RECESSION ? NOT ALLOWED IN DUBAI !

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did someone say there is a recession or some kind of a financial crisis ?
don't believe those nasty rumours out there . they are just being spread by some spoilsports .
why not hang loose for a while !
where you ask ? in dubai , of course !
how much , you ask ?
only $35,000 for one night in the Bridge Suite - can you really resist ?

ready to join in the fun ???

Quote:

There was no evidence of the global financial crisis as tycoons and celebrities streamed into Dubai last night for the world’s most expensive private party.

Having spent £1 billion, the owners of the Atlantis hotel, which they hope will become the new symbol of excess in a region already replete with towering statements of wealth, splashed out £13.5 million on its opening.

In the lobby of the Atlantis about 2,000 guests sipped Dom Pérignon. Outside, A-list celebrities from Robert De Niro to Lindsay Lohan walked the red carpet. After the pop singer Kylie Minogue performed on stage the sky lit up with the world’s largest fireworks display, seven times greater than this year’s Olympic Games opening ceremony in Beijing and extravagant enough to be seen from outer space.

read all about it !
http://www.timesonline.co.uk/tol/news/world/middle_east/article5201601.ece

are you all having a good time ?

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@hamburger,

Please look up the Gulf Bank, where the entire board of directors is resigning due to a billion-dollar-plus loss on equity derivatives.

The Atlantis was a great party, long planned...

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@High Seas,

it wouldn't be unusual to have a bit of a hangover after the party ... seems that they are praying for the oilprice to go up ... canada wishes to be included in those prayers .

Sultan bin Sulayem, Nakheel's chairman, commented : "I don't think it will get worse " - been hearing that a lot lately !

Quote:

Dubai Defies Slump as Minogue Joins $20 Million Party
By Ayesha Daya

Nov. 21 (Bloomberg) -- Dubai defied the economic crisis last night as stars flocked to South African billionaire Sol Kerzner's Atlantis resort for a $20 million party that included the world's largest fireworks display dazzling enough to be seen from space and a performance by pop singer Kylie Minogue .
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Debt Finance

Moody's Investors Service said Oct. 13 Dubai may need support to finance its $47 billion debt, more than its gross domestic product.

Growth in the U.A.E. may slow to about 4 percent as the financial crisis damps global expansion, Central Bank Governor Sultan Bin Nasser al-Suwaidi said today. On Aug. 28, al-Suwaidi said the economy would expand 6.6 percent this year and ``stay strong through 2009'' if oil prices remained above $60 a barrel. The price of oil has plunged 65 percent from its July peak, to $49 a barrel today, as slowing global growth damps demand.
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Nakheel is among Dubai state-owned ``highly leveraged companies'' that need capital restructuring, Citigroup Inc. said in a Nov. 18 report. The ``Dubai dream'' may be over as lower oil prices will leave smaller fiscal surpluses among its crude- exporting neighbors to invest in the emirate, the report said.

Sultan bin Sulayem, Nakheel's chairman, declined to discuss the weakening of the real-estate market, responding only, ``I don't think it will get worse.''

to join the party :
http://www.bloomberg.com/apps/news?pid=20601091&sid=aRrzuJ_6E3_0&refer=india

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RECESSION ? NOT ALLOWED IN DUBAI !

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