Cable Forum - Celebrities' Dubai Dreams Turn To Dust (Boohoo)

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Celebrities' Dubai Dreams Turn To Dust (Boohoo)

Quote:

2:08pm UK, Thursday November 26, 2009

Ashish Joshi, Gulf correspondent, Dubai

The rich and famous were quick to part with their money when offered a chance to invest in the Dubai dream.

http://news.sky.com/skynews/Home/Wor...Property_Crash

Re: Celebrities' Dubai Dreams Turn To Dust (Boohoo)

Arf!

Shouldn't laugh though. I'd imagine a lot of banks have debts tied up in Dubai and if it all goes to hell theyll be looking for another bailout.

Re: Celebrities' Dubai Dreams Turn To Dust (Boohoo)

Quote:

Originally Posted by Derek S (Post 34916133)

Arf!

Shouldn't laugh though. I'd imagine a lot of banks have debts tied up in Dubai and if it all goes to hell theyll be looking for another bailout.

Wouldn't be surprised!

That's incredible though that 74% of their national debt is because of that project.

Re: Celebrities' Dubai Dreams Turn To Dust (Boohoo)

Quote:

Originally Posted by Derek S (Post 34916133)

Arf!

Shouldn't laugh though. I'd imagine a lot of banks have debts tied up in Dubai and if it all goes to hell theyll be looking for another bailout.

Actually, Dubai is nearly bankrupt, and it's already affecting European stocks.

http://business.timesonline.co.uk/to...cle6933664.ece

(today's times)

Quote:

The value of British banking shares plunged by Â£13.7 billion today amid growing fears the UK financial sector could be heavily exposed to Dubai World, the state-owned conglomerate which yesterday asked for a standstill on its $60 billion (Â£36 billion) debt pile.

Investors had been hoping the British financial sector had worked through much its toxic debt, which included exposure to America's sub-prime mortgage market.

However, Credit Suisse estimates European banks are exposed to about half of Dubai's $80 billion borrowings, naming Barclays and Royal Bank of Scotland (RBS) as the UK lenders most at risk from the Emirates worsening debt problems.

The emergence of Dubai's financial problems now raises fears UK banks could face more writedowns on bad debts, and chimes with warnings earlier this week from Dominique Strauss-Kahn, the managing general of the International Monetary Fund, who said that global banks had only worked through half their toxic assets since the banking crisis broke two years ago..

Re: Celebrities' Dubai Dreams Turn To Dust (Boohoo)

Maybe they should sell more oil... at a knockdown price?

PLEASE!!!

Re: Celebrities' Dubai Dreams Turn To Dust (Boohoo)

Quote:

Originally Posted by Taf (Post 34916164)

Maybe they should sell more oil... at a knockdown price?

PLEASE!!!

Dubai doesn't have any oil (to speak of). Most of the Emirates' oil is Abu Dhabi's.

Re: Celebrities' Dubai Dreams Turn To Dust (Boohoo)

A lot of foreign workers fled Dubai back in February, they risked getting thrown into a debtor's prison.

http://moneynews.newsmax.com/streett...17/182575.html