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Old November 21st, 2009, 01:28 PM   #1521
Dark Matter
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Money.


Last edited by Dark Matter; November 21st, 2009 at 01:34 PM.
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Old November 21st, 2009, 02:17 PM   #1522
Imre
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thanks

I will try to take pics on 11th November and we will see the difference.
I forgot the update

Anyway still nothing happening there.
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Old November 21st, 2009, 04:16 PM   #1523
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Anyway still nothing happening there.
Not a big suprice though
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Old November 21st, 2009, 04:41 PM   #1524
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There is at least some significant progress at the dying palm tree on the right. It will soon suffer the same faith as the one on the left side of the gate.
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Old November 21st, 2009, 06:39 PM   #1525
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Quote:
Originally Posted by Imre View Post
I forgot the update

Anyway still nothing happening there.

anyway,When Nakheel company will restart this project? it takes about 1 years for Procrastination. Procrastination's date 80% completed,I know.Restart's period will delay? uhm..
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Old November 21st, 2009, 08:33 PM   #1526
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Quote:
Originally Posted by Hightech Pro View Post
There is at least some significant progress at the dying palm tree on the right. It will soon suffer the same faith as the one on the left side of the gate.
Haha i noticed it too

Quote:
anyway,When Nakheel company will restart this project? it takes about 1 years for Procrastination. Procrastination's date 80% completed,I know.Restart's period will delay? uhm..
uhm.. yes it will. It would eventually be restarted in 2010 but the tower from what i know wasn't even peresent at sitiscape so i highly doubt they will restart it soon.
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Old November 22nd, 2009, 05:15 PM   #1527
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WSP Group says conditions "remain very challenging".

4 November, 2009 | By Nick Whitten




Consulting engineer WSP Group today said market conditions “remain very challenging” and have not changed since the firm’s half year results in July.


The firm, which is working on the 310m Shard skyscraper in London, said it was continuing to see a solid performance in public sector activities, particularly in its substantial European operation.

But difficult trading conditions remain in most markets in the private sector.

WSP said that while the wider Middle East is presenting competitive project opportunities, the Dubai market remains subdued.

The ongoing and severe lack of liquidity in Dubai has meant that the resolution of old contracts continues to be extremely slow with limited progress to date.

WSP is the engineer on the stalled 1km Nakheel Tower in Dubai.

A statement to the Stock Market said: “The liquidity issues that are materially impacting receipts from certain of our Middle East clients continue to be felt more widely across our private sector markets.

“However our net bank debt is at expected levels and we remain comfortably within our banking covenants and well financed with a £150 million committed credit line to 2013.

“While our focus remains on managing the challenges presented by the current economic climate, the group’s strategy of diversification across sectors and geographies should ensure we are well positioned to take advantage when markets improve.”


LINK: http://www.cnplus.co.uk/technical/ta...210399.article
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Old November 26th, 2009, 03:59 PM   #1528
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So the government has pulled the emergency brake - yesterday's Reuters news from Dubai show that the financial problems are serious! I suspect there's no chance for new Nakheel superprojects like NT for quite a long time

From www.arabianbusiness.com:

Deal sought on Dubai World, Nakheel debts

Dubai will ask creditors of two of its flagship firms for a standstill on debt worth billions of dollars as a first step towards restructuring Dubai World, the conglomerate which spearheaded the emirate's growth.

The government's announcement on Wednesday, which said consultants Deloitte had been appointed to help with the restructuring, sent the cost of insuring Dubai's debt against default soaring and bond prices tumbling.

State-run Dubai World has $59 billion of liabilities, its subsidiary Nakheel said in August, a large proportion of Dubai's total debt of $80 billion.
...
Analysts expect financial support from Abu Dhabi to continue but Dubai will likely have to abandon its economic model that focused on heavy real estate investment and inflows of foreign capital.
...
The government said in a statement: "Dubai World intends to ask all providers of financing to Dubai World and Nakheel to 'standstill' and extend maturities until at least 30 May 2010."
...
__________________
keep looking upwards
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Old November 27th, 2009, 12:18 AM   #1529
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26/November/2009

Nakheel Harbour and Tower

[IMG]http://i50.************/2912wcz.jpg[/IMG]

[IMG]http://i48.************/25ujyu0.jpg[/IMG]
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Old November 27th, 2009, 12:23 AM   #1530
malec
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Quote:
Originally Posted by Dan Hochhaus View Post
So the government has pulled the emergency brake - yesterday's Reuters news from Dubai show that the financial problems are serious! I suspect there's no chance for new Nakheel superprojects like NT for quite a long time
Yes that's right, not a hope.
Thankfully most of the supertalls are not being built by Nakheel or Emaar so projects like the Pentominium are progressing faster than ever.
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Old November 27th, 2009, 01:40 AM   #1531
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are you trying to say that other developers live in a different economic universe???
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Old November 27th, 2009, 02:23 AM   #1532
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are you trying to say that other developers live in a different economic universe???
Other developers didn't build giant islands in the ocean.
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Old November 27th, 2009, 02:30 AM   #1533
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Surely all this mental building has to come to a stop soon? The whole country appears to be on the verge of going under unless Abu Dhabi step in. Even if they do surely they are not going to bank roll these vanity projects no one wants or can afford?
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Old November 27th, 2009, 02:55 AM   #1534
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Quote:
Originally Posted by travelbug View Post
Surely all this mental building has to come to a stop soon? The whole country appears to be on the verge of going under unless Abu Dhabi step in. Even if they do surely they are not going to bank roll these vanity projects no one wants or can afford?
I'm surprised that Dubai's big brother has put up with this crap for this long.
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Old November 27th, 2009, 02:56 AM   #1535
malec
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Quote:
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Other developers didn't build giant islands in the ocean.
Not only that but Nakheel overstretched themselves by about 20 times what they should have. How much money did they waste on reclaiming palm jebel ali, the waterfront, the world, palm deira, etc? They could have completely finished palm jumeirah by now if they concentrated on that and just some other small stuff. It would be great to see it done, with trump tower and all.
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Old November 27th, 2009, 01:31 PM   #1536
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It was always a completely economically unstable and unattainable model. How much did they spend building islands in the sea that are covered with low rise, low spec villas? there are only so many people in the world willing to pay $5 million for a holiday villa. That and the fact everyone thought the oil money would cover it.... Dubai never really had any oil money!
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Old November 27th, 2009, 01:42 PM   #1537
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Before TSHTF late last year I always thought they were spending money they had accumulated in the years beforehand. Once they started announcing bawadi and other really expensive projects I remember thinking "Where is all the money coming from? Surely they have a lot but THIS much?". I never thought that all that had been built on a mountain of debt.
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Old November 27th, 2009, 02:21 PM   #1538
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At the beginning of the financial crisis, we were hoping for a restart in the middle of 2010; it seems now pretty dead.
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Old November 28th, 2009, 10:56 AM   #1539
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I wouldn't go as far as say it's dead. Certainly we won't see it any time soon. Maybe a couple of years or even a few but the project itself is good. It only needs financing and real demand for it. I don't think they'll abandon it.

And Nakheel will survive, one way or another. They just need to optimize their portfolio. Complete the projects that matter first. Prioritize.

I guess its time Dubai raise taxes.
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Old November 30th, 2009, 12:32 PM   #1540
Imre
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30/November/2009

Nakheel Harbour and Tower

finally someone at the site

[IMG]http://i49.************/24y1yfl.jpg[/IMG]

[IMG]http://i47.************/1rc1tk.jpg[/IMG]

[IMG]http://i48.************/33os41k.jpg[/IMG]

[IMG]http://i50.************/1zwgm4g.jpg[/IMG]

[IMG]http://i46.************/2lub3fq.jpg[/IMG]
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