ME News: Dubai Debt Meltdown Raises Concerns
by sheikyermami on December 1, 2009
The crux of the biscuit:
the rulers of Dubai would like to separate themselves from Dubai World, which ran up a debt of 60 billion dollars. They announced a six-month standstill on the group’s debt, a decision that sent shock waves around the world’s capital markets. Fact remains: you can’t separate the fat cats from the meat and if Dubai World defaults, the sons of the desert are back where they belong. Here’s what others think>>>
Dubai: shaken, not stirred….
Outstanding Photos of Dubai
From the Elder of Zion:
Never too young to kill:
| In the continuing series of reader-submitted photos of adorable Palestinian Arab children published daily at Firas Press comes this photo of Sidra Essam al-Harazin: |
The burning Fatah logo and the use of the smaller, reverse image, along with the obligatory keffiyeh, is very evocative of Palestinian Arab martyr posters and martyr graphics published on terrorist websites.
Looks a little like Arafat, come to think of it.
Palestine Press Agency reports that a member of Islamic Jihad’s Al Quds Brigades was blown up, and three others injured, when a minibus exploded in Gaza City near the home of Ismail Haniyeh.
From The JC:
The leader of Palestine’s equivalent of the TUC has told a delegation of British trade unionists that they are not interested in general boycotts of Israel.
One day, it might dawn on people that those who push hard for boycotting Israel have no interest in the well being of Palestinian Arabs.
Abbas ensures he’ll be president for life
“Turn ‘em loose!”
Canada frees Egyptian jihadist
“He was convicted in Egypt in absentia in 1999 for offenses relating to the Vanguards of Conquest’s activities and sentenced to 15 years imprisonment.” He should be given a sumptuous flat next door to the home of this Canadian federal court judge. “Canadian court frees Egyptian terrorist,” from AFP, November 30 (thanks to JW)
Kuwaiti Police Rape Two Maids – Another Sets Herself on Fire…
Hamas Bans Women from Riding on Motorbikes with Men: ‘Things Can Happen’…
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Dubai Meltdown
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{ 24 comments… read them below or add one }
so now will the jihad-deniers wake-up?!
Crap, all those years riding behind guys on motorbikes–I missed my chance…
[Henny Penny]
No matter which way you cut it, or where the information comes from, it is getting worse.
[taqiyya will not suffice anymore]
http://money.ninemsn.com.au/article.aspx?id=978659
[Henny Penny]
Another dead-cat bounce!
http://news.theage.com.au/breaking-news-business/uae-can-overcome-dubai-debt-challenges-20091203-k6t4.html
[Henny Penny]
And down, again.
http://money.ninemsn.com.au/article.aspx?id=979205
[Henny Penny]
Dead-cat bounce!
http://news.theage.com.au/breaking-news-world/uae-stock-markets-recover-dubai-remains-volatile-20091206-kcqm.html
[Henny Penny]
And down again!
http://news.theage.com.au/breaking-news-business/dubai-world-in-quest-for-cash-20091208-kfq9.html
{Henny Penny]
A little wiggle side-ways!
http://news.theage.com.au/breaking-news-world/uae-stock-markets-continue-to-tumble-20091208-khc4.html
[Henny Penny]
The bouncing dead cat is chasing its tail!
http://news.theage.com.au/breaking-news-world/dubai-to-pay-debt-with-10-billion-aid-from-abu-dhabi-20091214-ks1a.html
[Henny Penny]
A balanced view of the bouncing dead cat chasing its tail.
http://www.theaustralian.com.au/business/news/abu-dhabi-pumps-10bn-to-ease-financial-crisis-at-dubai-world-nakheel/story-e6frg90o-1225810292742
[Henny Penny]
A wiggle side – ways for three months, thanks to Abu Dhubi.
That is, until the next tranche of debt due in March.
Arab stocks close lower over Dubai debt crisis
Sat, 26 Dec 2009 06:37:23 GMT
http://www.presstv.ir/detail.aspx?id=114666§ionid=3510213
[Henny Penny]
I became lazy. This is from the 28th December 2009.
The Man Himself is sheikin’! The World is panicking!
…”While Dubai Holding is not government-owned, it is owned by Sheikh Mohammed bin Rashid, the Vice President of the UAE and Ruler of Dubai, and controls his personal assets.”…
…”Analysts say the sudden surge in concern about DHCOG may reflect a more general retreat in appetite for risk among global investors. With the end of the year approaching, many market participants are already on holiday and others are unwinding positions to close out their books for the year.
But the moves also come amid a growing realisation that Dubai is preparing to force its creditors to share some of the losses it has suffered in the wake of the financial crisis.”…
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20091228/BUSINESS/712289922/1005
[Henny Penny]
The most telling sentences in the whole story!
..”The seven bourses added around 80 billion dollars to their capitalisation which ended the year at 680 billion dollars from 600 billion dollars at the end of 2008.
That is still far below their end-2007 value of 1.116 trillion dollars, however.”…
N.B. ‘billion’ in the first…and ‘trillion’ in the second. Whooaaaahhhh!!!
http://www.google.com/hostednews/afp/article/ALeqM5h3S42mvhjnN0aMmS9fG27kKcW9sg
then…
[Henny Penny]
The extent of the damage is becoming public and official:-
http://www.americanchronicle.com/articles/yb/139446000
Damn that wonderful ‘Sharia Finance”! A capital investment!
[Henny Penny]
The trickle before the Global Tsunami. Mark my words!
‘Moody’s Downgrades ADCB to A1′
http://www.kippreport.com/2009/12/moody%E2%80%99s-downgrades-adcb-to-a1/
and…
[Henny Penny]
‘Gulf markets calm as year-end approaches
Dubai: Wed, 30 Dec 2009 ‘
I bet you it is calm! Calm before the Tsunami!
Dead Cat!
http://www.tradearabia.com/news/newsdetails.asp?Sn=CM&artid=172572
[Henny Penny]
This is an oxymoronic situation!
…”But if the situation worsens, a further brain-drain from Dubai could have serious implications for its economy. Expatriates make up more than an estimated 80 per cent of Dubai’s 1.7 million population.”…
http://www.themalaysianinsider.com/index.php/business/48254-debt-crisis-giving-dubai-brain-drain-problem
[Henny Penny]
It was the silence from the UAE leaders that clinched the seriousness of the meltdown for me.
When you have lived through one economic meltdown you never forget the signs. The full effects of the global financial tsunami haven’t happened yet. That is when people do not receive normal emergency assistance, then normal daily resourses. Let’s see who provides what to Haiti.
Dubai property investors left beached Anthony Klan From: The Australian January 15, 2010 12:00AM
http://www.theaustralian.com.au/news/nation/dubai-property-investors-left-beached/story-e6frg6nf-1225819435157
[Henny Penny]
They will not be able to pay back their debt now.
Buildings standards would have been ignored.
This backs up my impressions of international engineering students.
[So much is understood now as to 'why'- after reading 'sheikyermami']
Just wait for more stories to appear about collapsing structures.
[no money - no assets - no population - NO JIHAD]
Dubai’s globe islands ‘sinking’18:00 AEST Tue Feb 2 2010 3 hours 27 minutes ago By ninemsn
http://news.ninemsn.com.au/world/1007196/dubais-globe-islands-washing-away
[Henny Penny]
This story backs up my impressions about international engineering students.
I felt that many projects would collapse in a short time and vowed not to enter tall buildings or cross bridges in other countries. After reading ‘sheikyermami’ I now know why.
[No money - no assets - no population - NO JIHAD]
Dubai’s globe islands ‘sinking’18:00 AEST Tue Feb 2 2010 4 hours 39 minutes ago By ninemsn staff
http://news.ninemsn.com.au/world/1007196/dubais-globe-islands-washing-away
[Henny Penny]
I will remind readers of my prediction made in previous posts here regarding the GFC and Dubai’s Major Financial Jihad.
i.e. [No Money, No Resources, No Jihad].
Well read this! Time IS RUNNING OUT!
News and analysis
You are here: ninemsn > Money > News and analysis
Cash-strapped Al-Qaeda hit by financial crisis, 1/03/2010 7:54:15 AM
http://money.ninemsn.com.au/article.aspx?id=1018550
Ho Hum!
[Henny Penny]
An interesting episode tonight, called ” Dubai Quicksand”. Make sure you avail yourselves of an episode. I hope one of them is a repeat. Very honest and matter-of-a-fact. Just like the ABC used to be.
Press the website link to Foreign Correspondent and watch the program while it is available.
“They imagined a breathtaking future-world, burned billions of dollars to summon it out of the sand and hundreds of thousands of expats and investors stampeded into Dubai for a piece of the action. But when the sands suddenly shifted it wasn’t going to be quite so easy getting out.”
Foreign Correspondent
8:00pm Tuesday, 09 Mar 2010
News CC Website
Dubai Quicksand: It’s a towering modern city built by ambitious expats from all over the world. But who gets the blame when it all goes wrong?
Also showing on ABC
– 1:00pm Saturday, March 13
– 8:00pm Tuesday, March 16
– 1:00pm Saturday, March 20
– 8:00pm Tuesday, March 23
– 1:00pm Saturday, March 27
http://www.abc.net.au/foreign/
[Henny Penny]
We are not being told much, but at least that is coming from the IMF!
‘IMF hails Dubai World debt restructure’, Judith Burns
From: Dow Jones Newswires March 26, 2010 9:32AM
http://www.theaustralian.com.au/business/city-beat/imf-hails-dubai-world-debt-restructure/story-fn4xq4v1-1225845852680
[Henny Penny]
Let’s see what happens in June 2010!
Hhhhmmmmm!