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Old December 6th, 2009, 07:06 AM   #441
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Emirates will not be affected by Dubai World Debt
http://www.arabianbusiness.com/57474...ai-debt-crisis
Emirates wont be affected in any way and its profit is expected to be more that $1Billion in 2009.Dubai World will get itself out of the mess eventually and Dubai will emerge strong in 2010 as the crisis is expected to be over next year.Dubai World can manage its Debts and has the people to solve the problem.That's why there's restructuring to remove the bad people and get good people in their positions.They only have approximately $30Billion of bad Debt.
Comparrison Slide Show of debts:Worlds top 10 countries with external Debts.

BTW. the media is over exaggerating the whole situation and Dubai is a city which has a company that has Debts.The City is strong and won't collapse although the company is more likely to collapse.
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Old December 7th, 2009, 02:27 AM   #442
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Aviation City starts to tender phase 1



The Dh5 billion Dubai World Central (DWC) Aviation City has started tendering the first phase of the project, according to a top executive.

"The design of the Aviation City has been completed, and now we are tendering the first phase of the infrastructure," Rashed Buqara'a, Chief Operating Officer of Dubai Aviation City, told Emirates Business.

Asked when the first phase would be ready for opening, Buqara'a said: "It is going to take some time until we finalise the tendering process. We still need to finalise the tendering process."

He indicated if all goes according to the plan, the first phase would open in 2011. According to earlier reports, the DWC Aviation City had planned to start operations in 2009.

Established by the Dubai Government in November 2007, the DWC Dubai Aviation City acts as an umbrella organisation incorporating Dubai Airports Company, Dubai World Central (which will also house the Al Maktoum International airport), Dubai Air Traffic Navigation, biggest MRO facility and Dubai's other aviation-related assets. DWC Aviation City, spread over 6.7 square kilometres, is being designed as a one-stop centre for all aviation-related operations.

"Aviation City's unique investment and business opportunities bring significant benefits to the entire value-chain of the global aviation industry, including aircraft manufacturers, executive aviation firms, maintenance, repair and overhaul centres,'' Khalifa AlZaffin, Executive Chairman of Dubai Aviation City Corporation (Dacc), had said recently.

He added that Dacc aims to set new benchmarks for excellence in the region and the world.

Furthermore, the first phase of the Dubai World Central project is due to be fully completed and launched in June 2010, including the Phase 1 completion of Al Maktoum International airport, with a capacity to serve five to seven million passengers per year and more than 600,000 tonnes of annual cargo handling capacity.

Once fully operational, Dubai Logistics City (which is ready and has clients operating out of the facility) as well as the Aviation City will be surrounding the Al Maktoum International airport as a specialised free zone focused on the logistics, cargo and aviation industries.

http://www.business24-7.ae/Articles/...430b2881f.aspx
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Old December 7th, 2009, 05:41 PM   #443
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Hmm.. will they really go on with the project especially after the huge debt? I highly doubt it!
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Old December 8th, 2009, 03:27 AM   #444
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I think they are aiming for long term profit and value.You should also take into acount that Dubai has constant passenger growth and in the future more companies would operate from Dubai because of it's location which will lead to population growth.
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Old December 8th, 2009, 03:30 AM   #445
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Sub-contract packages for Dubai International Airport Concourse 3 will be made next year

Alec, a subsidiary of the Abu Dhabi-based Al Jaber Group, is looking at awarding different sub-contracting packages for Concourse 3 project at Dubai International airport over the coming year, according to its CEO Kez Taylor.

"We are looking at different packages in the coming months. We got ETA Ascon as the MEP contractor on board. There are a lot of fitout packages for the hotels, first-class and business-class lounges and the ceiling packages. We are expecting to award the block work contract for Dh200 million by January 2010 and are busy going through the packages with the Dubai Aviation City Corporation (Dacc), the holding company for Dubai's aviation entities, as we speak. There are about three or four companies that are shortlisted," said Taylor. "Our contract value is about Dh4.4 billion for the entire project."

The contract includes the construction, completion and maintenance of the civil, architectural, MEP, SAS and signage works for the third concourse.

Alec replaced a joint venture of South Africa's Murray & Roberts Contractors (Middle East), Japan's Takenaka Corporation and the local Al-Habtoor Engineering Enterprises in mid-April after the consortium failed to agree terms and conditions with the DCA.

Concourse 3 is one of the largest building projects underway in Dubai. It will have 20 aircraft stands, including 18 for the Airbus A380 superjumbos. The footprint of concourse 3 is 90m wide and 645m long, and its built-up area is approximately 528,000 square metres including the arrivals and departure floors, EK lounges, four and five star hotels, and a large duty-free shopping area. It is due to open in 2012.

Taylor also told Emirates Business he was delighted that work had recommenced on the Phase 1 of the Dubai World Trade Centre (DWTC) site. "The original project was about Dh3.4bn and it was suspended. We have recommenced on the first part of the project and it comprises office towers, a hotel and a substation. It will be completed in the next 18 months," said Taylor. "The current value of the project is Dh750m."

Phase One will be located between the Emirates Towers and Novotel Hotel.

The company is in a reasonable position, he added. "We are on track with the Park Hyatt project on Saadiyat Island. We are also quite fortunate to have a current order book of Dh5bn and are in a reasonable position. Our challenge is to keep our resources employed. We are tendering and we actively try and secure work but it is a lot more competitive now. We need to secure additional work in the coming year," said Taylor. "We are trying to understand the situation of payments delay with our clients and work together with them. We have managed to find solutions on a couple of our projects. In difficult times, you need to be open-minded and flexible and look to solutions so that everyone can get through the troubled times together."

He is looking at single- digit growth figures until 2011. "We are predicting that we are going to level out for 2010 and 2011. We are looking at single-digit growth. Our turnover will stand at Dh3.3bn in 2009 and we expect the same for the coming year," said Taylor.

He expects the current strategy to last for 15 years. The company policy includes empowering construction teams to make decisions on site.

Taylor said: "We also kept overhead as two per cent of our turnover. We acknowledge the value of sub-contractors and suppliers as a business. What is also important to remember is that cheapest is not the best option be it a contractor or a product.

"We will follow clients into their areas of operations. But we have also learnt to be as efficient as possible in terms of outputs. With tough times and tight margins you can't afford to be inefficient. So our operational efficiency and structure of business have to be as lean and mean as possible.

"In this business, if you work for the wrong clients or consultants, it can be a very difficult situation. We have to pull jobs off on time and in the current market, less than 20 per cent of contractors manage to pull off contractors on time. This could also be due to other factors such as the client or the type of consultant on the project."

The company laid off people last year. "We are trying to avoid it as much as possible in the coming year," he said.

"We have had a look at reallocating our people to Lebanon and Syria and are pretty much following our clients to those areas. "In the coming year, we will look at our related business such as fitouts, MEP, ceilings and partitions and architectural precast and reinforcements and are pushing it quite hard," said Taylor.

http://www.business24-7.ae/Articles/...e226e6b3d.aspx
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Old December 8th, 2009, 05:59 AM   #446
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Originally Posted by Dubaiiscool:) View Post

I think they are aiming for long term profit and value.You should also take into acount that Dubai has constant passenger growth and in the future more companies would operate from Dubai because of it's location which will lead to population growth.
So where does the financing come from?
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Old December 8th, 2009, 07:02 AM   #447
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From Investors(companies + future residents) and probably from profits that the current airport is making because i think Emirates is financing the new concourse 3 at the airport because they are mainly going to use it.

+ When new airport opens in June next year it would probably generate funds to build it.

* I think it's that , I'm not sure.
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Old December 10th, 2009, 12:25 PM   #448
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Emirates says $1.13bn funding for six A380s in place

Emirates Airline on Thursday announced that it will receive two new A380 aircraft by the end of December, adding that funding for them was not a problem and the company remained in a "secure financial position" despite the global crisis.

The Dubai-based carrier will receive the first A380 early next week, with a second arriving in late December and the remaining four A380s due for handover in 2010.

These six aircraft will form part of the 53 Airbus A380 aircraft that Emirates currently has on firm order, the company said.

Tim Clark, president, Emirates Airline said: “Emirates remains in a secure financial position despite the global financial crisis. We have never encountered difficulties in obtaining finance for our aircraft acquisition programme, with both international and regional banks comfortable with our financial stability."

He added: “As one of the world’s most profitable airlines, Emirates has always honoured its financial commitments and we continue to progress with our rigorous fleet and network expansion plans.”

The company said financing for the six aircraft - worth $1.13bn - was arranged and funded under two separate finance agreements.

The first agreement, covering three A380 aircraft, has been undertaken with Citibank, backed by a guarantee from the European Export Credit Agencies (ECAs). A second financing agreement has been arranged through Doric Asset Finance and covers the remaining three A380 aircraft, Emirates added in a statement.

The delivery of the A380 aircraft early next week will bring Emirates’ A380 fleet to six with the aircraft due for deployment on the Seoul, Korea route from December 14.

Later this month Emirates will receive its seventh A380, scheduled to service the Dubai–Paris route three times per week from December 29, becoming daily from January 17, 2010.

Emirates operates an all-wide bodied fleet of 141 aircraft to 101 destinations in 62 countries.

http://www.arabianbusiness.com%2F575...a380s-in-place
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Old December 10th, 2009, 12:32 PM   #449
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Flydubai takes delivery of sixth plane

Dubai-based low cost carrier flydubai on Thursday took delivery of its sixth aircraft, which will put into service on routes to Bahrain and Nepal.

The newest Boeing 737-800NG will start operations with the inaugural Bahrain flight on Sunday and will also operate the new Kathmandu route starting on December 15 – flydubai's 10th and 11th destinations.

flydubai, which launched operations earlier this year, said in a statement that its next aircraft was due in March 2010.

The latest delivery is the sixth one to be delivered on schedule and is part of a $4 billion order for 50 aircraft that flydubai placed with Boeing at the Farnborough Airshow in July 2008.

The flydubai Boeing NG 737-800 has a capacity of 189 economy passengers and can cruise at an altitude of between 35,000 and 41,000 feet.

flydubai on Tuesday announced it was cutting its fare by up to 50 percent off on all routes for a limited period.

Passengers will be able to book one way fares to and from Dubai at half price including all taxes and one piece of hand baggage until December 15.

flydubai's growing network also includes Beirut-Lebanon, Amman-Jordan, Damascus and Aleppo-Syria, Alexandria-Egypt, Djibouti-Africa, Doha-Qatar, Khartoum–Sudan, and Baku-Azerbaijan.

http://www.arabianbusiness.com%2F575...of-sixth-plane
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Old December 21st, 2009, 10:25 AM   #450
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Aviation continues to thrive in Dubai

Dubai: Despite the downturn, Dubai International Airport continued record double-digit year-on-year increases for both passenger and freight traffic during November, according to traffic data released by IATA.

Passenger traffic rose 12.6 per cent in November, marking the sixth consecutive month of double-digit growth.

The airport handled a total of 3,520,287 passengers in November 2009 compared to 3,125,351 passengers during the same month last year, raising the year to date passenger throughput to 37,085,392 – up 8.5 per cent over the first 11 months of 2008. Market segments seeing the highest traffic increases included North America, Australasia and Asia.

Cargo continued its turnaround with the second consecutive month of double-digit increases with volumes surging 19.6% during November. Dubai Airports Cargo handled 191,897 tonnes of freight in November compared to 160,488 tonnes during the same month last year. Year to date cargo volumes reached 1.74 million tonnes compared to 1.68 million tonnes during the same period in 2008, up 3.9 per cent.

“Aviation is one of Dubai’s many success stories. Dubai is home to one of the world’s fastest growing airports and one of its fastest growing airlines in Emirates. The continued exceptional expansion in passenger and cargo traffic sends a strong positive signal about the health of this sector and the local economy,” said Shaikh Ahmed Bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chief Executive Emirates Airline & Group.

http://gulfnews.com/business/aviatio...dubai-1.556219
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Old December 21st, 2009, 07:52 PM   #451
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It looks an awful lot like Heathrow from the inside. The airport has a nice design, but a bit unoriginal.
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Old December 22nd, 2009, 06:26 AM   #452
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What terminals are you comparing because I haven't been at all the Terminals at London Heathrow.
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Old December 22nd, 2009, 09:14 AM   #453
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Quote:
Originally Posted by Chevre View Post
It looks an awful lot like Heathrow from the inside. The airport has a nice design, but a bit unoriginal.
Looks nothing like Heathrow. What r u talking about?
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Old December 22nd, 2009, 08:11 PM   #454
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True, wth is tht guy upto?? DXB is waayyy different than LHR, rather better actually
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Old December 22nd, 2009, 10:18 PM   #455
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any pics guys of concourse 3...seems everything is quiet with regards to construction
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Old December 22nd, 2009, 10:21 PM   #456
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Quote:
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It looks an awful lot like Heathrow from the inside. The airport has a nice design, but a bit unoriginal.
what nonsense Dubai airport is way better than Heathrow, i was in terminal 3 last tuesday, it is a mess with traffic jam and awful parking.

Heathrow and Gatwick airport got NO SOUL whatsoever, just stressed out passengers and rip off expensive food outlets selling microwave food.
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Old December 23rd, 2009, 02:26 AM   #457
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Quote:
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any pics guys of concourse 3...seems everything is quiet with regards to construction
It's still going ahead this doesn't have anything to do with Dubai World.

Google Earth Imagery from 15 August 2009
[IMG]http://i45.************/2cdjvcg.jpg[/IMG]

Here is some pics by Imre from 27 November were you can see the cranes at the Airport.
(Left hand side in the middle)
[IMG]http://i47.************/28bfsd3.jpg[/IMG]
(Left hand side at the top)
[IMG]http://i45.************/aos8cg.jpg[/IMG]
(Left hand side at the top)
[IMG]http://i47.************/dzbb5z.jpg[/IMG]
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Old December 23rd, 2009, 07:26 PM   #458
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Originally Posted by Dubaiiscool:) View Post
Dubai World will get itself out of the mess eventually and Dubai will emerge strong in 2010 as the crisis is expected to be over next year.Dubai World can manage its Debts and has the people to solve the problem.That's why there's restructuring to remove the bad people and get good people in their positions.They only have approximately $30Billion of bad Debt.
Comparrison Slide Show of debts:Worlds top 10 countries with external Debts.

BTW. the media is over exaggerating the whole situation and Dubai is a city which has a company that has Debts.The City is strong and won't collapse although the company is more likely to collapse.
it doesnt matter how large its debts are, the size of its debts in relation to its gdp as well as whether it has the ability to service its debts are important however. thats why countries like the US can have such large debts. Its because it can pay the interest on the debt.

The fact that Dubai World has stated it cannot pay the interest on its loans, not to mention any principal makes Dubai world's default a big deal. and its not just a company in Dubai. unlike most private companies that do business in emerging markets, Dubai World is owned mostly by the government of dubai. the fact that the government can't pay its debts IS a big deal. the media is merely highlighting this issue, they are not exaggerating anything.
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Old December 24th, 2009, 01:02 AM   #459
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They are exaggerating it because its only its Property Development asset,Nakheel, that had a problem in paying $28 Billion of debt due to a slow down in property development in Dubai.
But we will have more certainty about that when Dubai World actually asks for a standstill which it has not officially done.That Debt also came down to 22 Billion Since the government of the U.A.E helped the company.Dubai World will also start work again on some of its developments next year.

At least the company didn't go bankrupt because of the Government that could not have afforded to help them and the rest of Dubai World can pay its Debts.

The United States Debts are mounting (Link).
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Old December 25th, 2009, 05:30 PM   #460
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Originally Posted by Dubaiiscool:) View Post

They are exaggerating it because its only its Property Development asset,Nakheel, that had a problem in paying $28 Billion of debt due to a slow down in property development in Dubai.
But we will have more certainty about that when Dubai World actually asks for a standstill which it has not officially done.That Debt also came down to 22 Billion Since the government of the U.A.E helped the company.Dubai World will also start work again on some of its developments next year.

At least the company didn't go bankrupt because of the Government that could not have afforded to help them and the rest of Dubai World can pay its Debts.

The United States Debts are mounting (Link).
repeating opinions again and again dont change facts. Its not just Nakheel, Istithmar for example, the hitherto profitable investment arm of the government defaulted on its loans for W Hotel in the states, losing a prestigious and expensive investment (Istithmar paid $282 million US) for a measly $2 million trustee payment.

also, I've said it before but the size of a countries debts in of itself aren't important, its whether it can service them. If I have $50,000/year in disposable income but my debts are $3 million, even a 1% loan is too high, whereas if I have $50 million coming to my hand/year and my debts are $300 million, a 1% loan is still difficult but it can be repaid. Almost all of Dubai's major corporations are owned by the government and most are highly leveraged. The fact the government needs Abu Dhabi's assistance to shoulder the servicing of these debts indicates are a serious problem. And as you said yourself, there's a slowdown in development(less demand), so less income coming in from that sector. Constructing more buildings would only add to its debts not reduce it.

Last edited by nitzomoe; December 25th, 2009 at 05:37 PM.
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