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Dubai Debt Sinking City

Dubai Debt Sinking City

With City running dry of ideas on the pitch, news from afar suggests that money could be running dry in the boardroom as the financial crisis catches up with the lavish spending of the Emirates.

If you have read the news recently, you will have no doubt come across reports that the state-owned Dubai World, made famous for its world shaped man-made island chain, asked for more time to repay its debts.

The islands, along with numerous ambitious real-estate projects have shot the United Arab Emirates (UAE) and in particular, Dubai, to the top of the list for luxury resorts amongst the rich and wealthy.

News of Dubai World`s debt crisis has rocked the financial world with fears of further recession sweeping through the stock market which fell unanimously world-wide. As of August, it was reported that Dubai World held 73.5% of Dubai`s total debt, a massive £49bn. The Daily Mail went as far as describing Dubai as a 'monument to vanity and greed'.

The knock-on effect for Manchester City may be far reached if indeed the financial crisis has hit the Emirate states. With falling oil prices, as much as 5% in the US, the repercussions for City`s owners may mean that not only is less time invested in the clubs development in the short term as they look to solve serious domestic issues, but if indeed the level of debt is as high as feared, City`s cash flow may begin to dry up as much as Dubai`s oil wells.

Some of you may be sitting back in your chairs wondering what the problems in Dubai have to do with Abu Dhabi and Manchester City. You are right to question this as the two states are independently run, however, Dubai`s oil-rich neighbor has already bailed them out at a cost of $10bn and this latest set-back should see that figure multiply.

Like Dubai, is Manchester City's foundations built on sand? The football team dubbed 'the richest club in the world', could soon be signing bargain bin misfits once again as Abu Dhabi is left to pick up their bill for Dubai's reckless spending.

What do you think? How will this latest economic setback affect City`s bid to gatecrash the top four in the near future? Will we see Samaras back in sky blue? Have your say HERE.

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Writer:Lincolnsmariner
Date:Sunday November 29 2009
Time: 12:53PM

Comments

0
I haven't got a F clue!
RobsonGreensleeves
29/11/2009 13:08:00
0
Really shouldn't be a problem, for a number of reasons: As you said, this is Dubai, not Abu Dhabi - our owners have been moving away from oil for quite some time, so as not to be so dependent upon it - The global economic downturn has been going on for a while (although there are signs of a recovery here and there), but that still didn't stop them spending over £100m in the summer.
BlueWolfie
29/11/2009 13:14:00
0
Dont think it will effect us one bit,the article mentioned that Abu Dhabi have bailed them out to the tune of $10bn already...snds like we are in big trouble when our owners can only afford the 10bn eh? Might just effect the chances of Livrpool fc being sold to a Dubai group.......... great news lol
belfastblue
29/11/2009 13:24:00
0
Yeah right... anything to try get to us!
mcfcthriller
29/11/2009 13:35:00
0
No problem for our owners - the cost for running City is peanuts to them. We talk in millions and they talk in BILLIONS!
Thaibluefan
29/11/2009 13:39:00
0
Got 2 say, me and I think every other football fan would love to see it!! No1 wants to see the league bought, and yeah i no chavski done it but hated it then to, you should live by your means and one day your buble may burst.
liamyid
29/11/2009 14:16:00
0
to be honest i have'nt a clue about BIG business but you only buy what you can afford and it seems that as Abu Dhabi have already bailed out Dubai i would think that the club is safe, and it seems we have a very shrewd chairman in Khaldoon, so i think it's business as usual but no more lavish spending like the last 3 transfer windows.....it's cut your cloth accordingly time.
cityman51
29/11/2009 14:33:00
0
Dubai and Abu Dhabi are worlds apart Dubai never had much oil, yet Abu Dhabi holds nearly 10% of the world's recognised reserves, and in the long trm, oil prioces aren't going to fall very far!. Dubai has invested heavily in landmark real-estate and property development, backed by luxury tourism - all areas that have suffered in the current economic climate, whereas AD has diversified into finance, manufacturing and overseas investments. The Abu Dhabi Investment Fund holds reserves of some $875 billion (with a B). In short, if our owners can't afford to shell out enough money to maintain a small investment like Manchester City, then kindly put you head between your knees and kiss your ass goodbye - We're all *****ed!
fifthcolumnblue
29/11/2009 15:12:00
0
I don't envisage any problems here as they are 2 different countries which make up part of the UAE. Dubai is small fry in comparison to Abu Dhabi but gets most of the publicity in the region and even if Dubai owe Abu Dhabi a few billion then I doubt that the knock on effect will be too drastic. At least if the worst ever comes to the worst then we do have a fair few saleable assets and are debt free so I doubt that we'll be shopping in the bargain basement like the rags anytime soon.
Kevinho
29/11/2009 18:22:00
0
"news from afar suggests that money could be running dry in the boardroom as the financial crisis catches up with the lavish spending of the Emirates." Nonsense, please explain how Dubai's financial woes have anything at all to do with our club. We've got enough problems on the pitch without groundless articles like this, looking for problems where non exist.
Dunnie
29/11/2009 21:10:00
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