Reply With QuoteThis about says it all:
... it’s all going tits up for them ...
This about says it all:
... it’s all going tits up for them ...
A striking photo essay of Dubai by Dustin Aksland at good.is (via bldgblog).
Jeesh ... Looks to me like a punishment.
But then I hate LA.
Let the FUN begin.
Why do I have a feeling that Dubailand is going to end up an unofficial sequel to Zombieland?
Almost everything on hold there (or never started)Originally Posted by lofter1
Dubai Marina
At night (from the top end of the marina)
From the top of a tower
A big panorama picture from the same place
The beach
Taken from the bottom end of the marina
This picture shows what was built in the last 5 years minus 6 towers (Jumeirah lake towers on the left and the tallest block on the right)
Jumeirah Walk (near the beach, in front of those ugly yellow towers)
A car crash
Hmm
In this picture we have the following towers under construction from left to right: Ocean Heights (310m), 23 Marina (389m), Sulafa Tower (285m), Elite Residence (380m), Marina 101 (412m), Mag 210 (250m approx), Marina Pinnacle (260m approx), The Torch (338m) and Princess Tower (414m). Ocean Heights, 23 Marina, The Torch and Princess Tower will break 300m in the next few weeks.
More tallest block showing infinity tower (307m) to the left.
Canyon
Ocean Heights, Elite Residence, Princess Tower and Infinity Tower
The Pentominium (520m) is due to have its 5 meter thick foundation slab poured in early January.
From Palm Jumeirah
Tallest block at night (taken from media city)
Another night picture
Last edited by malec; November 23rd, 2009 at 09:04 AM.
Looks like the doggy doos are really hitting the fan in Dubai - it's in the process of defaulting.
Dubai debt crisis: Now British banks face fresh crisis after investing billions
- Barclays, RBS and HSBC face losing billions
- Wall Street plummets by 2 per cent after late opening
- FTSE falls by 1.5 per cent before stabilising
- Banks see £14billion wiped off market value in one day
- Dubai may consider selling QE2 to tackle debt
Daily Mail
By LIZ HAZELTON
27th November 2009
British banks were teetering on the brink of a fresh meltdown today after it emerged they had invested heavily in crisis-hit Dubai.
An $80 billion debt default in the emirate has already reawakened the spectre of a global 'double dip' - that the first shoots of recovery could be wiped out by a second wave of recession. But the level of exposure that the crippled British banking sector faces is now under renewed scrutiny.
The crisis was prompted by Dubai World, the development company behind three palm shaped islands as well as an off-shore replica of the globe, defaulting on its debt.
Today it emerged that:
> Royal Bank of Scotland (RBS) was Dubai World's biggest loan arranger since January 2007, according to JP Morgan
> HSBC has an estimated £9.6billion in loans and advances to UAE customers
> Barclays has an exposure of around £3billion
The figures are particularly alarming as the sector has had to be bailed-out by the tax payer on a number of occasions over the last year-and-a-half. Earlier this month, RBS and Lloyds Banking group received another £50billion to keep them afloat.
RBS - which has received the biggest state rescue anywhere in the world - is now effectively owned by the taxpayer ...
© 2009 Associated Newspapers Ltd
Can't blame the US real estate market on this one... this is a completely home grown screw-up.
How can these banks be so myopic? Or did everyone know that Dubai was a timebomb, and they were just hoping that they wouldn't be the ones stuck with the loans when the music stopped?
...
I'd be willing to bet that if someone were to track the income of the managers who oversaw these loans we'd find they're doing just fine. Why should they care if everyone else involved ends up screwed as long as their coffers are full?
Looks like a great opportunity for these guys. Check out the video.
http://www.burakmarine.com/ship_breaking.html
on youtube:
http://www.youtube.com/watch?v=mRJYg...layer_embedded#
Dubai debt smacks NYC
Icons may go on the block
By JAMES DORAN
A block-full of landmark New York City real estate is being sized up for the auction block in the fallout of the Dubai debt crisis rocking global markets.
Dubai, one of seven states in the United Arab Emirates, said last week it will ask creditors for a six-month freeze of its debts as it attempts to pay them down. The effort may include the sale of noncore assets such as:
* The Jumeirah Essex House, the 78-year-old, 43-story luxury hotel on Central Park South whose iconic rooftop sign is a landmark in the city.
* Knickerbocker Hotel, the John Jacob Astor-built Times Square Hotel on the southeast corner of 42 Street and Broadway in which, legend has it, the martini cocktail was invented.
* Barneys New York, the famous, upscale apparel chain that Dubai's Istithmar unit purchased 26 months ago for $937.4 million, but which has struggled under the weight of the recession.
Aiden Birkett, a senior restructuring expert from global accounting firm Deloitte, on Friday was winging his way from London to Dubai to begin the lengthy task of poring over the books of Dubai World in an effort to help the sovereign investment firm crawl out of a $59 billion debt hole.
Deloitte was hired late last week by the Emirate of Dubai to begin an emergency restructuring of the $59 billion debt pile after the government announced that it wanted to delay paying creditors due to the rigors of the global economic downturn.
One of the most pressing tasks ahead for Birkett is to draw up a list of assets deemed "noncore" that could be sold off in a hurry to raise much-needed cash to be used to satisfy hordes of creditors, sources close to Deloitte told The Post.
Dubai World, through its Istithmar investment arm, also owns the New York W and Mandarin Oriental hotels.
"Dubai World has significant high-profile assets in the United States and elsewhere in the world, and it is clearly a priority in any restructuring to determine which assets are strategic or nonstrategic," said Richard Fox, head of Middle East and Africa sovereign ratings at Fitch, the credit-ratings agency.
"Those that are not strategic should be sold if the market supports the right price," he added.
A source close to Deloitte pointed out that New York assets like The Oriental and the W were very valuable brands that command a global presence.
It has also long been speculated that Barneys could be sold off by the Dubai investment firm if a buyer -- willing to pay close to the almost $1 billion price the Emirate paid for it two years ago -- could be found.
A spokesman for Deloitte in London said it was too early to guess what will or will not be on Birkett's list for Dubai World, but added: "The priority with Dubai World is to look at the business as a whole and work out what is and what is not core. It may well be the case that selling some of those noncore assets would be a reasonable way to reduce its liabilities."
Some of the debt is due as soon as mid-December.
Exposure of US banks to the debt is said to be minimal.
Still, some are wondering if the move by Dubai will spark similar moves by other sovereign funds.
http://www.nypost.com/p/news/busines...#ixzz0YQvXxc06
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