M
MrSkipsey
New Member
Does anyone know if the crash in Dubai will effect developments in Egypt in any way or is Egypt self sufficient?
What effect will the Dubai 'crash' have on Egyptian developments?
El Gouna Property
Banned
I guess Dubai is falling down now as in today El Ahram newspaper in Egypt it said Dubai Word Wide Co cant pay back its depts and ask for 6 months more to pay it and this affected direct the stock market in the world so it could have a partial effect for sure
A
Alan Cockayne
Banned
Emirates Markets
The United Arab Emirate Banking Institution is heavilly reliant on Abu Dhabi and other Global Banks to "oil the wheels" of business. It was obvious Dubia and Egypt would suffer the consequences of a Global crash even though they did not get embroiled in the sub-prime mortgage sector as UK, Europe and the US did.
What International Banks do is give guarantees to industries and developments. When the market is in recession or the loan period expires they like Barclays and HSBC require it back. Projects then suffer cash-flow problems. Some developments stand-still or go bust.
Yes, Egypt will see an effect, though the politicians will deny it. Usually construction companies and the service sector toughen up and bargains abound. Quality not quantity is the best policy and completed units generate income. However marketing is not their strong-point; their International promotion relies on us marketeers. But they don't listen, do they?...
Ahh well... Let's see how they handle it.
At least we won't have to suffer Jedward any more this year.
Alan - Coralife-Style Consultants.
Egypt's Red Sea and Dubai are similar in that they depend on tourism for success. Neither can contribute to oil, gas and manufacturing revenues. The economy is based on tax from shipping and servicing the tourism industry. Without tourists they are both broke, so they borrowed.
The United Arab Emirate Banking Institution is heavilly reliant on Abu Dhabi and other Global Banks to "oil the wheels" of business. It was obvious Dubia and Egypt would suffer the consequences of a Global crash even though they did not get embroiled in the sub-prime mortgage sector as UK, Europe and the US did.
What International Banks do is give guarantees to industries and developments. When the market is in recession or the loan period expires they like Barclays and HSBC require it back. Projects then suffer cash-flow problems. Some developments stand-still or go bust.
Yes, Egypt will see an effect, though the politicians will deny it. Usually construction companies and the service sector toughen up and bargains abound. Quality not quantity is the best policy and completed units generate income. However marketing is not their strong-point; their International promotion relies on us marketeers. But they don't listen, do they?...
Ahh well... Let's see how they handle it.
At least we won't have to suffer Jedward any more this year.
Alan - Coralife-Style Consultants.
K
kafu
New Member
The Dynamics of the market in Egypt are far different to that in Dubai.
For a start Egypt has more than 5000 years of history. Egypt has natural treasures such as the RED Sea (arguably the best diving in the world) and the Mediteranean Sea on the North Coast. Egypt has culture.
Dubai was a desert until 20yrs ago. All they have is fake!
El Gouna Property
Banned
You are tottaly Right Kafu All what Dubai Have is Artificial and Only Thinng there is shoping tourist that is all
and so itsnot fair to say both are same :driver:
