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Old 02-14-2009, 05:46 PM
 
Location: Sacramento
13,784 posts, read 23,807,188 times
Reputation: 6195

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Looks like the place of rotating towers and giant developments is hitting a bit of a snag here:

But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.

No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy.


http://www.nytimes.com/2009/02/12/wo...2dubai.html?em


Here is some of the stuff they have been working on lately:

The rotating tower:

FOXNews.com - Architect Looks to Construct First Moving Tower in Dubai - Science News | Science & Technology | Technology News

The largest and most high end shopping mall:

Opening of world's biggest shopping mall sign of continued growth in Dubai | Middle East | News

The tallest towers:

Burj Dubai image - Photos: The new world's tallest building - CNET News

And an odd (and larger) version of Disney World:

http://www.dubailand.ae/



Could end up looking like the Disney version of a futuristic ghost town when all is said and done...

http://www.askmen.com/top_10/travel/...ojects_10.html
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Old 02-14-2009, 07:02 PM
 
4,570 posts, read 6,545,271 times
Reputation: 2538
This was going to happen sooner or later.
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Old 02-14-2009, 07:07 PM
 
Location: Heartland Florida
9,324 posts, read 23,800,644 times
Reputation: 4901
All I can say is that I hope this crash lasts a while and teaches them some lessons. They will be prosperpous again as the whole world depends on oil, but a little pain from time to time is a good thing.
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Old 02-14-2009, 07:53 PM
 
3,144 posts, read 7,350,715 times
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Quote:
Originally Posted by tallrick View Post
All I can say is that I hope this crash lasts a while and teaches them some lessons. They will be prosperpous again as the whole world depends on oil, but a little pain from time to time is a good thing.
I hope they never recover. That whole place was built on Kevin Costner's concept in "Field of Dreams", not only that but the funds all came from one source... oil. They put all their eggs in one basket and what a useless basket of eggs it turned out to be.
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Old 02-14-2009, 08:30 PM
 
Location: Heartland Florida
9,324 posts, read 23,800,644 times
Reputation: 4901
I would hope they would be left behind as well. Remember the ABC special on how bad the laborers building that city are treated? Typical rich dirtbags exploting the cheap labor from the overpopulated third world. It takes thousands of slaves to support every one billionaire and it makes me sick. However, the only way to stop those arabian boomtowns is to get off of petroleum. That will not happen till it runs out.
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Old 02-14-2009, 08:48 PM
 
Location: Sacramento
13,784 posts, read 23,807,188 times
Reputation: 6195
A lot of overbuilding has taken place internationally, I'm not sure that many of these foreign investors have really done a thorough business case analysis for their planned projects.

When this stuff goes south, the recovery process can be long and painful, China is currently experiencing some of this too with their massive shopping mall projects (oddly, the story was from the Abu Dhabi Media Company):

There was nothing else to do, because the South China Mall, which opened with great fanfare in 2005, is not just the world’s largest. With fewer than a dozen stores scattered through a space designed to house 1,500, it is also the world’s emptiest – a dusty, decrepit complex of buildings marked by peeling paint, dead light bulbs, and dismembered mannequins.

Mall of misfortune - The National Newspaper
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Old 02-14-2009, 09:04 PM
 
Location: SE Arizona - FINALLY! :D
19,872 posts, read 22,783,088 times
Reputation: 7186
Quote:
Originally Posted by JTraik View Post
I hope they never recover. That whole place was built on Kevin Costner's concept in "Field of Dreams", not only that but the funds all came from one source... oil. They put all their eggs in one basket and what a useless basket of eggs it turned out to be.
Actually you are 100% wrong. The whole point of all the Dubai development was to prepare the country for a time when they DO NOT HAVE OIL REVENUES. They know their supply of oil is limited and have made plans to develop their country so that they have a "reason for thriving" after the oil is gone. The idea was to make Dubai into a commercial, tourism and business center along the lines of Hong Kong.

So NO, they have not put all their eggs in one basket (oil) - just the opposite in fact, they are using their oil money NOW (while they still have it) to try and build a future for their nation. They are trying hard BRANCH OUT FROM OIL.

Ken
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Old 02-14-2009, 11:44 PM
 
Location: toronto, Canada
772 posts, read 1,091,773 times
Reputation: 283
Another article on Dubai's crisis.
Boom turns to gloom as crisis hits Dubai - BlackListed News (http://www.blacklistednews.com/news-2399-0-13-13-2008-11.html - broken link)
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Old 02-14-2009, 11:58 PM
 
787 posts, read 1,546,730 times
Reputation: 476
Quote:
I hope they never recover. That whole place was built on Kevin Costner's concept in "Field of Dreams", not only that but the funds all came from one source... oil. They put all their eggs in one basket and what a useless basket of eggs it turned out to be.
it's spent the last decade trying to diversify it's economy.
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Old 02-15-2009, 04:45 AM
 
Location: San Diego, CA
4,883 posts, read 7,320,421 times
Reputation: 1903
Quote:
Originally Posted by NewToCA View Post
Looks like the place of rotating towers and giant developments is hitting a bit of a snag here:

But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.

No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy.


http://www.nytimes.com/2009/02/12/wo...2dubai.html?em


Here is some of the stuff they have been working on lately:

The rotating tower:

FOXNews.com - Architect Looks to Construct First Moving Tower in Dubai - Science News | Science & Technology | Technology News

The largest and most high end shopping mall:

Opening of world's biggest shopping mall sign of continued growth in Dubai | Middle East | News

The tallest towers:

Burj Dubai image - Photos: The new world's tallest building - CNET News

And an odd (and larger) version of Disney World:

DUBAILAND™



Could end up looking like the Disney version of a futuristic ghost town when all is said and done...

AskMen.com - Top 10: Outrageous Dubai Construction Projects
The City of Dubai in the UAE has done some interesting things with it's oil money but largely it is mostly just white elephant projects which are grand on paper but it doesn't really have enough citizens to use all those apartments much less more office space then Manhattan or London (both cities with many times the population of all the UAE). Further more Dubai doesn't want real immigrants who come there and become citizens and instead they just want temperary workers which means most of them don't put down roots and a real society which can last through economic ups and downs isn't being built.
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