Is Dubai completely broke?

Readings: Firecracker Report

and as predicted Abu D. will cherry pick as Reuters reports.

Monday should show some nice action on the bourses. A little down the road the question is, is Greece the Dumb Bai of Europe?

Dubai und deutsche Banken

Endlich gibt es ein paar Details, welche deutsche Banken und zu wieviel im Dubai-SankastenPonzi investiert sind. Soviel vorab, keine Überraschungen, DB, KFW, West LB:

(HT Zero Hedge)

Die nächste Frage ist, ist Griechenland das Dubai Europas? In Abu Dhabi leckt man sich jetzt schon die Finger, denn Dubai class assets sind für einen Appel und Ei zu bekommen. Die Daumenschrauben sind schon bereitgelegt.

Zu Guttenberg’s Abu Dhabi belly dance trip roaring success

German WiMi Slickpants Karl-Theodor Maria Nikolaus Johann Jacob Philipp Franz Joseph Sylvester Freiherr von und zu Guttenberg (that’s when the German Supreme Court came in and decided no more names allowed according to the constitution) took Luftwaffe 1 Teutonia and jetted his sorry ass down south into the muggy heat of Abu Dhabi land to watch some buxom Arab chicks belly dancing (picture).

Mornings were spent with high-octane, EPO-laced car talks about an American (Putin said so!) car company, incidentally located in Germany, and going by the name of Opel. You may have heard of it.

Talks were extremely successful – they have to in an election year – and this is what came up

Weit gediehen ist nach Guttenbergs Worten ein Projekt der Bundesdruckerei mit den VAE über die Herstellung biometrischer Pässe.

With zu Guttenberg on the desert clipper was another Sukh fanatic, Mr Roland Berger who used to dabble in things called consulting and these days has a tendency to appear at all  the wrong places. It’s that gerontic black hole, also known as the suppressed ego-vacuum.

Seems like even the most deluded politician has realized that system-non-relevant Opel is a lemon and  therefore some bridge financing is in cards. An obvious name for such a delicate thing that materialized was, you guessed it,  Germany’s stupidest bank, Kfw. Well, there you go.

Secret Daimler takeover?

According to the German magazine ‘Focus‘ Abu Dhabi’s investment company Aabar may plan to hike its stake in Daimler to 20% from 9,1%.

Daimler is in pretty deep trouble and it may incur a further loss of 1 billion $ due to its stake in Chrysler if Chrysler goes bankrupt.

Now it is conceivable that someone – a PE firm? – is using Aabar to plan a takeover of Daimler.

Der VAE-Daimler Stressverkauf

Vor 30 Jahren wären jetzt die Burgbrücken hochgezogen worden, die Pechkessel angeheizt, die Steinschleudern ausgerichtet worden … und Anno 2009, wo Prinz Al-Waleed bin Talal seinen Arsch ein bischen angesenkt über die Marmorebenen seines Palastes schlurft, muss man als Hersteller von Luxus-Kalüschen Geld von wo auch immer annehmen.

1,95 Mrd € für 9,1% Daimler ist vielleicht ein Schnäppchen, denn Daimler gilt seit Jahren als Übernahmekandidat. Kuwait besitzt 6,9% an Daimler. Aabar Investments aus Abu Dhabi hat weitere Investments, kurioserweise auch in AIG Private Banking.

Maria-Elisabeth Schaeffler in Burkha nach Abu Dabhi

Maria-Elisabeth greift aus pekuniären Gründen und einem gerüttelt Mass Dämlichkeit – sie ist blond – zum letzten Schrei des Catwalks: 2009 Burkha.

Flug nach Abu Dhabi schon gebucht.

Termin könnte geringfügig verschoben werden wegen ein paar Steinigungen.

Emirate: another one bites the dust.

OK, das Gerät ist ein No-brainer. Das 15 Sterne Hotel, oder sind’s bloss 12, ist der betongewordene erhobene Zeigefinger für eins: Nimm das Geld und renn. Short sale ratio, anyone?

„It might have been obvious, but it appears not all is well in the United Arab Emirates. Who would have thought a region so dependent on a building boom could be exposed to a slowdown during a global credit squeeze?

The latest bad news is focused on Dubai. In a speech to the Dubai International Financial Centre earlier this week, Mohommed Ali Alabbar, a member of the Dubai Executive Council, revealed the emirate’s sovereign debt amounted to $10bn while the debts of state-affiliated firms amounted to $70bn. Optimistically he added those obligations were manageable because the government of Dubai holds $90bn in assets while state-affiliated companies hold another $260bn. Crisis averted right? Not really.“ mehr hier

und hier (Auszug)

We all knew the question, but no one asked: Where does the U.S. get $700 billion when its debt already tops $10 trillion? Well, I suppose it will have to print some more. But that doesn’t sit well in the United Arab Emirates or the Gulf. Printing more dollars will only squash the value of the holdings of the Gulf’s central banks and the sovereign wealth funds, which have invested in once-safe, greenback-denominated assets. (No one knows for sure where the sovereign funds have invested, though. It isn’t as if North American-style transparency is the rule here, but it is believed that a fair-size chunk is caught up in U.S. stocks and bonds.)