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
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
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
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
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.
First newspapers report about a cash shortage of Sheikh al Maktum. There has been a massive withdrawal of capital in the middle east.
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..
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.
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.
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
Desalination requires a lot of energy. Between the golf courses in the desert and artificial ski slopes...
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
Could you explain what exactly you are referring to? PS http://www.business24-7.ae/Articles/2008/11/Pages/11262008_a9df0939dbcb41e495c8b930d2c8fd17.aspx
http://business.timesonline.co.uk/tol/business/columnists/article5233280.ece Oh-oh. It has always occured to me that all those people breathlessly defending Dubai all have some business interest there.
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.
Here's another article on Dubai's fiscal situation. http://tinyurl.com/68rvc7 And what did you have in mind saying "outdoor climate control"?