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    Article Presentation On Bye Bye Dubai 07.12.09

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    anupsharmahrm
    The document summarizes the rise and fall of Dubai's economy. It describes how Dubai diversified away from oil into real estate, tourism, and finance, fueling a construction boom. Dubai developed man-made islands and the world's tallest building. However, the global financial crisis caused Dubai's property prices and construction projects to plummet as its debt mounted. Dubai has since restructured some companies and claims it will persist through the downturn, though its overall debt remains high.

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    Article Presentation On Bye Bye Dubai 07.12.09

    Uploaded by

    anupsharmahrm
    28 views23 pages
    The document summarizes the rise and fall of Dubai's economy. It describes how Dubai diversified away from oil into real estate, tourism, and finance, fueling a construction boom. Dubai developed man-made islands and the world's tallest building. However, the global financial crisis caused Dubai's property prices and construction projects to plummet as its debt mounted. Dubai has since restructured some companies and claims it will persist through the downturn, though its overall debt remains high.

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    Article Presentation on Bye Bye Dubai 07.12.09

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    The document summarizes the rise and fall of Dubai's economy. It describes how Dubai diversified away from oil into real estate, tourism, and finance, fueling a construction boom. Dubai developed man-made islands and the world's tallest building. However, the global financial crisis caused Dubai's property prices and construction projects to plummet as its debt mounted. Dubai has since restructured some companies and claims it will persist through the downturn, though its overall debt remains high.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    28 views23 pages

    Article Presentation On Bye Bye Dubai 07.12.09

    Uploaded by

    anupsharmahrm
    The document summarizes the rise and fall of Dubai's economy. It describes how Dubai diversified away from oil into real estate, tourism, and finance, fueling a construction boom. Dubai developed man-made islands and the world's tallest building. However, the global financial crisis caused Dubai's property prices and construction projects to plummet as its debt mounted. Dubai has since restructured some companies and claims it will persist through the downturn, though its overall debt remains high.

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    of 23

    ARTICLE

    PRESENTATION
    ON
    BYE-BYE DUBAI
    Jayati Ghosh
    (Deccan Chronicle,1st December 2009)
    Presented By,
    ANUP SHARMA
    SALIENT FEATURES OF DUBAI
     Manmade or Artificial Land.
     Indoor ski slope.
     Luxury hotels, residences, shopping malls
    and office complexes.
     Market and sales venture for luxury goods.
     Good political system.
     2nd largest oil producer in the world.
     Attraction to expatriates.
     Tax free incentives.
     World’s new global financial centre.
    MANMADE ISLAND DESIGNED TO
    REPRESENT GLOBE
    INDOOR SKI SLOPE IN THE MIDST
    OF DESERT
    HOTEL WITH GLASS WALLS
    TALLEST TOWER IT THE WORLD
    MOST EXPENSIVE AND LUXURY
    HOTELS IN THE WORLD
    RESIDENCES
    SHOPPING MALLS
    OFFICE COMPLEXES
    PRE AND POST PHASE OF GLOBAL
    FINANCIAL CRISIS IN DUBAI

    Global Financial Crisis dint effect Dubai in the early


    stages.

    Plan for constructing the Worlds tallest building were


    unveiled just after
    “Lehman Brothers” collapsed in the US.

    but, sudden declaration and suspension of debt


    payments for 6 months in Gulf Emirates led Dubai's
    decline.
     Dubai is one of 7 small states that make
    up the United Arab Emirates (UAE).
     2nd richest (after Abu Dhabi) in terms of
    the size of the economy.
     Current oil reserves account for less than
    6% of the total revenues.
     Dubai’s oil reserves have diminished
    significantly and are expected to run out
    within next 20 years.
    DIVERSIFICATION
     Dubai’s strategy has been to diversify its
    economy away from oil to trade, tourism and
    finance.
     Dubai world to buy up companies around the
    world and invite multi nationals to use Dubai
    as base for their activities in Asia.
     DP World purchased British Ports operator
    P&O in 2005, department store group
    “BARNEYS NEWYORK” in 2007, and invested
    in Construction Projects in Las Vegas in US.
    CONTD….
     Dubai world also includes Property Developer
    NAKHEEL
    FACTORS WHICH CONTRIBUTED
    TO DUBAI'S BOOM

     Expatriate population more than


    80%.
     Around 1.5 million from India.
     Tourists.
     Bollywood celebs investment in the
    properties.
     Newly affluent Middle Classes.
    DOWNTURN PHASE
     The economy slumped from the 2nd half of
    2008.
     GDP expectations for Dubai in 2009 were 4%,
    but it lowered to 2% in the middle of the
    year.
     Global market for luxury goods and services
    and Real Estate shrank.
     Property prices in Dubai has fallen by 50% in
    the past year.
     Many construction projects have been held
    up.

    WORST INVESTMENTS
     $5 BILLION IN MGM MIRAGE CASINO

     $1.05 BILLION IN US HOME BUILDER JOHN LAING HOMES

     $1 BILLION IN BARNEY’S NEWYORK


     Dubai’s main stock exchange dropped more
    than 7% while Abu Dhabi exchange fell more
    than 8%.

     It announced a debt standstill for $15 billion


    of repayments on its $59 billion of external
    debt until May 2010.

     Official estimate of the UAE debt is $80


    billion
    INDIAN EXPOSURE IN DUBAI
    Bank of Baroda
    Nagarjuna Constructions
    L&T
    Punj Lloyd
    Voltas
    Omaxe
    Aban Offshore
    Spice Jet
    India Bulls Real Estate
     1.5 million Indian Workers in Dubai are Blue
    Collar workers in Construction and Low level
    grade services.
     Indian Workers are working on Contract.
     No employee unions are formed in dubai an
    its is easy for companies to layoff workers.
     Thousands of workers have lost their jobs in
    last few months.
    FUTURE PLANS
     Restructuring its subsidiary companies
    excluding Financially stable companies.

     Dubai’s ruler claims that Emirates is


    strong and Persistent.

     Moody’s says the Dubai Government and


    its Entities owe $100 billion.
    CONCLUSION
     “DUBAIWORLD WAS
    STARTED AS AN
    INDEPENDENT COMPANY……
    AND IS NOT GUARANTEED
    BY THE DUBAI
    GOVERNMENT”
    -DG, DUBAI FINANCE DEPARTMENT
    THANK YOU

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