The Goodbye Dubai Song

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
01/12/2009 16:22

To The Tune of THE OKEY-COKEY song.



You put a million in

You take a trillion out

In out, in out

You sheikh it all about

You look to Abu Dhabi

And you turn around

That's what it's all about



Oh, Abu Abu Dhabi

Oh, Abu Abu Dhabi

Oh, Abu Abu Dhabi

Knees bend, arms stretch

BAIL US OUT !!!!

scoobydoo


Joined: 10/11/2008
Posts: 2434

Message Posted:
01/12/2009 16:25

Brilliant!!!

Mindy



Joined: 27/10/2008
Posts: 1210

Message Posted:
01/12/2009 16:31

Very apt....... haha

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
01/12/2009 16:52

Bill

I wish it was as funny as that. The second recession is on its way. 80% of the finance that Dubai World borrowed is from UK banks, Greece is in deep crap and is looking to the EU to bail it out and we all know who finances the EU. Fasten your seatbelts and welcome to the 'second coming' Oh and the Japan government convened an emergency meeting today to try and kick start their economy.

AJ

greylag


Joined: 08/04/2009
Posts: 1110

Message Posted:
01/12/2009 16:52

Dont sing it to Ivorbankloan as i dont think he will see the funny side,

Grey

smithy


Joined: 17/07/2008
Posts: 5301

Message Posted:
01/12/2009 16:55

Good one Bill

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
01/12/2009 16:58

Dave. You are so right about the 'second coming' I'm hearing of at least 1 client a week closing down or in trouble financially. A lot of people will be in trouble next year. Batten down the hatches!

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
01/12/2009 17:33

"I'm hearing of at least 1 client a week closing down or in trouble financially. A lot of people will be in trouble next year. Batten down the hatches"

Is that in the UK or TRNC?

jimmy


Joined: 15/09/2008
Posts: 251

Message Posted:
01/12/2009 17:47

Dubai or not Dubai............ that is the question

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
01/12/2009 17:56

Are things really that bad in Dubai? Are people hanging on in there hoping business will improve?

jimmy


Joined: 15/09/2008
Posts: 251

Message Posted:
01/12/2009 18:04

Old joke. Did you hear about the two Irishmen arriving to help build Dubai in the desert?



They step off the plane, and look around in amazement. Then one says "Let's get back on the plane, Paddy, before the cement arrives!"

Chegwin


Joined: 24/03/2009
Posts: 775

Message Posted:
01/12/2009 18:17

Hector

The “authorities” pulled all the copies of the Sunday Times, The Times and the Guardian newspapers from the shops over the weekend as the content was considered “damaging”.

All they were doing was telling the truth.

It’s not that bad on the ground but for those who have invested there it’s a different story.

And it is nothing new.

The construction here has been visibly at a standstill for the past ten or so months.

And the rumor hasn’t raised it head yet that Mitsubishi, who supplied a lot of the Dubai Metro infrastructure, hasn’t been paid either!

The white truth, The Gulf News, has intimated in headline news that the road to recovery is well under way. I think it was a typo with the addition of the word “way”.

That is why I escape to Cyprus whenever I can.

Despite the hurdles, it is a dose of reality on the island.



Chegs

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
01/12/2009 21:46

Doesn't sound good for people working & or bought properties in Dubai. I nearly bought an apartment (almost completed) on the new marina in 2005. What put me off was despite being told that apartments would rent out easily as there was then a desperate shortage for all the european workers flooding in, when I phoned estate agents re renting it out, there was a stunned silence. They were too busy selling new off plan properties it appeared. The other problem was the maintenence to include 24 hr concierge, gym etc. They couldn't tell me what the charge per month would be. I pulled out. I then looked at a finished villa but the cost to run the aircon was estimated at 1k a month!

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
01/12/2009 21:50

Chegs

The simple fact that the Dubai government has distanced itself from 'Dubai World' is the most worrying factor.

AJ

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
01/12/2009 21:56

I thought Islamic law prevents Islamic banks from lending. Wrong again, no doubt!



Richard

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
01/12/2009 22:10

Richard

Islamic banks as far as I understand can lend money but not for profit. The majority of the finance (80%) that was raised by Dubai World was from banks in the UK. Not sure where the other 20% came from but because Dubai has none of the oil and gas reserves that other neighbouring countries have then all of their borrowing would have been at high interest rates.

The other big worry about the middle east is that the major oil and gas producing countries (the likes of Quatar, Abu Dhabi, Saudi etc) are technically bankrupt as they are all borrowing against future oil and gas production. That little bombshell is going to hit the world economy before too long.

Watch this space.

AJ

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
02/12/2009 09:29

Dave. I didn't think Abu Dhabi was technically bankrupt?