Anorak News | Broke Dubai Moves Closer To Becoming The New Atlantis

Broke Dubai Moves Closer To Becoming The New Atlantis

by | 26th, November 2009

dubaiDUBAI moves on a stage in its quest to become New Atlantis as it runs out of money.

Dubai wants its banks to grant it a six-month stay on its schedule of debt repayments.

Dubai imports footballers, their orange wives, cheap Indian labour, bitter ex-pats and air conditioning systems to make the place bearable.

It exports a dream of winter sun – only periodically blocked out by the cheap Indian workers walking along the shoreline to and from work and stopping to stare at you – locals rich enough to escape and sand.

Neighbouring Abu Dhabi has all the money and all the oil. But don’t laugh. Dubai’s fall hurts us.

European stocks plummeted the most in almost five months amid concern Dubai’s proposal to delay debt payments may trigger the biggest sovereign default since Argentina in 2001. London Stock Exchange Group Plc, whose largest shareholder is Borse Dubai Ltd., slumped the most in three months.

Can the WAGS buy enough tanning unguents to prevent the largest sovereign default in almost a decade?

Tweets Dubai’s leader, Sheikh Mo:

Visited the British Museum and enjoyed looking at the rare Islamic artifacts

Dubai will be an artifact in a hundred years – patience…

Posted: 26th, November 2009 | In: Money Comment | TrackBack | Permalink