Most likely, anyone hearing the Dubai news over the holiday shortened week that just passed, had some type of mental image of the area.
The importance of the region is not as great as the World Reaction to the news. The World is a much smaller place today and getting smaller by the minute. See our August 17, 2009 post An Interesting Weekend of Sports and How it Relates to World Capital Markets
A quick Summary of the events and a few stats of Dubai:
- Dubai announces they need an extension on their estimated $70-90 billion of debt (Interesting comparable stat- Bill and Melinda Gates foundation Assets ~$35 billion http://www.gatesfoundation.org/about/Pages/foundation-fact-sheet.aspx)
- Dubai GDP annually is about $85 billion (Debt approximately equal to GDP)
- Dubai Population ~1.5 million (Phoenix Arizona 1.5 million)
- Federal Government of Abu Dhabi loaned Dubai $10 Billion earlier this year
In our opinion, the big Government is teaching less than thrifty little brother a lesson, especially after the quick usage of the $10 billion, but again the importance is the connection of the world reactions.
In closing we have attached an outstanding image from the CIA’s website along with their commentary.
“The artificial peninsula and islands that make up Palm Jumeirah in Dubai as seen from the International Space Station. This massive earthwork is reclaimed from Dubai’s Persian Gulf coast. Advertised as “being visible from the Moon,” the palm-shaped structure displays 17 huge fronds framed by an 11-km (7 mi) protective barrier. It is the first of three residential and commercial palm-shaped projects being undertaken in Dubai. Image courtesy of NASA.”
Have a Good Day!
JK
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Dubai, The Reaction is What Matters !
Most likely, anyone hearing the Dubai news over the holiday shortened week that just passed, had some type of mental image of the area.
The importance of the region is not as great as the World Reaction to the news. The World is a much smaller place today and getting smaller by the minute. See our August 17, 2009 post An Interesting Weekend of Sports and How it Relates to World Capital Markets
A quick Summary of the events and a few stats of Dubai:
In our opinion, the big Government is teaching less than thrifty little brother a lesson, especially after the quick usage of the $10 billion, but again the importance is the connection of the world reactions.
In closing we have attached an outstanding image from the CIA’s website along with their commentary.
“The artificial peninsula and islands that make up Palm Jumeirah in Dubai as seen from the International Space Station. This massive earthwork is reclaimed from Dubai’s Persian Gulf coast. Advertised as “being visible from the Moon,” the palm-shaped structure displays 17 huge fronds framed by an 11-km (7 mi) protective barrier. It is the first of three residential and commercial palm-shaped projects being undertaken in Dubai. Image courtesy of NASA.”
Have a Good Day!
JK
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