If Dubai is skint will Petrol prices go through the roof ?

I heard on telly this morn that Saudi have the oil...Dubai has feck all.

Double dip anyone?

I'll get me bread sticks

Oil production is responsible for roughly 3% of Dubai's GDP. Incidentally, the Saudis will tell Dubai to go f*ck themselves. Qatar, Abu Dhabi and Kuwait might be persuaded to help out - particularly Abu Dhabi on the grounds they share a currency.

HM - Abu Dhabi wont help despite being another emirate from the same country. They have a rivalry and hatred like two local football teams (really despise each other and have fought in the past)

Dubai isnt majorly in debt itself its alot of the tycoons that have funded the buildings in and around dubai. If they were to sell them and get reasonable prices it wouldnt be in a bad state (would lose out still probs) but they own other stuff including golf course in various countries namely america and other sporting complexes. Sale of these would generate quite an amount.

Dubai has feck all.

not true ...they have tons of hard core for sale ..(the garage foundations type ) :D

exactly JJ, they have loads of the buildings (albeit they are empty and generating next to nothing) but the sale of rooms or the building itself would bring in loads. The way prices are going up for package holiday to majorca/Gran canaria turkey etc.. people will soon be paying the extra to fly to dubai for the better all round package

Is it the end for Godolphin.

I blame gordon brown

I blame Simon Christford

Blademan1889 27 Nov 12:24


"I heard on telly this morn that Saudi have the oil...Dubai has feck all. "

The booming economy in Dubai was built on tourism, property and financial services,
about a third of all the cranes in the world are out in Dubai with all that building.....
and now the bubble has burst and they have a cash crisis !

Sheikh Mo will juts sell a couple of his horses to pay down the debt. No Worries.

Where's Dubai Millenium went you need 'im?

may have an effect on london house prices though

Didn't Alistair forecast this in one of his budget, pre-budget, post-budget or reverse budget statements?

We don't know how much exposure British Banks have got to the Dubai debt,
or which banks have got most exposure, but with their past record for greed,
I'd like to know exactly which banks would be most affected and how much is at risk.

I've read that the horrible gash 'seven star' (yeah right) burj hotel would have to be booked out solid for 300 years to become solvent. This could be balls though.

Ghostdog you been inside th Burj Al Arab to say its gash?

No, I'm not in a position to pay a grand a night, and wouldn't go there if I was. Seen pictures of the inside though:

http://www.transit-port.net/Galleries/Dubai/pages/Burj.Al.Arab.Pattern.htm

Well Ghostdog i have been, ive seen the outside and been inside, not been inside an individual room but walked around the hotel and it is truely amazing, it is a different class to anything ive ever seen. However it is not a 7 star hotel (only given 7 star status by UAE but not recognised as such anywhere else) i think the only 7 star is in Milan.

Ghostdog seriously seeing a picture of it inside and otu doesnt give you the feel for the place, the structure, time taken, effort and touch of perfection it has been given in every detail. trust me mate, give it a chance and if u ever get the chance to see dubai its worth a visit for sure

^^

Petrol prices are through the **ing roof already. :(

You mean they arent now?

Fking joke prices. They stick it up way too much, wait for the French to start burning tires and blocking traffic with trucks then put it down, but on down so much so its still a rise and we all go 'yaay they gave in'

Feb 2009
For many expatriate workers in Dubai it was the ultimate symbol of their tax-free wealth: a luxurious car that few could have afforded on the money they earned at home.

Now, faced with crippling debts as a result of their high living and Dubais fading fortunes, many expatriates are abandoning their cars at the airport and fleeing home rather than risk jail for defaulting on loans.

Police have found more than 3,000 cars outside Dubais international airport in recent months. Most of the cars four-wheel drives, saloons and

they didn't have a lot of oil anyway.no effect really.

blackjack I take your point, the engineering and finish is unbelievable, but at a grand a night it should be. The decor is not to my taste, but if my euro trading method takes off maybe I'll check it out for a few weeks in 2018.

From what I've seen of the one in Milan, (ie internet) they may have the right to call that 7 stars. A beautiful place.

I heard oil prices went down.

Which was nice.