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DUBLIN, Ohio — The first golf course Tiger Woods is designing might not be the first to open.
Woods said today that construction on Al Ruwaya Golf Course in Dubai is on hold because of the economic meltdown in the United Arab Emirates, pushing back the scheduled opening by at least six months.
Originally posted by Esrom Escutcheon Esquire
Yes, id really like to see where this story go's. I read in one of yesterdays papers that the impact that Dubai had when it asked for a extension on its loan payments, was similar to the collapse in stock when the Leyman Brothers went under. Im sure the figure that Dubai owes is about 36 billion.
I always wonder about that Palm Tree Island and Global warming and rising tides... Maybe the financal tide will make a bigger wave than the physical rise in tides...
In March 2006, it purchased the Peninsular and Oriental Steam Navigation Company (P&O) of the United Kingdom, which was then the fourth largest ports operator in the world, for £3.9 billion ($7 billion), beating a bid from Singapore's PSA International of £3.5 billion. P&O is one of the most famous names in British business, having been the largest shipping operator in the world at one time. DP World has promised to keep P&O's headquarters in London.
P&O operated major U.S. port facilities in New York, New Jersey, Philadelphia, Baltimore, New Orleans, and Miami. After the deal was secured, the arrangement was reviewed by the Committee on Foreign Investment in the United States headed by the U.S. Treasury Department and including the Departments of State, Commerce, and Homeland Security. It was given the green light, but soon after, both Democratic and Republican members of Congress expressed concern over the potential negative impact the deal would have on port security.
On February 22, 2006, President George W. Bush threatened to veto any legislation passed by Congress to block the deal, which would be the first time in his presidency he would exercise the privilege. In a statement to reporters, Bush claimed, "It would send a terrible signal to friends and allies not to let this transaction go through." Supporters of the deal claimed that the UAE were friendly to America, as the emirates allow U.S. warships in the Persian Gulf to dock in their ports and re-supply their ships with oil, food and other goods for free. Crew members are allowed shore leave in the country and entertain themselves free in malls and movie theaters.
Originally posted by jimmyx
dubai world is a company, abu dahbi is the country...the country has trillions, and it is not crashing. the company put off it's debt repayment 6 months and it owes 60 billion. the royal family got pissed off at junior for not being fiscally responsible with the company he runs, and cut off his funding.
Originally posted by GreenBicMan
Guys, this debt situation was prematurely overstated.
This also falls more or less on European firms, this has NOTHING to do with the USA market.
Notice in the markets, the east and west are fine, while the Euro zone is unstable at this point (reflecting market activity)
This has nothing to do with commercial real estate as well, I am not sure where you are drawing these conclusions.
If anything, this will be a FLIGHT TO QUALITY (US DOLLAR) and US EQUITIES AND/OR DOLLAR Should GO HIGHER because of this.
[edit on 30-11-2009 by GreenBicMan]