I second this. Their moves have been very cocky and agressive to they the least. However there are always the poor suckers who were not part of this. Not everybody in the UAE is rich.
http://online.wsj.com/article/SB125602415681596055.html 100% in less than a year is not bad, eh? BTW, oil is in other places in the Gulf not Dubai.
lol, yes not bad, however, ever thought of the risk reward ratio of that trade at that time? Ever thought why Buffet never touched another bank but GS? Barclays could as well have gone bankrupt along with the whole UK. Why the pound is still trading up there (especially vs the Euro) is a complete puzzle to me. Any investment at that time into the UK was a really bad trade. And on a relative basis, hundreds of stocks have more than doubled and that at a lot lower risk!!! Re your second comment, do you care to educate us how the guys in Dubai came to their riches if not through oil? Catching fish off the coast? Counting sand?
Real estate, construction, free trade and tourism. If you are searching for oil look elsewhere in the Gulf. Not Dubai. http://en.wikipedia.org/wiki/Economy_of_Dubai BTW, the sp of Barclays more than doubled since last November.
Dubai made all their cash from Oil, the trouble is it's almost run out. I think they've got another 20 years left of low-grade production. What they were trying to do was build a new city/country and diversify. Trouble is Arabs haven't got a clue how to manage money (or a company) and so overspend on gaudy materials and the like. Plus, they'll always overpay unless you're a poor dark skinned labourer and then you'll be a low-paid slave, literally.
Barclay's Bank, Nov. 4 recommending selling the CDS. You can't make this stuff up: http://ftalphaville.ft.com/blog/2009/11/26/85521/barclays-capital-changes-its-view-on-dubai/
buddy again you are missing the boat here. Nobody is gonna lend you money to construct this nonsense unless you have something to start with. Everyone who is considered wealthy in Dubai was/ is intricately connected to the oil business.
these fuckers are essentially bust but still afloat, courtesy of the UK tax payer. i wonder if they'll need another bail out when the shit hits the fan. after all they're too moronic to fail.