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Sources are quoted to have described the new oil field as "promising" in terms of its production capacity. The oil field will reinforce infrastructure and production of Dubai and “give a positive side to the local economy of Dubai,” it added. Dubai was expected to run out of oil in a few years time. However, the new discovery will change that. The news is expected to boost markets and investor confidence, analysts say.

Congrats Dubai! Allah (SWT) has blessed you with even more wealth! Please use the wealth wisely.

mehreen wrote:

Sources are quoted to have described the new oil field as "promising" in terms of its production capacity. The oil field will reinforce infrastructure and production of Dubai and “give a positive side to the local economy of Dubai,” it added. Dubai was expected to run out of oil in a few years time. However, the new discovery will change that. The news is expected to boost markets and investor confidence, analysts say.

Congrats Dubai! Allah (SWT) has blessed you with even more wealth! Please use the wealth wisely.

But you did not quote the full language.

"A survey of fast food restaurants such as McDonalds, KFC, Burger King, TGIF's, Kryspy Creme, and many others revealed a vast quantity of oil which requires minor filtering before export to the West".

Finally some news for the better for the overreaching Arabs in debt-laden Dubai. Things were looking very bleak recently. Just look at the sovereign default rate on Dubai CDS in recent days.

http://www.zerohedge.com/article/dubai- ... ow-518-bps

I was aware of the increased efforts of Dubai oil companies to increase cash-flow. They sure need to find some dough quickly as two of their eye-cathing projects are slowly sinking in the Gulf...

Palm Jumeirah maritime study: http://www.bairdmaritime.com/index.php? ... &Itemid=66

The World project 'ragged around the edges': http://www.dailymail.co.uk/sciencetech/ ... g-sea.html

Nakheel response to speculation: http://blogs.thenational.ae/crane_count ... kheel.html

Standard reply from Dubai propaganda machine = 'Nothing to see fooks, move on...'
NASA website said that they see next to no development on the Worlds islands from earths orbit. As always, Nakheel says otherwise.

What do you believe?

How convenient, right on time, this anouncement has been made by Shk Mo' s office, and the British Petroc refused to comment, this looks like an attempt designed to con the west with another mirror.

capsicum wrote:How convenient, right on time, this anouncement has been made by Shk Mo' s office, and the British Petroc refused to comment, this looks like an attempt designed to con the west with another mirror.

From Zerohedge:

...to see how many billions more in debt will "suddenly" appear out of thin air, many have forgotten about that "other" sovereign bailout - Dubai. The reason: Dubai World, which was supposed to present a restructuring offer for $22 billion in debt in a meeting with lenders in December, never did. January wasn't any different. February, by the early looks of it, will also be a dud. So as the world grinds along and creditors have no clue what the hell is going on in Dubai...

Talking about transparancy...HA. They can forget DIFC as a leading financial center. Thats a wrap.

I think the announcement of a new oil find is a convenient distraction in an attempt to get the Dubai CDS risk premium down. If government borrowing costs go down from an improved rating, perhaps Dubai World bets on some benefit in an attempt to lower debt-restructuring costs...

Wanna bet?

wonder where this magical well was all this while .... just when you think that the gig is up some one always has to come up and bet all playing blind!! Classic case of calling the bluff it will be very interesting to see how the future investors will see this one .... thin ice Hmmmm tread with caution

There is a local saying that I like a lot, it goes .. "Save the white cent, for your black day"

I simply put it that way!
Good Night & don't forget to brush your teeth before going to bed

RobbyG wrote:

capsicum wrote:How convenient, right on time, this anouncement has been made by Shk Mo' s office, and the British Petroc refused to comment, this looks like an attempt designed to con the west with another mirror.

From Zerohedge:

...to see how many billions more in debt will "suddenly" appear out of thin air, many have forgotten about that "other" sovereign bailout - Dubai. The reason: Dubai World, which was supposed to present a restructuring offer for $22 billion in debt in a meeting with lenders in December, never did. January wasn't any different. February, by the early looks of it, will also be a dud. So as the world grinds along and creditors have no clue what the hell is going on in Dubai...

Talking about transparancy...HA. They can forget DIFC as a leading financial center. Thats a wrap.

I think the announcement of a new oil find is a convenient distraction in an attempt to get the Dubai CDS risk premium down. If government borrowing costs go down from an improved rating, perhaps Dubai World bets on some benefit in an attempt to lower debt-restructuring costs...

Wanna bet?

Calll me a cynic but I don't even believe they've found such and oild field. It will probably be "secret" or "off limits" to anyone other than the controlled UAE press.

XPT wrote:

RobbyG wrote:

capsicum wrote:How convenient, right on time, this anouncement has been made by Shk Mo' s office, and the British Petroc refused to comment, this looks like an attempt designed to con the west with another mirror.

From Zerohedge:

...to see how many billions more in debt will "suddenly" appear out of thin air, many have forgotten about that "other" sovereign bailout - Dubai. The reason: Dubai World, which was supposed to present a restructuring offer for $22 billion in debt in a meeting with lenders in December, never did. January wasn't any different. February, by the early looks of it, will also be a dud. So as the world grinds along and creditors have no clue what the hell is going on in Dubai...

Talking about transparancy...HA. They can forget DIFC as a leading financial center. Thats a wrap.

I think the announcement of a new oil find is a convenient distraction in an attempt to get the Dubai CDS risk premium down. If government borrowing costs go down from an improved rating, perhaps Dubai World bets on some benefit in an attempt to lower debt-restructuring costs...

Wanna bet?

Calll me a cynic but I don't even believe they've found such and oild field. It will probably be "secret" or "off limits" to anyone other than the controlled UAE press.

on the other hand you can always mind your own business or does such a discovery is any of yours ?

It IS everyone's business since Dubai will probably uses that "miracle" in an attempt to convince investors and banks to return to Dubai.

gertrude wrote:It IS everyone's business since Dubai will probably uses that "miracle" in an attempt to convince investors and banks to return to Dubai.

Too convenient, too convenient but lets see.

gertrude wrote:It IS everyone's business since Dubai will probably uses that "miracle" in an attempt to convince investors and banks to return to Dubai.

Spot on.

Without foreign investment, Dubai is a hoax, a mirage, simply a lost city in the desert.

Without foreign capital, the only sustainable part of the economy will be an air transit hub for cargo movements from Western Europe to Asia/Pacific and back. The tourist sector is replaceable and your oil sector is declining, except the one from your neighbour who pulls all strings, Abu Dhabi, next to Saudi Arabia.

You can throw a billion oil dollars to a project to attract speculators in the short term, but building a long lasting economy takes foreign interests and foreign will. So spend wisely and preferably, do not ever default!

The Kid doesn't understand how the business cycle works. Blame his 7th century pride and ignorance.

oh no more foreigners