# Emirates Airline..... SOLD



## Andy Capp (Oct 5, 2008)

Seriously, Sheik Ahmed's 50% was sold yesterday to the Al Nahyan's of Abu Dhabi.

The EK shares are now Dubai gov - 49%, Abu Dhabi gov - 51%.

Dubai is broke.



FACT


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## Jim Wilde (Jul 25, 2008)

Andy Capp said:


> Seriously, Sheik Ahmed's 50% was sold yesterday to the Al Nahyan's of Abu Dhabi.
> 
> The EK shares are now Dubai gov - 49%, Abu Dhabi gov - 51%.
> 
> ...


Dubai ain't broke.....yet. Don't be fooled by the "moving around" of large assets like Emirates......and remember Abu Dhabi is an Emirate...therefore...Status Quo. Its all about image projection. having watched the 20 million pounds of fireworks last night.....I doubt dubai is broke.!!


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## grasshopper (Aug 12, 2008)

Andy Capp said:


> Seriously, Sheik Ahmed's 50% was sold yesterday to the Al Nahyan's of Abu Dhabi.
> 
> The EK shares are now Dubai gov - 49%, Abu Dhabi gov - 51%.
> 
> ...


Looks like Abu Dhabi is demanding its pound of flesh for bailing out Dubai's excesses! They'll probably take the DIFC away from Dubai next.


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## Maz25 (Jul 6, 2008)

Jim Wilde said:


> Dubai ain't broke.....yet. Don't be fooled by the "moving around" of large assets like Emirates......and remember Abu Dhabi is an Emirate...therefore...Status Quo. Its all about image projection. having watched the 20 million pounds of fireworks last night.....I doubt dubai is broke.!!


Actually, I have to disagree with you! I work in construction and FACT, Dubai is broke!!! All those lovely buildings were being financed primarily by money coming from Abu Dhabi! The whole reason why there have been so many layoffs is because Abu Dhabi has said, NO MORE - it is now spending its money on its own project, which is why the construction insdustry in Dubai is now struggling - a large percentage of its finances have been rediverted and Dubai does not have the capital to make up for this! Developers are skint and cannot even pay their consultants! There are gonna be quite a few lawsuits in the coming weeks as consultants grow tired of waiting for their money (which the client does not have!)! My company is based in Dubai but we have now refocussed all our efforts to Abu Dhabi cause our clients in Dubai are skint and can't pay, so we've downed tools and gone down the legal route to get our dues!!


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## stevieboy1980 (Sep 9, 2008)

maz is right, im in construction and our abu branch just got 50 billion of work, dubai erm.... just a few projects left!!!

and the fireworks were paid fro by a South African Billionaire...


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## Ogri750 (Feb 14, 2008)

The main contractor on my site has not been paid by the developer (Emaar) for a couple of months now


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## cc7 (Nov 13, 2008)

It might be worth reading this

Bloomberg.com: Worldwide


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## Maz25 (Jul 6, 2008)

Ogri750 said:


> The main contractor on my site has not been paid by the developer (Emaar) for a couple of months now


My company has not been paid for months! The client asked us to accept a cut of 85% to our fees! We told him we'll see him in court!


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## stevieboy1980 (Sep 9, 2008)

ogri.... 90 million were owed on that job so far...............


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## Ogri750 (Feb 14, 2008)

Steve, 

you are owed, we are owed by you, our suppliers are owed by us

Nice knock on effect

Saw GB briefly the other day


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## stevieboy1980 (Sep 9, 2008)

i hear your not worthy of being paid anyway... hahaha...

yeah know what you mean though, emmar are busy doing other stuff...

GB is there tomorrow for a bit too pal, i might pop over tomorrow too


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## Ruggedblond (Oct 26, 2008)

Andy Capp said:


> Seriously, Sheik Ahmed's 50% was sold yesterday to the Al Nahyan's of Abu Dhabi.
> 
> The EK shares are now Dubai gov - 49%, Abu Dhabi gov - 51%.
> 
> ...


Where did you hear this? Sky News have focused on Dubai all this week with hourly short reports from business leaders in Dubai commenting on the slow down. Mohamed Alabbar, Chairman of the Banking Crisis Council Catagorically said that Emirates Airline was not being sold. Projects pencilled in for the next 2 years would stay on the drawing table and would be revisited when the time was right. 

My start date with Emirates Airline is in 3 weeks so naturally speculation like this is giving me pause for concern. A slow down is one thing but a merger would seriously change things!


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## Guest (Nov 29, 2008)

I agree with Maz; Dubai is BROKE!

I work in the Cinema business, and like always during the ruff times entertainment always stands strong because people always want to escape that reality. For us we are not affected at all, however our business partners from Nakheel all the way to the smallest partner are affected... so Emirates Airlines had to sell, Abu Dhabi is where it's at and by the looks of what the syllobus has for Abu Dhabi in the next 5 years; I think Abu Dhabi is where it's at for making $$$ well at least in my field (Cinema).

-Joey


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