Dubai Is The New Babylon

[newarkhiphop]

nvm no point

 

[WhiteDawg3000]

interesting thread...



never been there

 

[Techniec]

fuk the gulf

 

[ThatKidBlackHippy]

none of you been to dubai?

qatar is on their way to dubai-status too. bahrain got their own little city of debauchery goin' on as well.

 

[bogey_j]

some of your pics are renderings but the bubble done popped dubai had its run

explain

 

[Premeditated]

it's so demonic.

 

[Dirty_Jerz]

why do they build like that?

 

[69 others]

explain

well since the 2008 financial crisis property values in dubai are down as much as 60% and most of those pretty buildings you see are empty even the world islands that we all were amazed with have went unoccupied and they're eroding and sinking. even more recently Dubai Group, the company that builds or finance most of these projects is being sued by banks over debts. not saying it's a total bust for them but the did too much too fast and had a build it and they would come mentality.

Spoiler

Banks in legal action against Dubai Group
By Simeon Kerr in Dubai

Three banks, including the Royal Bank of Scotland, have launched legal proceedings against a Dubai investment firm, calling for immediate repayment of loans after abandoning talks aimed at restructuring the company’s $10bn in debts.
The UK lender, Commerzbank and Standard Bank said they had launched “legal recourse available under the facility documentation” against Dubai Group, an investment arm of the Dubai Holding conglomerate owned by Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum.

The move, believed to be a private arbitration case, marks a more aggressive strategy from global lenders, who have for the past few years negotiated to extend maturities when dealing with the workout of Dubai’s $110bn debt pile.
Last year, creditors including RBS signed up to the $25bn restructuring of Dubai World, the troubled conglomerate that plunged the emirate into crisis in 2009 when it almost defaulted.
While Dubai has managed to refinance several large maturities this year, some obstacles remain to attempts to secure its financial footing.
The three banks said no viable solution had been reached despite their offer of “numerous possible long-term concessions”.
“We do however want to make clear that our preference was always to conclude an agreement without formal legal proceedings and we therefore remain open to such an outcome,” the banks said in a statement.
Dubai Group opened negotiations with its creditors in 2010 to restructure $10bn in debt, including $6bn owed to lenders and $4bn in intercompany loans with its parent.
Dubai Group said it would continue to push for a consensual agreement, pointing out that 35 creditors continued to work towards a restructuring deal, with a number in agreement with its proposal.
“We continue to believe that this deal is in the best interests of all parties,” a spokesman said.
Bringing legal action against a company owned by the ruler is a radical move in a region where personal relationships and the perception of loyalty can often define business success.
One person close to the matter said the banks decided that the cost of signing the terms on offer would have been prohibitively expensive for the lenders and, ultimately, against the interests of Dubai.
Dubai Group’s assets include Bank Islam of Malaysia, along with exposure to the Greek and Cypriot banking sectors, as well as stakes in regional investment banks Shuaa Capital and EFG-Hermes.
Disagreements also emerged between international and local banks as overseas lenders wanted five-year restructured loans, whereas local banks wanted 12-year facilities which would allow them to book smaller provisions.
The person said the three banks had asked Dubai Holding to guarantee that they would be able to exit after five years, which would have likely led to a significant loss for the lenders, if at that stage Dubai Group was unwilling or unable to sell some of its assets, which have been declining in value.
“The hope is that legal action will result in a more sensible approach from Dubai Group,” the person said. “Even if it doesn’t, it’s no worse than being stuck in a 12-year deal.”

 

[WhiteDawg3000]

and what industries wanna be located in dubai and why (too lazy to google)

 

[Hussein Fonzarelli]

great city, it practically begs for the fate of many ancient great cities...


one day, people will tell tales about a glowing opulent city with waters in the middle of the desert.

and they'll make it sound very poetic, noble and romantic.




when in reality its just a bunch of inbred arabs getting that oil money because their grandfathers hurdled sheep on that part of the land 200 years ago.

 

[Classy X]

Been there a few times, might be going there again.

Anyhow, Dubai reminds me of this one old timey fisherman/sailor ghost story: A ghost story about how a beautiful woman shows herself to men of the sea (particularly at the shore) and entices them and once she entices them, she shows her true demonic form and brings them to their death.

That is what Dubai reminds me of.

 

[Classy X]

Im in Venice right now, its kind of the same here but with the old city structures retained for credibility

Huge contrast from Tuscany for example

The "culture" here is pure consumption, tourism and western worship... and the city is worse off for it. The resentment, despair and general air of malaise is palpable from a lot of the folks (esp the young ones) working here. Feels like a cruise ship

I hear there is basically a similar damn near caste system in Dubai, with the rich being what they are and then the support workers being damn near indentured servants, largely due to funky laws regarding debt. When you have a society in which culture and community are second to commerce and consumption, shyt works on the surface, but problems brew. Its very bizarre.

This.

When I first went there, I was really surprised at the amount of South Asian (mostly males) and South East Asian (mostly females) workers I saw there.

From what I know, the workers get enticed with the dreams of making money and once they get there, their passports are usually taken w/ no contact w/ their families. Working non-stop for little to nothing. The females usually work as maids and they get it real bad from what I've heard.

 

[Classy X]

none of you been to dubai?

qatar is on their way to dubai-status too. bahrain got their own little city of debauchery goin' on as well.

Yeah, Doha is getting on up there. A lot of wealthy folks seem to be making frequent stops there.

Bahrain is sorta of there but, sorta of not there: Still heavily Saudi influenced.

 

[bogey_j]

Been there a few times, might be going there again.

Anyhow, Dubai reminds me of this one old timey fisherman/sailor ghost story: A ghost story about how a beautiful woman shows herself to men of the sea (particularly at the shore) and entices them and once she entices them, she shows her true demonic form and brings them to their death.

That is what Dubai reminds me of.

thats interesting. there's just something so demonic about dubai. its like a decadent haven for sick billionaires all over the world

just look at this shyt

so glossy & glamorous on the outside. but a place like this always has a real fukked up dark side

 

[Grano-Grano]

Prophet Mohammed's prophecy is coming true about tall buildings in Arabia