Comments on: The Dubai mess http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Bayut.com http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/comment-page-1/#comment-25593 Tue, 05 Apr 2011 11:34:52 +0000 http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/#comment-25593 Dubai had made a major blunders by relying only on its real estate and tourism industry and if it had concentrated on other sectors of economy as well like Abu Dhabi then it could have survived bad times from which it is going through right now.

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By: kashaziz http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/comment-page-1/#comment-11106 Wed, 13 Jan 2010 17:38:52 +0000 http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/#comment-11106 Dubai has no real revenue generation base like Abu Dhabi. Its reliance on property and banking sectors proved to be fragile and far fetched. Now the government is turning inwards for revenue generation, taking steps like fixing Dhs10 minimum fare for Taxis (which are, incidentally, most expensive in the UAE), using e-tickets and e-card to nick consumers and even charging Dhs 100 per head to visit the top floor of Burj Khalifa. Dubai should relax its policies to invite more businesses, especially self-employed and startups so as to create more jobs. Also, the process of Emiratization should be deferred so as to retain the expat community who have actually built the Emirate.

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By: OYACOB http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/comment-page-1/#comment-11090 Wed, 13 Jan 2010 10:02:40 +0000 http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/#comment-11090 Thank you for giving the chance to the regular readers to express their opinion.
The above article is not showing the required knowledge about the prevaling situation in Dubai.
With all do respect for the highly profile of the author, is nothing else then speculation and the way to divert the public opinion from their own problems to Dubai.
Without any kind of skin complexes allow to ask you aa few questions:-
1. Is this a kind of adgenda against non western countries?
2. The problems in so called developed countries are not much huge then in Dubai?
3. I think the process of Dubai recovering is started already and beside internal support, Dubai will be remain as a major business hub for African and Asian Subcontinet countries, fact which is going to acelerate the reconvering.
4.Of course it will be a huge correction over rall in all transactions, but this correction is not only in Dubai.
5. Let’s speak a litle more about the ten world countries which are holding the major external debts, like USA, UNITED KINGDOM, FRANCE, GERMANY, BELGIUM, JAPAN, ETC. What’s is the side effect of the situation in this countries to the so called countries?

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By: blakegoud http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/comment-page-1/#comment-11088 Wed, 13 Jan 2010 07:08:04 +0000 http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/#comment-11088 The Nakheel uncertainty continues with Barclay’s Capital saying that sukuk certificateholders should sell their holdings because they anticipate only 40 or 50 cents non the dollar will be recovered in the restructuring.

http://www.thenational.ae/apps/pbcs.dll/ article?AID=/20100112/BUSINESS/701129928  /1005

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By: blakegoud http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/comment-page-1/#comment-11087 Wed, 13 Jan 2010 06:50:33 +0000 http://blogs.reuters.com/felix-salmon/2010/01/12/the-dubai-mess/#comment-11087 Felix,

I agree that the Dubai World restructuring and bailout from Abu Dhabi has been handled poorly. It is becoming de rigeur for the solution to be an extra-judicial tribunal (see, e.g., Amlak and Tamweel, two Islamic mortgage companies the government wants to merge which now has its own judicial panel: http://www.thenational.ae/apps/pbcs.dll/ article?AID=/20100112/BUSINESS/701129960  /1005).

It is true that we don’t know where the bailoout money has gone save for the $4.1 billion used to pay off sukuk certificate holders of Nakheel and now a portion of that money is being used to make payments to Nakheel’s other sukuk certificate holders (http://www.business24-7.ae/Articles/201 0/1/Pages/12012010/01132010_246d1d5fff12 4080aa5e7f4e00447c8a.aspx).

Without a functioning system for dealing with defaulting or restructuring government-related entities, Dubai will have trouble getting investor confidence back. The problems are only just beginning as well with the standstill agreement not yet agreed upon but anticipated soon.

–Blake Goud

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