From what's being predicted, it appears that it'll take another 24 months before we see greener pastures on the horizon.
And that's just a wild guess based on the current outlook.
Showing posts with label Dubai economy. Show all posts
Showing posts with label Dubai economy. Show all posts
14 February, 2012
The Long Road to Recovery
The following article appeared on the Mises Economics Blog:
From what's being predicted, it appears that it'll take another 24 months before we see greener pastures on the horizon.
And that's just a wild guess based on the current outlook.
From what's being predicted, it appears that it'll take another 24 months before we see greener pastures on the horizon.
And that's just a wild guess based on the current outlook.
02 December, 2009
The Daily Show: United Arab Emirage
This has been flowing around twitter today:
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| United Arab Emirage | ||||
| ||||
30 November, 2009
Media Council to the Rescue!
You can count on British newspapers: After the shock, the ridicule. An image accompanying an article in the Sunday Times which shows Sheikh Mohammed ‘floundering in a sea of debt’ is deemed so offensive to the nation’s frail and fickle sensitivities as to spur the National Media Council into action and order removal of the ‘The Sunday Times’ and ‘Times of London’ print editions from the shelves of local news stands, according to this report in ‘The Wall Street Journal’.
Never mind the matter at heart of the controversy. The fact that investors were kept in the dark about Dubai’s ability and intention to repay its debt on time. The fact that this inconvenient truth was released only weeks after Dubai’s ruler told critics to ‘shut up’ and repeatedly reconfirmed that Dubai would honour its obligations - which evidently it is not. That fact that this announcement was made just hours before the financial markets in the UAE shut down for several days of public holidays and the government went ‘incommunicado’.
No, these facts matter not! What really matters is that nobody in this country reads about it.
The National Media Council can be relied on to save the day, and face. Never mind the cock up – as long as people don’t see the photo or read the story, ‘nothing happened’. Thank you, NMC; we can sleep easy in this country, unbothered by troublesome news.
Since the NMC hasn’t heard of that newfangled invention called internet yet, you can see the “offending” article and image here:
Never mind the matter at heart of the controversy. The fact that investors were kept in the dark about Dubai’s ability and intention to repay its debt on time. The fact that this inconvenient truth was released only weeks after Dubai’s ruler told critics to ‘shut up’ and repeatedly reconfirmed that Dubai would honour its obligations - which evidently it is not. That fact that this announcement was made just hours before the financial markets in the UAE shut down for several days of public holidays and the government went ‘incommunicado’.
No, these facts matter not! What really matters is that nobody in this country reads about it.
The National Media Council can be relied on to save the day, and face. Never mind the cock up – as long as people don’t see the photo or read the story, ‘nothing happened’. Thank you, NMC; we can sleep easy in this country, unbothered by troublesome news.
Since the NMC hasn’t heard of that newfangled invention called internet yet, you can see the “offending” article and image here:
30 April, 2009
Ashes to ashes
The city is home to around 1.5 million people who enjoy low taxes and a pretty extreme arid climate for 5 months of the year. The city has been for many years a hotbed for property development and speculation and prostitution. Scores of illiterate migrant workers toil in the desert…
I am of course talking about the city of Phoenix in the US state of Arizona. What were you thinking?!
For several years now Dubai and Phoenix have worked on forging closer ties.
It is unclear as to who pursued whom in the first place – and why -, but in the end those efforts have culminated in the establishing of a strategic partnership between Dubai and Phoenix. An agreement was slated to be signed yesterday, 29 April.
Twinning two cities from different countries is in principle a great idea and it happens a lot across Europe. You can compare and learn from each other about new ways to do things; compare different regulations, strategies, and results. The idea is to tie with a city that is similar but not too much either.
So why has Dubai chosen to twin itself with Phoenix, Arizona? Well, it becomes all clear now: Phoenix boasts the biggest decline in property prices in the entire USA!
I am of course talking about the city of Phoenix in the US state of Arizona. What were you thinking?!
For several years now Dubai and Phoenix have worked on forging closer ties.
It is unclear as to who pursued whom in the first place – and why -, but in the end those efforts have culminated in the establishing of a strategic partnership between Dubai and Phoenix. An agreement was slated to be signed yesterday, 29 April.
Twinning two cities from different countries is in principle a great idea and it happens a lot across Europe. You can compare and learn from each other about new ways to do things; compare different regulations, strategies, and results. The idea is to tie with a city that is similar but not too much either.
So why has Dubai chosen to twin itself with Phoenix, Arizona? Well, it becomes all clear now: Phoenix boasts the biggest decline in property prices in the entire USA!
It’s so much more fun to compete with peers. Not only do you have a realistic chance of coming out tops but you can also conveniently point fingers at each other as example for similar problems across the world. This is reassuring for the respective populations. After all, it would hardly be very amusing for Dubai to compare itself with, say, Oslo or Zurich.
I can picture the municipality leaders of Dubai and Phoenix leaning heavily on a park bench, in between sips out of bottles in paper bags, commiserating with each other and ranting on about the unfairness of life. “Why me? It wasn’t me! It’s all the investors’ fault!”
As the saying goes: With friends like these....
Of course we hope that both cities will eventually rise from the ashes like the proverbial Phoenix. But this is only possible because in the first place both burned (their fingers) badly and crumbled.
By the way, currently Dubai leads Phoenix with a -41% versus -35% decline. Hooray. We are winning.
Subscribe to:
Comments (Atom)
Posts
