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And, yes, I DO take it personally: Dubai finally admits a bit of the truth
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Friday, November 27, 2009

Dubai finally admits a bit of the truth


i love how the 2d paragraph starts - "the fallout came swiftly"... 'scuse me, but what a pile of bullshit... it may have SEEMED swift but only for those who haven't been paying attention...

hardly a secret, dubai's bailout request to abu dhabi (see below) made dubai the butt of jokes as the whimpering plea of a compulsive gambler... there were rumblings last january when i posted about those jumping ship (here) and have devoted a number of other posts (here) to my impressions of that supremely soulless place that harbors the all-too-common delusion that money can buy not just anything, but EVERYTHING...

perhaps the biggest reason the dubai debt crisis took the world by surprise is the intense repression of news exercised by obscenely bloated, super rich sheiks that call the shots in the uae... the fact that it's hitting the news at all suggests to me that the problem is massively more serious than they're letting on...

Just a year after the global downturn derailed Dubai's explosive growth, the city is now so swamped in debt that it's asking for a six-month reprieve on paying its bills — causing a drop on world markets Thursday and raising questions about Dubai's reputation as a magnet for international investment.

The fallout came swiftly and was felt globally after Wednesday statement that Dubai's main development engine, Dubai World, would ask creditors for a "standstill" on paying back its $60 billion debt until at least May. The company's real estate arm, Nakheel — whose projects include the palm-shaped island in the Gulf — shoulders the bulk of money due to banks, investment houses and outside development contractors.

In total, the state-backed networks nicknamed Dubai Inc. are $80 billion in the red and the emirate needed a bailout earlier this year from its oil-rich neighbor Abu Dhabi, the capital of the United Arab Emirates.


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