Dubai Meltdown

[Domino]

The fundementals are still sound.
The rulers of Dubai just got carried away with the money that was thrown at them..

It was obvious to most people that it was a bubble..
that's why you are an idiot if you invested in luxury properties, we bought very cheap apartments that would be in demand for rent,
so we really dont care if the price of the property rises of drops, as long as we get a steady income from rent.

Walahi my family was kinda lucky. We were about to chip in together to buy 2 properties in dubai, we paid the deposit of 2k gbp and my sister was warning us that the bubble would burst. Only thing that stoped us was the agency we were dealing with, they became unrealiable and never responded to many of out questions, we paid the 2k deposit to secure registration and interest which we never gt back, but alhamdulilah we could of lost 213k!

Nobleman,

You should have invested in East Africa before investing in Dubai. These agencies were shams,.

[ms.naliaa]

I dont know why this is a shoker- it was bound to happen.

[Hyperactive]

Abu dhabi is paying their debt so inshalaah they will be fine.

no they refused to pay it most of it.
they said they help to pay some but "with their condition and term."
the dubai amiir was not happy at all but he had no other options.

[Cinque Mtume]

Abu dhabi is paying their debt so inshalaah they will be fine.

no they refused to pay it most of it.
they said they help to pay some but "with their condition and term."
the dubai amiir was not happy at all but he had no other options.

True, the abu dhabi emir also gave them a lecture about ethical business, dubai went too far and he said they brought a lot of filth (hookers, smuggling etc.) to the UAE and therefore, this bail out will be met with very serious conditions.

[The Nomad]

Abu Dhabi wants control of major Dubai investments but Dubai's ruler is obviously opposed to that, and Abu Dhabi has said the aid they provided is not to be used by Dubai World, who is responsible for the vast majority of the Emirate's debt default.

Ultimately Abu Dhabi will throw some sort of lifeline to Dubai but Dubai will have to radically rethink their gluttony. In other words, the party is over

The only notable issue now is the extent to which the default will proceed, and its repercussions both for Dubai and (far more importantly) global finance in general.

What I'm interested to find out is the extent to which Islamic finance may have constrained the leveraging on these debts, decreasing the broader harm it might cause.

[afisoone]

DUBAI 98% POPULATION ARE FROM IRAN AND INDIA. ARABS CONTROL THE LEADERSHIP. IRAN IS VERY UNITED NATION.

[MrPrestige]

Afisoone don't forget there is also lot's of arabic immigrants from the neighbouring arab countries such as Jordan , Lebanon , Palestine although the indians outnumber all of those 3 groups put together everywhere even in Al Sharjah.

[The Nomad]

According to Haaretz there are a huge number of Palestinians laborers in Dubai, to the tune of 100,000.

http://www.haaretz.com/hasen/spages/1131322.html

[MrPrestige]

Nomad , 100,000 is not surprising really compared to the indians - can you get the population figures of how many indians are living in dubai last i remember they were estimated at 2-1.5 million.

[*Nobleman*]

The fundementals are still sound.
The rulers of Dubai just got carried away with the money that was thrown at them..

It was obvious to most people that it was a bubble..
that's why you are an idiot if you invested in luxury properties, we bought very cheap apartments that would be in demand for rent,
so we really dont care if the price of the property rises of drops, as long as we get a steady income from rent.

Walahi my family was kinda lucky. We were about to chip in together to buy 2 properties in dubai, we paid the deposit of 2k gbp and my sister was warning us that the bubble would burst. Only thing that stoped us was the agency we were dealing with, they became unrealiable and never responded to many of out questions, we paid the 2k deposit to secure registration and interest which we never gt back, but alhamdulilah we could of lost 213k!

Nobleman,

You should have invested in East Africa before investing in Dubai. These agencies were shams,.

Stability is lacking there bro, Even more risky than dubai today

[The Nomad]

Nomad , 100,000 is not surprising really compared to the indians - can you get the population figures of how many indians are living in dubai last i remember they were estimated at 2-1.5 million.

Bro, that's more than the entire population

[MrPrestige]

you do realise when i am saying Dubai i am refering to as UAE and not dubai state?


anyway todays UAE population is estimated at 4.6 million.



http://news.bbc.co.uk/1/hi/world/middle ... 737620.stm

[The Nomad]

Then say UAE.

4.6? That must be from a prior census. As of now the population is roughly 6 million with 1.75 million Indians, 1.25 million Pakistanis and 500,000 Bangladeshis. There's a 2010 census being held in April. It should help.

[Aerosmith]

One man's loss is another man's gain. I am looking forward to Emirates stake being sold by Dubai and possible ADR of it in future. Insha Allah.

[~Arabman~]

There's no barakah in riba.