Dubai Investors

[erpowers]

I watched a show about Dubai yesterday that discussed the building of Dubai. The film discussed a number of things including the individuals who were building the infastructure of Dubai, who was responsible for building boom, and past, present, and future building projects. A major focus of the film was the Burj Dubai, which is currently the tallest building in the world. This film was produced before Dubai asked for more time to pay back it debt so the film seemed to promote Dubai as a great place to invest one's money, especially in real estate. The show failed to mention that much of the construction in Dubai was being financed by debt.

As a result of watching this film I wanted to know what happened to the people that invested in Dubai. Did many of the people who invested in Dubai lose a great deal of money. In the film there was one guy who owned a number of properties in Dubai, but the vast majority of the properties he owned were not completed by the time the film aired. So, what happened to the people who invested in dubai.

[cbdo2007]

1. One of the leaders of Saudi Arabia gave them the rest of the money for the Burj Dubai

so they named the building after him and the current name is something like Burj Khalifa.

I'm guessing other similar deals are taking place with the original investors running out of money and other wealthy friends stepping in to foot more of the bill.

http://en.wikipedia.org/wiki/Burj_dubai

"The total cost for the Burj Khalifa project was about US$1.5 billion; and for the entire new "Downtown Dubai", US$20 billion.<14> Mohamed Ali Alabbar, the Chairman of Emaar Properties, speaking at the Council on Tall Buildings and Urban Habitat 8th World Congress, said in March 2009 that the price of office space at Burj Khalifa had reached US$4,000 per sq ft (over US$43,000 per m2) and that the Armani Residences, also in Burj Khalifa, were selling for US$3,500 per sq ft (over US$37,500 per m2).<15>

The project's completion coincided with a worldwide economic slump and overbuilding, and it has been described as "the latest ... in string of monuments to architectural vacancy."<16> With Dubai itself mired in a deep financial crisis that forced it to seek repeated billion-dollar bailouts from its oil-rich neighbor Abu Dhabi, the opening ceremony and surprise renaming of the tower to Burj Khalifa, after UAE President Khalifa bin Zayed Al Nahyan, has been viewed by observers as an "attempt to boost confidence in Dubai by showing who is backing Dubai".<17>"