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Dec. 14 (Bloomberg) -- Dubai’s pledge to adopt global standards on transparency and creditor protection is a “giant step in the right direction” and the worst of the emirate’s debt crisis is over, investor Mark Mobius said.

“They said that going forward they wanted to become more transparent and keep people fully informed,” Mobius, who oversees more than $30 billion as chairman of Templeton Asset Management Ltd., said in a phone interview from Riyadh today. “That is a very giant step in the right direction. By making that statement, Dubai will be able to have a foremost position here in the Middle East.”

More here: http://www.bloomberg.com/apps/news?pid= ... f1qE&pos=4

yawwwwnn!

xdude wrote:yawwwwnn!

Ahh come on. Its a pledge. They have good intentions after hugeeeee investor pressure...

Try to be positive.

kinda of like a peson convicted of a crime and seeking mercy from the court. "I swear I'll never do it again", yada, yada, yada.

It would seem that some people are never satisfied, it must be real bad news indeed for them when they can see Dubai trying to do it better and worst of all for the DB Brigade, it is working.

I seriously wonder sometimes, if they find it so bad here. Then why are they still here. I guess those rejects which were exported. Couldn't find a decent job mopping toilet floors back home. Like I've said before I've been dealing with tourist for almost 10 years from now and 90% of them would say all of this will fall oneday. Or Dubai will go down faster than it came up. Makes me come to the conclusion somehow majority of the world is kinda jealous of this place ? As many had predicted this place show be a ghost town by now. Predictions of exodus on biblical propotions as soon as the summer vactions end etc etc. Look guys its still all here and still many left. Economically almost every nation, bussiness, enterprise and individual is going through a rough patch.

*rant officially over

Like ol onion said bad news for the DB brigade.

desertdudeshj wrote:I seriously wonder sometimes, if they find it so bad here. Then why are they still here. I guess those rejects which were exported. Couldn't find a decent job mopping toilet floors back home. Like I've said before I've been dealing with tourist for almost 10 years from now and 90% of them would say all of this will fall oneday. Or Dubai will go down faster than it came up. Makes me come to the conclusion somehow majority of the world is kinda jealous of this place ? As many had predicted this place show be a ghost town by now. Predictions of exodus on biblical propotions as soon as the summer vactions end etc etc. Look guys its still all here and still many left. Economically almost every nation, bussiness, enterprise and individual is going through a rough patch.

*rant officially over

Like ol onion said bad news for the DB brigade.

Good post DD

desertdudeshj wrote:I seriously wonder sometimes, if they find it so bad here. Then why are they still here. I guess those rejects which were exported. Couldn't find a decent job mopping toilet floors back home. Like I've said before I've been dealing with tourist for almost 10 years from now and 90% of them would say all of this will fall oneday. Or Dubai will go down faster than it came up. Makes me come to the conclusion somehow majority of the world is kinda jealous of this place ? As many had predicted this place show be a ghost town by now. Predictions of exodus on biblical propotions as soon as the summer vactions end etc etc. Look guys its still all here and still many left. Economically almost every nation, bussiness, enterprise and individual is going through a rough patch.

*rant officially over

Like ol onion said bad news for the DB brigade.

Forgive me for replying to this rant of yours DD, but my capacity of understanding business cycles made me giggle abit (weakly expressed).

Anyway, my point I want to make (ps: And I still love Dubai for its audacity and beautiful buildings, so don't give me the bashing argument );

As you probably know, Singapore stood model for Dubai's economic development ("vision") and succes. In many, many ways Singapore had the same challenges, perhaps even more limitations in the region than Dubai on the Arab peninsula, as can be seen in the links below.

Still, the former British trading hub managed to do a much, much better.....nah thats an understatement....managed to do a phenomenal job in approx 30 years time.

A lesson in Management from Singapore:

A Lesson In Management by Eric Dutram

Having lived in the country for several months, I can attest that Singapore is one of most well run and efficient countries in the world. Tropical weather, clean streets, and virtually non-existent crime levels are just a few of the attractions. Singapore has a robust public transportation network, a quality health system, and a good selection of schools. The government provides all of these services despite charging a tax rate of just 17% on corporations and a marginal rate of 20% on incomes over $300,000 (Singaporean dollars).

Singaporeans are able to get such a high bang for their buck on their tax dollars because they are ranked in the top 5 for least corrupt countries and quality of strong investor protections. Both of these have continued to bring foreign investment dollars into the country, which has kept Singapore rich and its people fully employed. The surge in unemployment to 3.4% that the country has seen recently is astounding – figures that would thrill most Western economists even in boom times.

Inquiring minds might want to compare Dubai with Singapore from all levels, from top government to industry sectors and social characteristics;

1. http://en.wikipedia.org/wiki/Singapore
2. Current state of Singapore affairs

There is nothing bashing about this. Its simply comparing results from good management to results from bad management. Like comparing two companies in competition.

And below is my inspiring school of thought about the Dubai (debt) rise and fall. Its not negative. Its objective. Guaranteed, not a single bashing. Just facts and observations from an Austrian economic perspective.

http://mises.org/daily/3956

The one thing that Dubai does have in place now, is a nice infrastructure and visual appearance (touristic attraction) funded by the investors on this globe. It needs to be seen if Abu Dhabi is willing to keep funding the debt liabilities over the short and medium term, since Dubai's cash flow prospects are severely impaired.

Dubai certainly has potential as a center location between Europe and Asia. No doubt. But it all depends on competent management and investor transparancy, but without that, investors won't try this fingerburner once again...would you?

Regards

RobbyG wrote:

desertdudeshj wrote:I seriously wonder sometimes, if they find it so bad here. Then why are they still here. I guess those rejects which were exported. Couldn't find a decent job mopping toilet floors back home. Like I've said before I've been dealing with tourist for almost 10 years from now and 90% of them would say all of this will fall oneday. Or Dubai will go down faster than it came up. Makes me come to the conclusion somehow majority of the world is kinda jealous of this place ? As many had predicted this place show be a ghost town by now. Predictions of exodus on biblical propotions as soon as the summer vactions end etc etc. Look guys its still all here and still many left. Economically almost every nation, bussiness, enterprise and individual is going through a rough patch.

*rant officially over

Like ol onion said bad news for the DB brigade.

Forgive me for replying to this rant of yours DD, but my capacity of understanding business cycles made me giggle abit (weakly expressed).

Anyway, my point I want to make (ps: And I still love Dubai for its audacity and beautiful buildings, so don't give me the bashing argument );

As you probably know, Singapore stood model for Dubai's economic development ("vision") and succes. In many, many ways Singapore had the same challenges, perhaps even more limitations in the region than Dubai on the Arab peninsula, as can be seen in the links below.

Still, the former British trading hub managed to do a much, much better.....nah thats an understatement....managed to do a phenomenal job in approx 30 years time.

A lesson in Management from Singapore:

A Lesson In Management by Eric Dutram

Having lived in the country for several months, I can attest that Singapore is one of most well run and efficient countries in the world. Tropical weather, clean streets, and virtually non-existent crime levels are just a few of the attractions. Singapore has a robust public transportation network, a quality health system, and a good selection of schools. The government provides all of these services despite charging a tax rate of just 17% on corporations and a marginal rate of 20% on incomes over $300,000 (Singaporean dollars).

Singaporeans are able to get such a high bang for their buck on their tax dollars because they are ranked in the top 5 for least corrupt countries and quality of strong investor protections. Both of these have continued to bring foreign investment dollars into the country, which has kept Singapore rich and its people fully employed. The surge in unemployment to 3.4% that the country has seen recently is astounding – figures that would thrill most Western economists even in boom times.

Inquiring minds might want to compare Dubai with Singapore from all levels, from top government to industry sectors and social characteristics;

1. http://en.wikipedia.org/wiki/Singapore
2. Current state of Singapore affairs

There is nothing bashing about this. Its simply comparing results from good management to results from bad management. Like comparing two companies in competition.

And below is my inspiring school of thought about the Dubai (debt) rise and fall. Its not negative. Its objective. Guaranteed, not a single bashing. Just facts and observations from an Austrian economic perspective.

http://mises.org/daily/3956

The one thing that Dubai does have in place now, is a nice infrastructure and visual appearance (touristic attraction) funded by the investors on this globe. It needs to be seen if Abu Dhabi is willing to keep funding the debt liabilities over the short and medium term, since its cash flow prospects are severely impaired.

Dubai certainly has potential as a center location between Europe and Asia. No doubt. But it all depends on competent management and investor transparancy, but without that, investors won't try this fingerburner once again...would you?

Regards

I do respect them for their accomplishment and hard work but it is unfair to compare Singapore to Dubai and it's success ! look at its economic neighbors and the support it got during its boom among many other factors for example that Dubai unlike other places got caught in the middle of its process of building a world economic hub .

I guess transparency is not a key factor in an economy strength ! other wise you would see USA , UK or Germany in the following list :
http://www.sedb.com/edb/sg/en_uk/index/ ... s_the.html

Or the fact that Singapore did not got hit by the recent economic crisis :
http://news.bbc.co.uk/2/hi/business/7997581.stm


At the end investors are to be found in what ever place they can make money at " if Dubai will bounce back " and this recent economic crisis will flush out many outdated rules and will result a new regulations toward transparency.

The DB brigade is just the other side of the coin to the Dubai cheerleading brigade.

The former bashes Dubai no matter what, and takes delight in saying that Dubai will become a ghost town even though probably 1% of Dubai's workforce got laid off. He repeats the "3000000 cars abandoned in the airport" everywhere and cant stand anything good in Dubai.

The latter will praise Dubai no matter what, and has had his conscience bought by a few Dirhams. He thinks he should justify every bad thing in Dubai by bringing in American oppression of Red Indians, and israeli treatment of Palestinians as indirect justification. "Oh, so you cant get 5 million dirhams back from your developer, so what, did you know the US killed 5000 Red Indians in one day in 1791 "

Sometimes this DC brigade directly benefits from many of the negative things in Dubai (extreme discrimination, wasta), and so its in his interest to make sure that no one speaks about the ills too loudly....

Uaekid and others will support Dubai no matter what, as they belong here and havent seen the world, what I find actually spineless is when the "seasoned expat" spends 10 years here, and proceeds to adopt everything bad about Dubai (treating people based on their color+class, brown-nosing anyone "superior", driving badly on the roads) etc,

sage & onion wrote:It would seem that some people are never satisfied, it must be real bad news indeed for them when they can see Dubai trying to do it better and worst of all for the DB Brigade, it is working.

the guys at DF are a piece of work really !! they excused the ppl with bank debts who left the country not paying by saying the UAE needs a new a regulation to those guys with debts but when it was Dubai turn to pay "oooohhhh no ,they have to pay it right now and should not Rescheduling !!!

I remember them saying "banks should conceder it's loans not to be paid and they are insured !!!!

uaekid wrote:

sage & onion wrote:It would seem that some people are never satisfied, it must be real bad news indeed for them when they can see Dubai trying to do it better and worst of all for the DB Brigade, it is working.

the guys at DF are a piece of work really !! they excused the ppl with bank debts who left the country not paying by saying the UAE needs a new a regulation to those guys with debts but when it was Dubai turn to pay "oooohhhh no ,they have to pay it right now and should not Rescheduling !!!

I remember them saying "banks should conceder it's loans not to be paid and they are insured !!!!

Actually its the other way round; given that Dubai's companies are learning the hard way that loans may have to be restuctured sometimes, individuals shouldnt be thrown to jail for a couple of months delay in paying a loand; happens in extreme cases.

BlackburnRovers wrote:

uaekid wrote:

sage & onion wrote:It would seem that some people are never satisfied, it must be real bad news indeed for them when they can see Dubai trying to do it better and worst of all for the DB Brigade, it is working.

the guys at DF are a piece of work really !! they excused the ppl with bank debts who left the country not paying by saying the UAE needs a new a regulation to those guys with debts but when it was Dubai turn to pay "oooohhhh no ,they have to pay it right now and should not Rescheduling !!!

I remember them saying "banks should conceder it's loans not to be paid and they are insured !!!!

Actually its the other way round; given that Dubai's companies are learning the hard way that loans may have to be restuctured sometimes, individuals shouldnt be thrown to jail for a couple of months delay in paying a loand; happens in extreme cases.

it's the old adage - Do as I say not as I do

uaekid wrote:I do respect them for their accomplishment and hard work but it is unfair to compare Singapore to Dubai and it's success ! look at its economic neighbors and the support it got during its boom among many other factors for example that Dubai unlike other places got caught in the middle of its process of building a world economic hub .

No its not. Dubai is also a City-state with the same type of challenges and characteristics that Singapore had and still has. The only thing you need to do, is put its rise into context of its historic timeline. Today we have much greater knowledge and management experience available in the world in order to succeed. Business and investing didn't change overnight. Its all about attracting the right people that know about value and investing in the long run.

I guess transparency is not a key factor in an economy strength ! other wise you would see USA , UK or Germany in the following list :
http://www.sedb.com/edb/sg/en_uk/index/ ... s_the.html

The US and the UK aren't exactly upcoming econonomies. As a matter of fact, they are trending downward and corruption is growing because of its socialist tendencies nowadays. The interventionist policies didn't contribute to transparancy either. Remember Iraq war? Just one example out of many available.

Or the fact that Singapore did not got hit by the recent economic crisis :
http://news.bbc.co.uk/2/hi/business/7997581.stm

There is just no discussion possible with this guy.
Again kid, its all relative. There is not a single country in the world that wouldn't trade that set of economic results with Singapore, if they could, in this global recession. These are exceptional results.
Be free to compare these results with any other country and they probably grew in the top 10 list of richest countries on this planet.

At the end investors are to be found in what ever place they can make money at " if Dubai will bounce back " and this recent economic crisis will flush out many outdated rules and will result a new regulations toward transparency.

Yeah yeah, I've told this many times now. The world won't go away either. Its all about how you manage things, to grow sustainably and perform at the top. If you can stay there then you are doing better than the rest. And finally...don't listen to the USA and UK all the time. Countries that follow nationbuilding principles may have had influence throughout the world, but empires of that kind will never last long.

Peace and Prosperity my 'annoying' kiddo

people get annoyed as you have interpol chasing after expats for unpaid car rental for couple thousand dirhams but the local property scammers who have taken peoples hundreds of THOUSANDS dirhams - dont get reported to interpol - hmmm

Just stumbled upon this article: IMF officials to visit Dubai soon

The IMF is mostly invited by governments of nations that are in desperate need for economic restructuring. It is known for advising countries that are on the brink of bankruptcy and need rigorous structural reform to make it solvent.

They will hopefully do a proper audit of the governing balance sheets and see what core activities will be sustainable.