Fire Sale on Dubai Condos!
Real estate developments are collapsing and the markets are shivering as Dubai World announced yesterday that it is unable to meet interest payments. British Banks immediately lost almost 14 billion pounds in value on fears they are exposed by their Dubai investments. (Times Online article Dubai in deep water)
“No worries, quite manageable” said the unnamed Brit government officials.
Sure. No problem at all.
That’s why all that construction equipment is sitting silent on Dubai’s famous palm-shaped artificial islands.
Meanwhile in Barbados it’s considered good news when the International Development Bank decides to let us go into even more debt – which may not be such a bad thing because it means that the big boys still believe we’re good for it. Somehow I don’t think that Dubai will receive the instant loan approvals like they used to. (Nation News: Barbados gets US$200 million IDB loan)
This will pass folks. All we have to do is work hard, be frugal and help friends and family when necessary.
But ya know? I’m trying to remember all the fun and benefits we had when we blew hundreds of millions on Mia and Arthur’s Cricket World Cup.
I can’t remember much about Cricket World Cup now, but I’m sure it was worth every penny.