Re: Time to find a chair?
Posted: Sat Dec 01, 2018 7:12 pm
[quote author=Rookie Pilot link=topic=9394.msg25913#msg25913 date=1543678873]
I've been saying this for a while. Most people laugh at me, and carry on getting 80K trucks on credit, and 600k (Or much more) mortgages.
I feel sad for whats coming, for others including my friends, even though I'll make a lot of money on it.
Debt matters.
[/quote]
I spend the occasional week in Dubai and transit through 2-3 times per month.
3 years ago there was almost nothing going on. Plenty of abandoned projects - half finished buildings with no activity.
Now they are building like there's no tomorrow - every time I'm there there's something new built. Still the same abandoned projects with no activity.
The funny thing is that there is a lot going on behind the scenes that isn't being reported.
There's a mass exodus of Expats, several big construction firms have gone under and there has been bank consolidation.
Some assets have been transferred to Abu Dhabi.
The local papers say the future looks so bright you've got to wear shades!
The reality is they are deeply in debt and there is no way out for them. All that is needed is a "Black swan" event to bring the whole house of cards crashing down. A drone attack or a scud missile would do it - it has been threatened.
I have a front row seat to this - and it isn't going to be pretty!
Dubai - a monument to Hubris (I love this word - sums things up perfectly!).
As a Pilot I wouldn't touch a job at any of the ME carriers - this isn't the great option it once was.
I've been saying this for a while. Most people laugh at me, and carry on getting 80K trucks on credit, and 600k (Or much more) mortgages.
I feel sad for whats coming, for others including my friends, even though I'll make a lot of money on it.
Debt matters.
[/quote]
I spend the occasional week in Dubai and transit through 2-3 times per month.
3 years ago there was almost nothing going on. Plenty of abandoned projects - half finished buildings with no activity.
Now they are building like there's no tomorrow - every time I'm there there's something new built. Still the same abandoned projects with no activity.
The funny thing is that there is a lot going on behind the scenes that isn't being reported.
There's a mass exodus of Expats, several big construction firms have gone under and there has been bank consolidation.
Some assets have been transferred to Abu Dhabi.
The local papers say the future looks so bright you've got to wear shades!
The reality is they are deeply in debt and there is no way out for them. All that is needed is a "Black swan" event to bring the whole house of cards crashing down. A drone attack or a scud missile would do it - it has been threatened.
I have a front row seat to this - and it isn't going to be pretty!
Dubai - a monument to Hubris (I love this word - sums things up perfectly!).
As a Pilot I wouldn't touch a job at any of the ME carriers - this isn't the great option it once was.