10 February, 2009

Dubai Businessmen: All is good



Three prominent Dubai businessmen confessed.. err.. confirmed that the market situation in Dubai is extremely positive and all rumors about a weak economy and a weaker outlook are just propaganda. The Chinese, British and Indian businessmen affirmed their enthusiasm for the opportunities in Dubai while a friendly government official hovered around to ensure their safety.

15 comments:

Naseem said...

hahahaha good one :)

The Spear said...

Well, anything else than these statements, is a blatant lie and will be dealt with by the authorities as such. Everything is good.

DUBAI JAZZ said...

okay, so what's in it for them?

hemlock said...

?

Anonymous said...

Confessed for what..If they are very stable in Dubai market for what they confessed?Did they revealed they are going to close their business here due to the bad finance situation?
??????????????????

Anonymous said...

All the people in the world now, know the facts!!! Does not change anything.

A Blessing in Tragedy said...

Actually, very few know the facts or fess up to them.

Fact. The UAE had a growth rate of 10ish % last year, and although it is "supposed to" slow down (IMF said to around 6.4 I believe) that is still NOWHERE near a recession. A recession is NEGATIVE growth. The second you hit -0.01% growth, you are in a recession (Course, you wont know that till you're about 6 months in it, but like i said, this country is "supposed" to end 2009 with a rate of 6.4. NO recession.

Fact. Dubai, like all spoiled brats, will continue to spend and spend and spend, flashing it's "gold" cards without a care, because in the end (as we have seen in the last 2 months) Abu Dhabi, the annoyed father of said brat, will in the end pick up the tab.

And Abu Dhabi is far from in trouble.

Sure, Dubai, may (again, like a spoiled brat) alienate it's self from its old "friends" or shed "excess" baggage... but in the end just as she's sure of her daddy's birthday present next year (Another Ferrari) so is she sure that daddy will clear up those outstanding balances.

And Abu Dhabi, being the overbearing father who "loves" Dubai so so much, will infact do this, time and time again.

Eh. Why did this country form? really. Im being serious. We (Abu Dhabi) dont need the other emirates. They do nothing but suck money from us every year. and if you pass Sharjah the IG levels drop in direct positive proportion to the amount of miles driven north.

Eh.

Anonymous said...

I am afraid you will need to check your facts again BIT.

www.zawya.com/story.cfm/sidZW20090208000047

But again if one has the time and energy I am sure we could find some experts and analysts that negate the existence of the crisis all together.

kaya said...

Excellent. Needed that.

A Blessing in Tragedy said...

Anonymous said...
I am afraid you will need to check your facts again BIT.

www.zawya.com/story.cfm/sidZW20090208000047

But again if one has the time and energy I am sure we could find some experts and analysts that negate the existence of the crisis all together.

Post a working link. That just redirects to a membership site.

My facts are pretty spot on. Please check http://www.gulf-daily-news.com/Story.asp?Article=242533&Sn=BUSI&IssueID=31326 for example. Note that the figures are for the ENTIRE gulf, places like KSA have a much lower economic growth than the UAE.

So still, worse case scenario, 3.5% for the whole gulf, thats 6ish for the UAE. VERY far from a recession. VERY.

As for other things on that same site you posted, again, echos the one I posted. IMF warns of a SLOWDOWN, no recession, NOT EVEN CLOSE.

A Blessing in Tragedy said...

But again if one has the time and energy I am sure we could find some experts and analysts that negate the existence of the crisis all together.

Or the money. Yes. I agree.

hemlock said...

ABIT, i looked up the zawya link. it's text from a standard chartered report saying:

"UAE to see negative growth in 1H 2009"
"DUBAI (Zawya Dow Jones)--The United Arab Emirates will see negative growth for the first time in years said Standard Chartered Bank Sunday.
"There's a possibility of getting growth below 0% in the first half, but it won't be a serious recession," Marios Maratheftis, chief economist at Standard Chartered Bank in Dubai told Zawya Dow Jones.
"Growth may be -0.5% in the first half then rise to 1% in the second half of 2009," he said, adding by that time the effects of stimulus packages would start to be felt.



but all that said, this post makes no sense at all. the sarcasm was seriously lost in translation.

UmmeAaiman said...

Oh Yeah! That's old news though...... The Govt. is superlative at putting on illusionary performances .. or didn't we know that already?

Anonymous said...

To A Blessing in Tragedy@18:41

Hey smarty pants, a recession isnt called the moment you hit negative growth. You're only in a recession after two quarters of negative growth.

And you can officially call a recession along with relevant data in less than three weeks after have two quarters of negative growth.

DUBAI JAZZ said...

once again,
pwned.

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