So, Dubai was fixed was it - DIC is now delaying payments

[anonymous-user]

[redacted]

[WhoseGeneration]

anonymous said:

[redacted]

Gotta be "local" interests helping out, in the end?
Perhaps the politics of the area is, too, of relevance?

[WhoseGeneration]

anonymous said:

[redacted]

Ain't gonna be any default ultimately, as you and I think, though the question is, who will pick up the tab.
Then to let it all sink back into the sea?
Would make a good Chinese middle class holiday destination though.
Perhaps they're waiting for the firesale.

[ClintonB]

anonymous said:

[redacted]

Forgive my late night half-cut stupidity but surely we owe them more than they owe us?

While I'm sure it is a bit of an embarrassment and a bit of pain to pay off, surely a-Doug's profits on Barclays et al pays for this & the West Bradford mafia continues apace?
If I was a quid behind them, I'd look like The Joker on MDMA.

[ClintonB]

anonymous said:

[redacted]

I suspect you're right, there's always been something of the obvious, flash & bullplop about Dubai.
Through last night's wine & tiredness haze, it almost read like a question as to whether Abu Dhabi would/could continue to fund the Council House experiment, hence my slight confusion. Obviously there's no issue on that front, more a question of how long they will continue to bail out their flash neighbours before getting to a stage of having had enough.

Presumably the Barclays profits are funding the football & Ferrari World and aren't as yet spent. Shame they can't spend a bit on the immediate area around the stadium, rather than paying moderate footballers £5m+ pa.

[HFLagos]

Once Abu Dhabi is confident that it has the infrastructure in place to fully compete with Dubai on all levels, the funding to Dubai will dry up from its neighbours in Abu Dhabi. For the moment, Abu Dhabi needs Dubai to keep the UAE "market" as a destination of choice, so is continuing to subsidise it.

DIC is playing with its other creditors meanwhile in order to mitigate its dependency on Abu Dhabi.

It's not too long before there is a clear victor, the "market" is not big enough to support both places on the scale they have developed themselves and their future plans.