iteracom Wrote: ------------------------------------------------------- > Dubai is a popular attraction for the very rich. > Obviously, that’s not a whole lot of people. > Totally agree about the slave population, it’s > horrible. > > I disagree about the oil though, the way I see it, > there is no oil left. if there was they wouldn’t > have needed abu dhabi to have bailed them out. > They would have just sold more oil. > > It’s a country that’s screwed. The finance world > isn’t going to suddenly sprout a whole new > explosion of jobs and need another finance hub. no way! they will use all their money to build the world’s largest ferris wheel! than who will be laughing?!
http://www.telegraph.co.uk/news/worldnews/middleeast/dubai/8271643/The-World-is-sinking-Dubai-islands-falling-into-the-sea.html he moved out of calgary and bought the Dubai’s World island of alberta, which is sinking now… nobody could have predicted this anyway, its just fate
Oil never was an important industry in Dubai
Valores Wrote: ------------------------------------------------------- > Oil never was an important industry in Dubai It took me 15 seconds to find this on wiki. What are you looking at? Do you just say stuff? OH SNAP! — In 1966, the year oil was discovered, Dubai and the emirate of Qatar set up a new monetary unit to replace the Gulf Rupee. The oil economy led to a massive influx of foreign workers, quickly expanding the city by 300% and bringing in international oil interests. … Although Dubai’s economy was built on the oil industry, currently the emirate’s model of business, similar to that of Western countries, drives its economy, with the effect that its main revenues are now from tourism, real estate, and financial services.
jdhrjm Wrote: ------------------------------------------------------- > well said bromion…no need to reply, especially > to a post where someone cant distinguish between > ‘loose’ and ‘lose’ @ jsdhrhedsm Thank you for this riveting contribution. Please forgive me for not being a native speaker in English. Also, please stfu and gtfo. @ Bromion You make valid points of course. It’s just that until we know more about Keyser Soze’s ventures, we can’t infer anything just based on the fact that it was in Dubai.
bromion Wrote: ------------------------------------------------------- > Viceroy Wrote: > -------------------------------------------------- > ----- > > Sorry but what kind of stupid comment is that ? > > There are many ways to loose one’s shirt > > (especially in the last 2-3 years), and not > just > > in Dubai. > > No, you are wrong. > > Dubai is one of the biggest and dumbest bubbles in > the history of the world. > > The government of Dubai built a massive city in > the desert, through artificial means (i.e., fake > islands, pumping in expensive water to support an > unnaturally high population, ridiculously sized > buildings built solely through slave labor, etc.). > This city was fueled by a massive debt bubble, the > payments for which were predicated on two cyclical > economies, oil and tourism. It’s the definition of > unsustainable. You can say hindsight is 20/20, but > anyone with half a brain for economic cycles and > sustainability could have seen well before 2008 > that Dubai was a bad joke. > > It absolutely shows bad judgment to pack up and > risk everything on this fantasy land bubble. True, > we don’t know what his business was, but > apparently it was also (likely) something > cyclical. Having put your business on the line > only counts as a track record when you win. > Otherwise you are “the guy who destroys capital.” > Keep in mind, this was his second blow up – we > have no idea what the first blow up was, but > having the second blow up come from speculating in > Dubai shows that he didn’t learn much about risk > management from his first experience. This is one of my all time favorite posts.
Bromion, I don’t have to go to wiki, as I think it’s more or less general knowledge, that Abu Dhabi controls 90 % of UAE’s oil reserves, and that Dubai is a tiny emirate by land size in comparison with other UAE’s emirates. Also it’s very well known that Dubai’s much more important industries have been and are trade and real estate, with that exception 40 years ago that you pointed out in wiki article. “never” was a wrong word, and I am glad that I made you go to wiki and learn something new.