Page 24 of 28 FirstFirst ... 14202122232425262728 LastLast
Results 346 to 360 of 417

Thread: Dubai

  1. #346
    Senior Member
    Join Date
    Nov 2002
    Location
    Huntington
    Posts
    432

    Default


  2. #347
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    Location
    NYC - Downtown
    Posts
    32,654

    Default

    This about says it all:

    ... it’s all going tits up for them ...

  3. #348

    Default

    A striking photo essay of Dubai by Dustin Aksland at good.is (via bldgblog).

  4. #349
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    Location
    NYC - Downtown
    Posts
    32,654

    Default

    Jeesh ... Looks to me like a punishment.

    But then I hate LA.

  5. #350
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    Location
    NYC - Downtown
    Posts
    32,654

    Default

    Let the FUN begin.

  6. #351
    Senior Member
    Join Date
    Nov 2002
    Location
    Huntington
    Posts
    432

    Default

    Why do I have a feeling that Dubailand is going to end up an unofficial sequel to Zombieland?

  7. #352

    Default

    Quote Originally Posted by lofter1 View Post
    Let the FUN begin.
    Almost everything on hold there (or never started)

  8. #353

    Default

    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 08:04 AM.

  9. #354

    Default

    Looks like the doggy doos are really hitting the fan in Dubai - it's in the process of defaulting.

  10. #355
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    Location
    NYC - Downtown
    Posts
    32,654

    Default

    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

  11. #356
    Senior Member
    Join Date
    Nov 2002
    Location
    Huntington
    Posts
    432

    Default

    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?

  12. #357

  13. #358
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    Location
    NYC - Downtown
    Posts
    32,654

    Default

    Quote Originally Posted by dtolman View Post

    ... 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?

  14. #359

    Default

    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#

  15. #360
    NYC Aficionado from Oz Merry's Avatar
    Join Date
    Oct 2002
    Location
    Australia
    Posts
    7,476

    Default

    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

Similar Threads

  1. Burj Khalifa (formerly Burj Dubai) - by Skidmore, Owings & Merrill
    By larven in forum World Skyscrapers and Architecture
    Replies: 479
    Last Post: October 12th, 2014, 01:58 AM
  2. Trump Dubai - Golden Lotus to Rise
    By lofter1 in forum World Skyscrapers and Architecture
    Replies: 18
    Last Post: August 18th, 2007, 09:02 PM
  3. The Pinnacle, Another great building in dubai... 2,461 FT
    By Jimbo Holland in forum World Skyscrapers and Architecture
    Replies: 45
    Last Post: May 12th, 2007, 04:32 AM
  4. Sale of US Ports to UAE owned Dubai Ports World
    By chris in forum News and Politics
    Replies: 36
    Last Post: May 10th, 2006, 09:42 AM
  5. Now Disneyland comes to Dubai...
    By Face81 in forum World Skyscrapers and Architecture
    Replies: 16
    Last Post: May 27th, 2005, 05:20 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software