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Dubai: The perpetual motion machine stops running

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posted on Apr, 3 2009 @ 09:25 AM
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I am a free-lance engineer who has recently completed an assignment in Dubai working for a larger consultancy. Now all of the time I had ever spent in Dubai, I always found it a strange place due to the weird facts about it's economy and population.

Only 7% population are UAE born Emireties - The rest of the population are some kind of guestworker (from Execs on major ex-pat packages to Bangladeshi builders who live in camps in the dessert).

There is no personal taxation and limited business taxation / import duty etc

Only 5% of their current GDP comes from oil with the reminder a mixed bag of secondary and tertiary industries.

Massive investment in construction and infrastructure (including the project I was working on).

The place always seemed like some kind of 'perpetual motion machine' that did not comply with the usual laws of physics with regard to energy conversion (in other words I couldn't see why it 'kept spinning' when there was no obvious input of energy).

Well, after completing my contract I applied for payment by invoice in the usual way to the major consultancy business who I had done work for many times in the past. On this occasion, I did not get paid by the agreed date but thought nothing of this assuming that all involved would be 'good for it'.

When I checked my account and saw that my invoice still hadn't been paid, I rang the Project Manager for the major consultants that I had worked for (a guy that I am on pretty friendly terms with) and he confided in me that he hadn't paid me because his company hadn't been paid and more worryingly the Principal Contractor on this $10 Billion project had not been paid since September last year (this was January). The ultimate client in this case is not a property developer or a bank but the Government of Dubai (through one of their ministries).

I actually received my money in February once the government of Dubai had gone to the neighboring Emirate of Abu Dhabi for a loan (they still have lots of oil).

Overall - I would say that an investment in Dubai (unless bought at rock bottom prices) may not (literally) be worth the Dirhams that you paid for it.




posted on Apr, 3 2009 @ 10:17 AM
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Still I'd rather be in Dubai and the Middle East than the sinking ships of Europe and good ole USA. There will be a period of correction (painful, yes) for its sudden expansion but the world's still gonna need oil.

Besides, the US is gonna deliver the missile shield in December so it's safe come WWIII.



posted on Apr, 3 2009 @ 10:24 AM
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I have a number of friends still working out there.
They say pretty much the same thing.

Investors pulling out,leaving hotels unfinished.
People leaving their cars at the airport with apology notes for 'doing a runner' because they're in fear of jail over defaulted mortgages etc.

One good friend is picturing a ghost town by July.

But good to see you got paid in the end.
I hope you can keep us informed with any further developments... or lack thereof.



posted on Apr, 3 2009 @ 10:32 AM
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Wow, nice first hand account- thanks.
Dubai's future is certainly is looking grey.

Is "perpetual motion machine" in reference to anything?



posted on Apr, 3 2009 @ 10:49 AM
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Originally posted by Moonsouljah
Is "perpetual motion machine" in reference to anything?


Maybe this? news.bbc.co.uk...



posted on May, 22 2012 @ 11:35 PM
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post removed for serious violation of ATS Terms & Conditions



posted on May, 23 2012 @ 12:27 AM
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reply to post by Aman16
 


You win the longest post based on a total misunderstanding of the original post award! Everything you typed has absolutly nothing to do with the thread started by the op.

Nice try though, you should actually try reading the post first.
edit on 23-5-2012 by ErEhWoN because: (no reason given)



posted on May, 23 2012 @ 12:53 AM
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The laws of themodynamics forbid such machines. You cannot break the laws of physics. Simple. Only God can do that.



posted on May, 23 2012 @ 01:55 AM
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reply to post by no_way!
 


A little birdie told me that Iran was a major investor in Dubai. It was the place to store your money for Iranians, since they don't trust Iranian banks.

A couple of months ago, sanctions put an end to all that investing and saving up money in Dubai banks.

And now...?



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