Dubai to remain an attractive business hub - Sheikh Ahmed

Posted by: Amira Smith Tuesday, 1 December 2009 7:14 AM[UAE] - UAE

But all you are doing is endorsing my point. Among British banks, HSBC is most exposed to the debt here, and Dubai is a shareholder -hence its stock price plummeted in the wake of the news Dubai World was requesting a payment standstill. It's nothing to do with whether or not HSBC "believes" in the region, but because it is trying to reassure its shareholders and the markes - and steady its share price. Why else do you think it rushed out a statement? (I find it bizarre how overly emotive you are over what is clearly a business decision; HSBC is here for the potential profits, not because it backs the region. All the foreign banks are. it if all went wrong tomorrow, they'd be out the door like everyone else)

Posted by: M Monday, 30 November 2009 2:21 PM[UAE] - UAE

Your assumption is incorrect! HSBC and standard chart. are standing behind Dubai cuz 1) Dubai government is a major shareholder in both entities 3)They firmly believe in the future of this region - i don't mean Dubai only, but all of the GCC and other middle east markets. HSBC has always been a big player in emerging markets, so is SC. So it makes perfect sense to support Dubai at this critical stage, especially that anyone one with a little bit of intelligence will know that global markets are overreacting...big time!! The western media loves the story, but I would blame Dubai for this though, they gave them a perfect story to dramatize and the government has not released any news to clarify its position till now.

Posted by: John Marshall Monday, 30 November 2009 11:49 AM[UAE] - UAE

Omar, I seriously used to agree on some of your arguments and reasoning on your earlier posts about the good things of Dubai. But PLEASE stop bringing up in your arguments that the biggest proof is BA or Virgin flying 5 times a day to Dubai in all of your posts. What the ???? does BA flying to Dubai got to do with Dubai debts ? BA flies to other countries too, you know. You use the same arguments in every post and it makes you look desperate and childish and it really does not help the Dubai PR machine. Others will start thinking that you are now cutting and pasting the same arguments over and over again. For the sake of the rest of the people here who support Dubai and who are bringing up new points to counter-attack the negativity, please STOP with the flight schedules of BA, Virgin or the insights of Richard Branson, DIFC occupancy levels, Hotels occupancy levels, airport transit figures. We already know those facts from your countless previous posts. We positive people need some new arguments from you. For the record here, I also think this Dubai debt crisis talk was overblown. But, Omar, if you look at the international financial markets now, some seems to have rebounded and others such NY did not go down as much a feared. So maybe, they are less worried as initially feared. But look at the DFM or the ADX today. The local stock markets have plunged to the maximum level (10%) allowed. So, maybe, it's not the international investors that we have to worry about but the local investors who seem to have lesser confidence in UAE than the foreigners. For example, what's with ETISALAT shares dropping close to 10% ? Omar, my friend, you've got a bigger job that before....convince the locals not to loose confidence in the UAE's ability to handle this crisis.

Posted by: Amira Smith Monday, 30 November 2009 10:02 AM[UAE] - UAE

Just to correct you, HSBC is frantically trying to calm the markets because ITS share price has been hit, in light of the Dubai World announcement. Investors are panicked that - as the leading foreign lender in Dubai- it is exposed to the debt troubles here. The HSBC CEO is "standing by Dubai" in a bid to hold his share price steady.

Posted by: Tony Sunday, 29 November 2009 11:22 PM[UAE] - UAE

I feel the recession would have been a great oppurtunity for Dubai to correct itself in terms of rent and other expensive thereby making it an affordable and attractive destination.But it has done the contrary by making a rent index that is not defined in any means except the number of bedrooms.if we get to see a upswing in the near future then definitely we can see the rent going up.how can dubai attract people to stay and work when expenses are unsustainable and beyond one's income.remember its not just dubai thats growing.there are a lot of emerging markets thats way ahead of dubai in terms of the economy.