Yesterday Toyota launched the new Sequoia in the Gulf... 5.7 litre V8, 2.5 tonnes, obviously the Landcruiser just isn't up to the job...! toyota-mideast.com
Can't see it coming to European shores anytime soon!
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Can't see Dubai lasting long either. Just not enough billionaires in the world any more.
HJ
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HJ I'd wager my week's wages (£10) that Dubai will be in fine fettle in 10-20 years. The sheer scale of the projects they're carrying out, replicating numerous world tourist attractions like Versailles, Eiffel Tower, Houses of Parliament etc. etc. is such a massive leap from its nearest competitors that Dubai will not only still be pumping oil in 10-20 years, it'll also be attracting millions of tourists to one of the biggest, most impressive theme parks in the world. Clever tax regimes continue to draw more and more western workers to embed the Dubai arms of businesses into the world economy. Dubai isn't only out-doing the competition, it's obliterating it.
The place looks ghastly to me and I could well be wrong but I'd tag Sheikh Mohammad as one of the more visionary Arab leaders. The motoring link is also there. TG has filmed twice in Dubai in recent years and not by coincidence I'd say. But death rates on Dubai's roads are among the highest in the world at the moment. And laws governing what to do when you have an accident change from month to month and if you're not sure of how to act when involved in an accident during a particular month, you could land yourself in jail. Dubai has a very long way to go on the motoring front. For instance, although it's illegal to use your mobile while driving, it's also true that the government has started sending text messages to drivers who've committed an offence!
But, slowly, consciences are fed with Dubai references in all aspects of business and pleasure to the point where it's completely mainstream to travel there.
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Apparently, Dubai doesn't have any oil.
I discussed 'Piers Morgan on Dubai' with an oil rocks geologist friend who has seen the place grow from its beginnings in Dubai Creek and knows all about it.
The place only works as long as the bubble doesn't burst.
An I reckon it needs a greater influx of billionaires and millionaires to keep it going than the world is able to supply.
HJ
Edited by Honestjohn on 01/02/2009 at 13:16
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Apart from the westerners, there is no shortage of millionaires and billionaires in the Arab world who flock to Dubai to work or spend a holiday, HJ. And we still keep paying Premiership footballers a few million a year too...!
House sales in Dubai have dropped off a cliff, and car sales ground to a halt in November, but no shortage of shiny motors on the road. Plenty of savings locked up in the Middle East banks methinks.
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I didn't see the Piers Morgan in Dubai programme but your geologist contact is definitely a better bet than me on oil. Your points about the alleged lack of oil and the need for the super-rich to constantly invest makes perfect sense given the urgency of development but you don't get your £10 for 10 years! "Sense" has never, IMO, made any sense in the Eurozone. Why should it make sense in the emerging Arab economies?
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Apparently, Dubai doesn't have any oil. ... The place only works as long as the bubble doesn't burst. >>
The bubble has burst, officially:
www.bloomberg.com/apps/news?pid=20601109&sid=a2jrS...e
"Dubai Speculators Quit as Lending Drought Bursts Desert Bubble "
www.economist.com/world/mideast-africa/displayStor...7
".... ....become gloomier by the week, as the debate moves from whether the Dubai property bubble will burst to just how bad it is going to get. Some nervous bankers think property prices could fall by 80% or so in the next year or so. A few months ago, rich foreigners who had bought villas in Dubai were complaining about the quality of the sand on their artificial beaches or the difficulty of getting water to circulate around the twiddly fronds of the man-made island shaped like a palm. Now prices for some smart developments have been cut by 40% since September, shares in property firms have lost 80% of their value since June, and big developers are laying people off. ....
.... Muhammad Alabbar, who heads Emaar, a giant state-controlled property developer, took the rare step of telling people how indebted the country is. Together, the government and state-owned enterprises owe $80 billion?148% of GDP. ..."
www.guardian.co.uk/artanddesign/2008/nov/21/dubai-...m
internationalpropertyinvestment.com/dubai-bubble-b...l
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Dubai is one giant Ponzi scheme
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All it needs is a good 2 week long storm and most of it will be flattened.
I watched the program on the design and build.
IIRC they designed it to cater for 99% of all known storms. The trouble is, like the demise of Long term Capital Managemnet, these "infrequent" events tend to be rather less infrequent than the maths says..
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Don't think they get those kind of storms in the Gulf, madf! The Palm has already withstood some surprisingly heavy rain and storms over the past year though. Dubai's roads do flood easily though, at which point your low-slung Lambo or Ferrari ain't much good...
Aside, about 2-3000 people per week are emigrating to Dubai from around the world, so their is a steady underlying demand for houses, cars, infrastructure etc. Besides, the UAE Federal government will quietly bail-out any overspend in Dubai! BTW, there are no bankruptcy laws in the UAE..!
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