Comments on: Dubai must recover investor faith

By: ghost11

ghost11 — Sun, 29 Nov 2009 13:03:40 +0000

Most commentators don’t understand the culture so they worry to death, Abu Dhabi and other GCC countries will not allow Dubai to lose face and credibility, it is about leadership, ordinary families bail-out their kin and this will be the same but here the fraternity is the leaders and they are joined at the hip, Relax

By: ghost11

ghost11 — Sun, 29 Nov 2009 12:49:35 +0000

Most commentators don’t understand the culture thus they worry, Abu Dhabi and GCC countries will not allow Dubai to go down so as not to set a precedent, in that culture familis bail-out members and same with countries. Have no worry

By: Haroon Abbasi

Haroon Abbasi — Sat, 28 Nov 2009 17:51:44 +0000

Clark Vellsun says: “The muslim world must support regional investment in Dubai”Why? The digusting show of opulence (built on debt) was hardly designed to cater for the needs of the muslim world, many of whom still live in abject poverty.Dubai is all about bling without any substance. But beneath the ediface of wealth are millions of poor workers from South Asia (including many muslims) who built the city on poverty wages and under Victorian standards of health and safety and welfare.The Sheikhs thought by building the tallest buildings, creating 7 star hotels and turning a blind eye to exploitation and prostitution they had created some 20th century utopia.Well not quite, I for one am glad it is all crumbling.

By: Sufi Dost

Sufi Dost — Sat, 28 Nov 2009 17:45:00 +0000

I invested all my savings in the UAE to start a business six years ago which has gone bust as the banks withdrew their credit lines due to this crisis. I am now considered a criminal in the UAE as I owe money to the financial institutions. There are several such self employed expatriates in the UAE who have lost it all due to this crisis. What amazes me is that the lawyers who we approached have advised us to go to jail rather than to help us fight this issue in court. We don’t even have the opportunity to roam freely in the UAE and try to earn through alternative means. Someone should fight our cause.

By: Peter Hayes

Peter Hayes — Fri, 27 Nov 2009 23:33:53 +0000

The world of high finance and high fashion are not such strange bedfellows, but recession or no recession where are the rich and hyper-rich to buy these properties in the first place? What has this place got to offer me that Spain hasn’t got? A place airlines could take me for pennies? A few amazing buildings, but is the budget customer going to go twice? The good news is that those that want a bolt-hole (and have the money) will be getting massive discounts.

By: f belz

f belz — Fri, 27 Nov 2009 17:24:11 +0000

I read about how countries and businesses must restore confidence. Hey, investors have to look at what they are investing in before putting up their money. Sitting behind a poker player and passing him money to bet with is pretty stupid. The poker player can spin you all sorts of yarns at how good he is. I do think banks and investors need to check out the property before putting money up.

By: John Haythornthwaite

John Haythornthwaite — Fri, 27 Nov 2009 16:39:10 +0000

No one can be that surprised. Dubai is the textbook definition of a property bubble. All these playgrounds for the rich have been fueled by fairy dust.

By: Peter Schwarz

Peter Schwarz — Fri, 27 Nov 2009 16:00:46 +0000

It is indeed a worry. Nothing too serious as yet though concern is steadly mounting…… hmmm

By: Nripen Mathew

Nripen Mathew — Fri, 27 Nov 2009 14:33:46 +0000

Wondering how much impact this will have on the global markets. How unthoughtful of a government not to look into the implications of such restructuring.

By: scheng1

scheng1 — Fri, 27 Nov 2009 14:27:34 +0000

Many investors still remember how Russia defaulted on its bonds.Dubai is another reminder that seemingly secured and risk-free asset is not literally risk free. The government of Dubai has to learn to keep its political power in check. The international financial world has its own rules and regulations, a government cannot just “asked” for a debt standstill without hurting the reputation of the whole country.