State of the Economy in the Middle East??? | FerrariChat

State of the Economy in the Middle East???

Discussion in 'Middle East' started by vipermann123, Nov 20, 2008.

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  1. vipermann123

    vipermann123 Formula 3

    Jun 13, 2005
    1,786
    Irvine, Ca
    Full Name:
    Uzy Malik
    Just wondering, for those who live in Kuwait, Saudia Arabia, and Dubai, and toher countries, what is the state of the local economy there?

    Are interest rates low?
    How are home sales?
    What about sales of high end cars?
    Generally speaking, is the economy in a slump or is it still going strong?


    Thanks,
    UZY
     
  2. demo

    demo Rookie

    Nov 15, 2007
    49
    Saudi Arabia
    IT it BAD overhere ,,, the stock market went down from 9000 to 4900 almost 50% and its still going down ,,, oil prices went down sharply ,,, real state is starting to go down ,,, am talking about saudi arabia ,,, alot of wealth has dispeared ,,, things are not nice ,,, q8 uae almost the same case
     
  3. abunawafff

    abunawafff Karting

    Jul 11, 2006
    61
    true but i wouldnt say real estate is going down.. maby renters market.
     
  4. demo

    demo Rookie

    Nov 15, 2007
    49
    Saudi Arabia
    trust me sir ,,, the real state hi saudi has a ready started its correction ,,, the demand is very low ,,, the Supply is still there ,,, the spread between deman and supply is still big ,,, no 1 wants to sell cheap ,,, and no 1 wants to buy expensive ,,, the number of deals went down ,,, and we started to see the prices going down ,,, in dubi many of the project has stoped for the lack of finance ,,, many project will have to sell there investment pice of land ,,, to cover there costs or simply becoz they cant get finanace any more ,,, no 1 will be able to buy real state in dubi at these prices ,,, boooooooom every there will go down ,,, i just hope we overcome this crisis we minimam loss
     
  5. Pav

    Pav Formula 3
    Lifetime Rossa

    Jan 18, 2006
    2,159
    Warsaw, Poland
    Full Name:
    Michal
    three of Dubai banks cancelled loans on appartments. Basically you can't buy an appartment in Dubai.
     
  6. mseals

    mseals Two Time F1 World Champ
    Lifetime Rossa Owner

    Sep 9, 2007
    24,468
    Kuwait
    Full Name:
    Mike Seals
    The State of the State, at least in Kuwait is grim at best....

    Stock market is tanking... Real Estate prices are down about 20%... banks are tightening up on loans... One bank in Kuwait (Gulf Bank) lost hundreds of millions in derivatives... and as for exotic cars, well, there really aren't that many for sale, and not that many people looking to buy...

    Budgets are getting tight... the government (Parliment v. the ruling family) is in disarray.... these are, indeed, interesting times.

    Mike in Kuwait
     
  7. Etcetera

    Etcetera Two Time F1 World Champ
    Silver Subscribed

    Dec 7, 2003
    22,177
    Full Name:
    C9H8O4
    Am I the only person that finds it pretty odd that a supplier of cheap and perpetually renewable liquid gold (Saudi Arabia) is having financial upheavals?

    I mean, these guys have cheap cash and large profits squirting out of the ground and the companies in these countries are experiencing financial difficulties...really too surreal to imagine.

    I just wonder at what's next, really.

    Months upon months of surreal news, nothing should shock me anymore.

    But this does.

    At this point, Pap348 swoops down from orbit and defeats Mothra and Godzilla and eats a giant burrito that doesn't give him global warming gas.

    Run for cover.
     
  8. Stackhouse

    Stackhouse F1 Rookie
    Consultant

    Feb 14, 2004
    4,714
    IN YOUR TRUNK
    Full Name:
    CT.. AKA Pimp Daddy
    Add a box of Bran Flakes to the menu and we are F**KED !!!


    ;)
     
  9. sir-t

    sir-t Karting

    Sep 24, 2006
    175
    D/A/CH
    First newspapers report about a cash shortage of Sheikh al Maktum. There has been a massive withdrawal of capital in the middle east.
     
  10. ND Flack

    ND Flack Formula 3

    Sep 18, 2007
    1,051
    DC
    Don't forget that the $/bbl has dropped well over 50% in the last year, just like the Dow.
     
  11. BAD930

    BAD930 Karting

    Oct 16, 2004
    134
    Bouncing Around
    Full Name:
    Shmuley
    I travel extensively throughout the Gulf area and work within the credit field, many companies are still experiencing growth year on year but money is tightening up in the corporate sector in general, the big people are seeing whats happening around them and are realising even they are not immune... problem out here is massive disposable income amongst the "lesser earnings' population, theres lots of talk about property market coming off its highs, yet projects like Bahrain Bay are still full power ahead, tender was just awarded for the Bahrain-Qatar causeway as well.. Qatar with its natural gas reserves will be an interesting place in a few years..
     
  12. Tarek K.

    Tarek K. F1 World Champ

    Sep 7, 2006
    10,784
    Cairo - Egypt
    Full Name:
    Tarek K.
    Dubai is officially bankrupt........
     
  13. sir-t

    sir-t Karting

    Sep 24, 2006
    175
    D/A/CH
    The Gulf States need massive investments in the Infrastructure to exploit there resources and: Nobody knows how much oil and gas where talking about. In Saudi the Oil Reserves increased steadly but there hasn't been 1 significant oil field discovered since the 60´s. I don't believe a word of the reports.
     
  14. Pav

    Pav Formula 3
    Lifetime Rossa

    Jan 18, 2006
    2,159
    Warsaw, Poland
    Full Name:
    Michal
    Just copying and pasting. Enjoy!



     
  15. goldfever

    goldfever Karting

    Jul 6, 2006
    112
    The Rothschilds and Rockefellers are patting themselves in the back.
    saying "good job we did it"
     
  16. RussianM3_dude

    RussianM3_dude F1 Rookie
    BANNED

    Mar 15, 2004
    4,097
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    Nikolai Petroff
    Dubai will implode big time soon. I mean a city in the middle of the desert which requires HUGE amount of natural resources to keep running and where it's too hot to venture outside for 7 months a year. When the water scarcity (imagine Dubai with water rationing) and electricity scarcity hits, such wastefull enterprises as Dubai will turn into ghost towns.
     
  17. mseals

    mseals Two Time F1 World Champ
    Lifetime Rossa Owner

    Sep 9, 2007
    24,468
    Kuwait
    Full Name:
    Mike Seals
    One word:

    Desalination

    I don't think you'll ever see rationing...and between the oil and gas reserves in this area... Dubai, Saudi, Kuwait, Qatar, Oman, Bahrain,... all safe... I'm sure for many more years that other countries that depend on the local supply... if the Middle East needs it, why would they sell it?

    Mike in Kuwait
     
  18. RussianM3_dude

    RussianM3_dude F1 Rookie
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    Mar 15, 2004
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    Desalination requires a lot of energy. Between the golf courses in the desert and artificial ski slopes...
     
  19. menoy

    menoy F1 Rookie

    Mar 12, 2005
    2,661
    PL
    Full Name:
    MRodziewicz
    Oil, gas, solar...
     
  20. mseals

    mseals Two Time F1 World Champ
    Lifetime Rossa Owner

    Sep 9, 2007
    24,468
    Kuwait
    Full Name:
    Mike Seals
    uhh.... sources of energy won't be a problem here for a long time... besides, the current desal plants use sludge that is otherwise unsalable, and in Kuwait, produces more than enough water AND electricity for more than 3 million people... even in the heat of the summer...

    Mike in Kuwait
     
  21. RussianM3_dude

    RussianM3_dude F1 Rookie
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    Mar 15, 2004
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    Yeah, but Dubai's useage is off the chart... Out door climate control?
     
  22. menoy

    menoy F1 Rookie

    Mar 12, 2005
    2,661
    PL
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    MRodziewicz
  23. RussianM3_dude

    RussianM3_dude F1 Rookie
    BANNED

    Mar 15, 2004
    4,097
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  24. Pav

    Pav Formula 3
    Lifetime Rossa

    Jan 18, 2006
    2,159
    Warsaw, Poland
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    Michal
    I don't think energy will be a problem for the UAE. Not in the upcoming 50 years.
    Also, the backbone is solid enough and the profits of the R/E sector were topping 1500% the past 3 years. Of course Dubai is a little bankrupt but it's a matter of knowing how to make the right moves by themselves. I honestly don't think we'll be having the ghost construction sites and stuff that happened in asia 10 years ago.
     
  25. menoy

    menoy F1 Rookie

    Mar 12, 2005
    2,661
    PL
    Full Name:
    MRodziewicz

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