“Dubai is an interesting place compared to the World. When I saw they were defaulting and then I looked at their Xtravagance I wondered and started investigating like any good Detective would found it majorly peculiar that a twin was built of Atlantis and it was there crowning the Palm partly because I had worked on A 1 and was aware of all that is put in to this and I was drawn to look further where I came into the video and other post’s more will be revealed below the video:
Stock’s tumbled after learning that about default request and talks of squeezing lending restriction’s with China. So what u can see is the borrowing cover up start to leak in to other areas where rich were robbing from the rich.
So this from a little over a year ago , so those are my thought’s take a further look at some info I found digging around. Peace BK”
Crisis? What crisis? Dubai hotel to throw $30 million party
Dubai is throwing a multi-million-dollar extravaganza on Thursday to launch a luxury hotel on an artificial palm-shaped island, despite the bite from the global financial crisis.
Source: Link
More than 2000 world celebrities are due to attend the event which has been dubbed by the local press as “the party of the decade.”
The 1539-room hotel is made up of two pale rose towers, which are linked by a bridge which houses a US$35,000-a-night (A$55,000) suite.
Management says there is a waiting list of guests for the suite.
The Dubai hotel is inspired by the original Atlantis that Kerzner built in the Bahamas but is not an average 5-star hotel.
It boasts the largest waterpark in the Middle East and a gigantic aquarium in which 65,000 fish, along with an enormous whale shark, swim in 11 million litres of water.
The project was conceived at a time before the global economic crisis began biting the Gulf emirate.
But Kerzner says he is optimistic about the future, adding that he designed the hotel “for the medium to longer term.”
The hotel opened unofficially on September 24 and has had an occupancy rate of 80 percent, Kerzner said. “We don’t know how long it’s going to take for the economy around the world to take off again,” he added.
The financial meltdown has affected Dubai and other Gulf emirates.
The local stock market has crashed, losing two thirds of its value since the beginning of the year, and Dubai’s real estate sector, a major driving force of domestic economy, has begun to stutter.
Even Nakheel, Kerzner’s partner in the Atlantis, announced on Monday that it would scale down its activities.
The bulk of Dubai’s tourists come from European countries, mainly Britain, which also have been hard hit by the crisis, and this could have a direct impact on Atlantis.
Kerzner, 73, acquired his fame and fortune in the 1970s and 1980s by building hotels and casinos in South Africa, including the prestigious resort Sun City.
He appears to share with Dubai the same taste for challenges and larger-than-life projects, which might explain the partnership between this Jewish businessman and the Arab sheikhs who rule this Gulf emirate.
His Kerzner International also has not escaped unscathed from the global financial crisis.
The company recently laid off 800 of its employees at Paradise Island Atlantis Resort in the Bahamas because of a sharp drop in the number of American visitors.
Related posts:
The video is awesome ! Too bad no one can afford to GO THERE !
Views from Dubai: ‘The end of the dream’
One of Dubai’s biggest investment companies, Dubai World, has asked for a six-month delay on repaying its debts, raising fears among investors about the financial health of the emirate.
Following six years of rapid growth, the Dubai economy has slumped since the second half of 2008, which has led to property prices falling sharply.
Here, Dubai residents describe the changes the worsening economic situation has brought and discuss the future of the state. http://news.bbc.co.uk/2/hi/middle_east/8381363.stm
Fears of a dangerous new phase in the economic crisis swept around the globe yesterday as traders responded to the shock announcement that a debt-laden Dubai state corporation was unable to meet its interest bill.
Link
Shares plunged, weak currencies were battered and more than £14 billion was wiped from the value of British banks on fears that they would be left nursing new losses.
Nervous traders transferred the focus of their anxieties from the risk of companies failing to the risk of nation states defaulting. Investors owed money by Mexico, Russia and Greece saw the price of insuring themselves against default rocket.
Although the scale of Dubai’s debts is comparatively modest at $80 billion (£48 billion), the uncertainty spooked the markets, with no one sure who its creditors are. Several banks rushed out statements to reassure investors that their exposure was small.
Dubai debt move ‘carefully planned’: top official
Nov 26 03:21 PM US/Eastern
Dubai’s move to suspend payments on its Dubai World conglomerate’s debt was…
Dubai’s move to suspend payments on its Dubai World conglomerate’s debt was “carefully planned” and done in full knowledge of how the markets would react, the chairman of the Supreme Fiscal Committee said on Thursday.
“Our intervention in Dubai World was carefully planned and reflects its specific financial position,” Sheikh Ahmed bin Saeed al-Maktoum said in a statement.
“The government is spearheading the restructuring of this commercial operation in the full knowledge of how the markets would react. We understand the concerns of the market and the creditors in particular.
“However we have had to intervene because of the need to take decisive action to address its particular debt burden.”
However, Sheikh Ahmed insisted that “unprecedented growth, in Dubai and across the (United Arab Emirates), over the past decade has helped lay the foundation for what is now a broad-based sustainable economy beyond just natural resources.”
Source:
London Stock Exchange trading hit by “technical glitch”
The LSE says it was experiencing connectivity issues
Trading on the London Stock Exchange (LSE) was halted for three and a half hours earlier because of technical difficulties.
(a technical glitch like all Dubai’s loans going up in smoke?)
Japan falls apart too
Japan’s key Nikkei stock index fell about 2 percent Friday morning as the yen’s rapid advance against the U.S. dollar and euro hurt Japanese exporters and concerns about debt issues in Dubai hit Japanese general contractors involved in major developments there.
The 225-issue Nikkei Stock Average lost 169.73 points, or 1.81 percent, from Thursday to 9,213.51, falling briefly into the 9,100 level for the first time since July 14. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 10.98 points, or 1.32 percent, to 818.58.
European banks may face exposure to Dubai losses
LONDON (MarketWatch) — Analysts at Credit Suisse estimated Thursday that European banks they cover could have exposure of around 13 billion euros ($19.6 billion) to Dubai. The broker said a 50% loss on the exposure would be equivalent to around a 5% increase in provisions in 2010 or a hit of around 5 billion euros after tax for the European banking sector as a whole. Analysts cautioned that the numbers are difficult to quantify and exposures will differ from one bank to another. It said that European bank that have worked as bookrunners for bond or loan deals in Dubai in recent years include Barclays (UK:BARC 304.00, -10.30, -3.26%) , Deutsche Bank (DB 75.22, +0.54, +0.72%) , Royal Bank of Scotland (UK:RBS 34.26, -0.87, -2.42%) , ING (NL:INGA 9.11, -0.51, -5.25%) , UBS (UBS 16.09, -0.01, -0.06%) and others.
Market Watch
This is the wave that was created back when all the money was first being robbed it has now come full circle did they actually think they could divert this. I reckon so ,here come’s the Wave hold on!
So this is Exactly what i was saying up top in OP it’s gonna be a wave…
http://blogs.telegraph.co.uk/finance/jeremywarner/100002318/dubai-is-just-a-harbinger-of-things-to-come-for-sovereign-debt/