wow, an outfit that excels in making losses supposedly buys one that makes profit. With what? Sounds like the subprime recipe!!

Good move, maybe this will lift them a bit, but I guess it's the sponsor that would buy into EK, not the clowns receiving his subsidies.
pool is offline  
Old 16th Dec 2008, 10:28
  #103 (permalink)  
 
Join Date: Mar 2003
Location: uae
Posts: 2,388
The rumour was that the UAE Gov getting involved not Etihad.
fatbus is offline  
Old 16th Dec 2008, 19:05
  #104 (permalink)  
 
Join Date: Mar 2001
Location: The Palm
Posts: 702
The rumour was that the UAE Gov getting involved not Etihad
It's obvious that it will be the government. It'll be only at a very later stage that AUH will just say to DXB what to do next if they feel Etihad is not getting a fair deal. Watch the frequencies to Australia, Europe and States when they have to negotiate them again. It'll be more for AUH.
Do you guys remember what they did around 4 or 5 years ago among others? All they did in few words was to tell DXB to gently remove the Burj Al Arab silhouette from the DXB car number plates, and they had to.
fractional is offline  
Old 16th Dec 2008, 21:14
  #105 (permalink)  
 
Join Date: Feb 2006
Location: Somewhere HOT!!
Posts: 108
FOX3....I thought that with all that knowledge you'd know that an ostrich doesn't bury its head in the sand!!!!! ...

Anyways I've gotta start thinkin of what to do do with that 500Dhs payrise...

If Mr Reagan was still alive he might have something to say about the UAE and its "economy"...."I've talked to you on a number of occasions about the economic problems our nation faces, and I am prepared to tell you it's in a hell of a messówe're not connected to the press room yet, are we?"

____________________________________________________________ ____
A satisfied customer. We should have him stuffed
The Jolly Roger is offline  
Old 17th Dec 2008, 10:15
  #106 (permalink)  
 
Join Date: Jul 2007
Location: OMAL
Posts: 56
Heard from Officials at AD Gov, don't ask for more:

30% of EKg "transfered" to AD Gov

Then 2 weeks later...

100% of EKg bought, 80% already financed.
Operations later transfered to Al Maktoum Intl Airport
Possible merge between EK & EY withing 2/3 years,
HQ in AD.

Reliability : 30% ( Meaning something is going on but learnt to be careful with officials )

Over.
baob2oba is offline  
Old 17th Dec 2008, 12:26
  #107 (permalink)  
 
Join Date: Jun 2001
Posts: 198
I dont understand why an airline struggling for cash is even considering putting millions into a LOCO airline....surely Flydubai should be shelved along with some of DXB other follys?

As for an EY/EK merger, I doubt the local politics would allow that to happen!
Would be very messy for all concerned...
Isnt the UAE govt and Etihad the same thing
noflare is offline  
Old 17th Dec 2008, 13:01
  #108 (permalink)  
 
Join Date: Jul 2000
Location: Dubai - sand land.
Age: 50
Posts: 2,585
Struggling for cash?? Get your head out of the sand ostrich

Whilst emaar, damac and nakheel may be struggling EK isn't....
White Knight is offline  
Old 17th Dec 2008, 13:29
  #109 (permalink)  
 
Join Date: Jul 2002
Location: UK
Posts: 846
WK Please explain how you know exactly what cash EK have at their disposal?

I am not saying you are wrong but just want to know where you get your inside information from

All that glisters is not gold

PS A Happy Christmas and New Year to you.
millerscourt is offline  
Old 17th Dec 2008, 15:42
  #110 (permalink)  
 
Join Date: Apr 2006
Location: In the seat
Posts: 284
Mr Mach .5

You talk utter crap. Consortium's of banks are lending money - check out the Qatar recent purchase, and EK make a stack money profit than they do. The loans are dependent on their credit rating, and the aircraft are then leased.

The reason EK started was because Gulf Air pulled out of Dubai, do you really think they're going to expose themselves again - it boils down to tribal ownership - time to relax & don't worry about it.
kingpost is offline  
Old 18th Dec 2008, 00:23
  #111 (permalink)  
 
Join Date: Jun 2001
Posts: 1,451
Word from a non-EK source is that the stake AUH Inc has taken in EK is 40%.
Wiley is offline  
Old 18th Dec 2008, 21:16
  #112 (permalink)  
 
Join Date: Sep 2007
Location: Somewhere somehow
Posts: 77
The reason EK started was because Gulf Air pulled out of Dubai, do you really think they're going to expose themselves again - it boils down to tribal ownership - time to relax & don't worry about it.
Sorry but your wrong, in no way was Gulf air ever associated with Dubai, Dubai started up emirates by leasing aircraft from PIA, and was started up to cause competition.

MrMachfivepointfive might be right, there is no telling what could happen to EK or if banks would like to borrow.
Flygulfair is offline  
Old 19th Dec 2008, 00:27
  #113 (permalink)  
 
Join Date: Oct 2008
Location: wherever I can fly for money!
Posts: 138
hey folks...this is the way things are going on here in the gulf...while it is bubbling under, they never become out of covers until the explosion happens and nobody can hide it anymore

I hope it's not that serious. After all you can never tell how bad the situation is or what consequences this will lead to. let's wait and see!
SilveR5 is offline  
Old 19th Dec 2008, 06:35
  #114 (permalink)  
 
Join Date: Jun 2001
Location: In the State of Perpetual Confusion
Posts: 185
Sorry but your wrong, in no way was Gulf air ever associated with Dubai, Dubai started up emirates by leasing aircraft from PIA, and was started up to cause competition.
I believe you need to go a little further back in your history. Gulf Air was originally owned by Bahrain, Qatar, The UAE and Oman (I don't believe I left anyone out). They provided service not only between points in the Gulf but from the major cities in Gulf (including Dubai) to various international destinations. In the early to mid 80's, as part of its effort to grow and diversify its economy, Dubai asked for increased services but was refused. It was from this that the idea for a Dubai based airline started. You are correct in saying that the original flights were started with leased aircraft from PIA.
Gillegan is offline  
Old 19th Dec 2008, 11:42
  #115 (permalink)  
 
Join Date: Apr 2008
Location: London
Posts: 171
I don't think anyone's suggested that Dubai owned Gulf Air, but GF did operate routes out of DXB and it was the refusal to expand these that led to the Dubai Govt setting up Emirates.
Lord Bracken is offline  
Old 19th Dec 2008, 11:53
  #116 (permalink)  
 
Join Date: Aug 2003
Location: Sandy beach
Posts: 430
I like the old Warren Buffett adage in times like this, " you only know who's been swimming naked when the tide goes out", well the tide is out and let's see who has their birthday suit on !

There are some smart people that think in a year or two the gulf will bounce back very strong due to the impending inflation that the US gov't has started with printing so much money and added so much liquidity to the markets. If and when inflation comes back, it could be massive and the USD will drop sharply again, oil prices will rally, property prices will increase, and gold/silver will increase massively. Just a theory but it is very likely at some point in the not too distant future.

I'm sure many airlines around the world have been rocked by the low oil prices and mis-timed the fuel hedge. Must be tough to watch if you hedged at 80-100/ barrel. I would be very surprised to see any union between EK and EY. Things would have to implode rapidly for any real discussion, but never say never, it's a new chapter for the history books and world finance.

Interesting to see EY secure the sought after Tokyo slots....there certainly is power in the capital.....
Saltaire is offline  
Old 19th Dec 2008, 13:05
  #117 (permalink)  
 
Join Date: Mar 2001
Location: The Palm
Posts: 702
GF did operate routes out of DXB and it was the refusal to expand these that led to the Dubai Govt setting up Emirates.
This is correct Lord Bracken.
And the real power is shifting openly now as this was already the case behind the scenes before, but in a lesser degree. Signs of the times.
fractional is offline  
Old 19th Dec 2008, 18:07
  #118 (permalink)  
 
Join Date: Mar 2000
Location: xxx
Posts: 159
Gillegan and Fractional are correct

I was at the "meeting" Dxb wanted 2 direct LHR'S A WEEK

GF said no via Bah or DOH back then , hence Emirates started

as for this thread Dubai is bankrupt

IT IS

Watch out for Dubai Land , Fly Dubai and the finish of Jebel Ali Airport

going on holiers tomorrow

Got to get to Woolies before it re locates !!!!

Happy Xmas all

S.L.
Speedbrake Lever is offline  
Old 20th Dec 2008, 04:38
  #119 (permalink)  
 
Join Date: Mar 2001
Location: The Palm
Posts: 702
A little bit off the topic but worth reading it:
Abu Dhabi can tap into wealth - The National Newspaper

Last edited by fractional; 30th Dec 2008 at 21:37.
fractional is offline  
Old 30th Dec 2008, 21:38
  #120 (permalink)  
 
Join Date: Mar 2001
Location: The Palm
Posts: 702
Few days later and a another little piece of the puzzle emerges or perhaps not: Emirates and Dnata now under ICD
Gulfnews: Emirates and Dnata now under ICD

And the article ends with:
"Emirates Group Decree Companies continue to be wholly owned by the government although now indirectly through the Investment Corporation of Dubai."
fractional is offline  

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.