Just on the 25th March, Dubai gave out a detailed plan on how to spend the funds from Big Brother Abu Dhabi – the ones that were meant to „save” it, the so-called „bail-out”. The process will be overseen by the Dubai Financial Support Fund – it is going to make sure that the payments to the creditors of Dubai World (and its subsidiary Nakheel) will be conducted in a reasonable and sound way. „The monkey business is now officially over,” one Dubai-based hedge fund manager was quoted saying. I can only agree. And I must say that all this is certainly good news for everyone involved – but in any case the question where the economy of Dubai is now standing, in spring 2010, more than a year and a half after the financial crisis of 2008, must be asked.
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BASE Jumping is one of the coolest city sports of the new millennium. For it, you need a parachute, but no aeroplane, because BASE stands for: Building, Antenna, Span (meaning bridge), Earth (and that could be something like a mountain or a cliff). Video inside…
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What a story! All the time we were counting the days until the opening of the Burj Dubai…only so in the moment of this happening we would be stunned that it ain’t the Burj Dubai no more. This name change is catchy, flashy and a PR masterpiece, but mostly, it is immensely political.
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They say that Brits drink too much…but Dubaians clearly can down a whole lot more. Maybe that’s because all the REAL Brits have come here b’cause over here it’s so much more cool… And I am of course just not talking about Emerati…nor exclusively about us expats, but about US DUBAIANS, which means the new super-international nation of all of us here in Dubai!
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At New Year’s Eve in Dubai really, as usual, diversity is king. It is really a question of taste and personal attitude, what you are finally going to be choosing. You can be a devout Muslim and I guarantee you there is a multitude of parties where neither alcohol will be served – nor will there be naked women (as party attendees, nota bene) dancing on the beach.
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So, my personal New Year will be coming on January 4 – that’s when the Burj Dubai will finally be opening! I expect, then the financial crisis will really and completely be old news, and people will again be focusing on the future.Because the Burj Dubai is not only the most aesthetic high rise that has ever been built, but it also holds another, more objective historic record: It is not only the tallest building, but also structure ever built by man.
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The economist.com writes (Dec 14th 2009): “It (Abu Dhabi) provided $10 billion to Dubai’s government, more than enough to repay the $4.1 billion due on Monday to holders of a sukuk, or Islamic bond, issued by Nakheel, a prominent developer.” So you see, the trouble is over. Just as I predicted! So I can’t deny a certain satisfaction.
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So, the Dubai Borse, their stock exchange, showed a very impressive rebound on Thursday. It is a nice feeling to be proven right. Anyway, it is not just because I myself happen to have some investments going here in Dubai. I’m also thinking globally!. Dubai is an anomaly, no matter what standard you apply.
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When Dubai World requested a debt “standstill” two weeks ago, this made headline news around the world. Actually, I found that a bit surprising, all this media attention. In the world of economics, this is far less unusual than is now being suggested. Well, yes, but here we’re talking about Dubai, aren’t we? And apparently, for the emirate other standards do apply.
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And I Am Saying This Today, On November 28, 2009, MARK MY WORDS!!
Oh my God! How amazing events are! So Dubai has declared it will have to slow down in paying back bank loans. And, as it is a completely normal occurrence in today’s economy, the markets react immediately.
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