What is Digg?224 Comments
- ghm101, on 02/15/2008, -8/+101It is their money, they earned it, they can spend it as they like.
It is not their fault we are all so dependent upon oil, like an addict on crack. - koob, on 02/15/2008, -11/+66For anyone who says that once the Middle East runs out of oil Dubai will be nothing, you're wrong. Only 6% revenue comes from oil. They're economy is based on services particularly tourism. They build giant hotels and ski resorts and giant skyscrapers because it attracts people. As more of these buildings are completed, and as more people hear about this place it's only going to become MORE popular. *****, I think it would be cool to go.
- inactive, on 02/15/2008, -8/+47And our money goes to: ARMS.
- InSeverance, on 02/15/2008, -15/+49Buried, why?
THERE IS NO GOD DAMN OIL IN DUBAI - Idgit, on 02/15/2008, -3/+28Just so you know Dubai and the other Emirates have basically no oil left already. However you could say that they indirectly make money off the oil industry by catering to all the rich arabs from the surrounding countries that come to dubai and spend their millions.
- Kisama, on 02/15/2008, -1/+25Although Dubai's economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 6% of the emirate's revenues. - Wikipedia
- shiftclick, on 02/15/2008, -1/+21Actually, Dubai's economy is based on banking and the financial sector. Specifically, the banking of oil producing, Middle-Easter states. Tourism is relatively new (post 1980).
Source: http://en.wikipedia.org/wiki/Dubai#Economy - QuickeningYak, on 02/15/2008, -0/+16The Hydropolis reminds me of Bioshock...
- michaelfitz, on 02/15/2008, -4/+19No. 95% to the middle east.
- ZenFountain, on 02/15/2008, -0/+14Oh Christ, like anyone cites on Digg, hell the links get cutoff half the time...
http://www.moneyweek.com/file/12577/dont-fall-for- ...
http://www.dailyreckoning.com.au/dubai/2007/12/13/
http://www.bloomberg.com/apps/news?pid=20601039&si ... - garvallagh, on 02/15/2008, -4/+18Just dont get caught trying to get your bony ass in there with anything like the roach of a joint on your shoe or heavens forbid codine in your luggage.
- 350Zed, on 02/15/2008, -0/+12Exactly. Its our fault.
Even if we don't believe the Global Warming hype, we should still realize that funneling all of our money to a select few oil barons in the middle east instead of funding renewable fuels is just plain stupidity. - ZenFountain, on 02/15/2008, -12/+23Dubai is a bubble of astronomical proportions waiting to pop. 60 Minutes had a special a few weeks back on the emirate, those islands with multi-million dollar homes are not even occupied. It's just a huge speculative dump for petrodollars. I imagine they fancy themselves being the next Singapore or Hong Kong but that's simply not going to happen for a host of reasons.
- DeviantDragon, on 02/15/2008, -4/+14There's nothing wrong with this sort of capitalism and spending. It's not actively harming others.
- gummih, on 02/15/2008, -1/+11You DO know that the oil corps are reporting record profits?
- inactive, on 02/15/2008, -0/+10 Anyone have a link to what the America oil company executives are doing with their billions in record profit these last few years? Some pretty swanky mansions I would think.
- kingofinternet, on 02/15/2008, -1/+10the sea and desert will reclaim all of that.
- Amazetbm, on 02/15/2008, -0/+8"Breaking our dependence on oil has become a national security issue."
It was a national security issue during the 70's. The energy industry drags their feet because their are trillions left to be made by maintaning the status quo and lobbied to keep it that way. The transportation industry had dragged their feet on making more efficient and alternative fuel cars cars because "there isn't a large enough market for them". Here's a hint, make your fuel efficient cars look like regular cars instead of tree-hugger mobiles and they'll appeal to a larger market. We have every president and congress since Nixon to thank for not doing what they need to do to get our industries to do what needs to be done. - inactive, on 02/15/2008, -0/+8 Who mentioned the Saudi's and 911? Besides you I mean.
- cbuddha42, on 02/15/2008, -0/+7http://www.ameinfo.com/122863.html
- Seanmu13, on 02/15/2008, -2/+9The UAE is being extremely smart right now in expanding their service/tourism industry. They realize that what oil they have will eventually run out as reserves diminish and alternative fuel sources emerge. IMO, looks like it will be a nice place to visit.
- rajun50, on 02/15/2008, -0/+7No, you fail. The United Arab Emirates is the whole country which Dubai is a part of. Dubai gets about 6% of their GDP from oil. The UAE gets about 33%. Read your own article next time.
- neocr0n, on 02/15/2008, -0/+6All that money is being spent on developments. Looks to me like Dubai are building a nice little tourism industry for themselves and why not? Its a fantastic country. After all oil won't last forever.
- xenuxenuts, on 02/15/2008, -0/+6where the world's wealth went 500 years ago:
http://en.wikipedia.org/wiki/Sistene_chapel - agbullet, on 02/15/2008, -4/+10Eh. So what? They sell something, you bought it. You got your oil, they got your money. They can choose to spend said money anywhere they like.
- KraftDinner101, on 02/15/2008, -9/+15Maybe take a stroll down to your merry President's place and stop the war. Better yet, go back in time and stop it, then you can take the trillion dollars you folks wasted on killing people and you can give it to needy kids. Get your priorities straight. They earned all the money they spend. You guys are borrowing yours like a deadbeat neighbour.
- ZenFountain, on 02/15/2008, -2/+8http://www.moneyweek.com/file/12577/dont-fall-for- ...
http://www.dailyreckoning.com.au/dubai/2007/12/13/
http://www.bloomberg.com/apps/news?pid=20601039&si ... - yojiffyskippy, on 02/15/2008, -0/+6Ok, which is it?
".. the cost of gas has little to do with the demand for gas"
-or-
".. if none of us used gas, they'd have a much harder time selling it to us at $3+"
Sure, the cartels have an impact on the cost of gasoline because they have some say about the price of crude. But about 1/3 of the price of gas (at least in the US) is due to government taxes and another 1/3 of it is due to the refinery process. So it isn't fair to entirely blame the cost of gas on the cartel. - NoCt1, on 02/15/2008, -3/+9Most of the kids in iraq are blown up by iraqis. I dont see Marines setting up car bombs or blowing themselves up.. The war sucks yes. But facts are facts. Marines arent causing most of the damage. it is an indirect result of them but not them. also we arent paying for those bombs to take off their limb
- Scrappy1850, on 02/15/2008, -1/+7no, gas is $3+ because you buy it. They built this stuff with your money.
- Scrappy1850, on 02/15/2008, -0/+6yeah, i always wanted more than 2.
- nullcodes, on 02/15/2008, -0/+6These are being constructed for revnue generating business reasons. Not as some extravagant spending blitz. They expect to make the money back from tourism and stuff. These endeavours help create jobs, provide rest and relaxation to folks, and keep the global economy robust.
Now you can argue that the idea is dumb and no tourists will show up .. but you can't call it extravagant spending .. because it's based on a business plan and investment plans etc..
This is not some sheik blowing his oil money on beer, pot, and hookers. - inactive, on 02/15/2008, -4/+9Yeah, because we all know that ensuring that American children have healthcare benefits is a horrible waste of $ when you could be using that same $ to blow off the limbs of Iraqi children.
- ZenFountain, on 02/15/2008, -1/+6There's plenty of opinions on Dubai Inc, it's not a thought I scribbled down with no basis.
- MeMongo, on 02/15/2008, -0/+5I say the money should go to boobs.
Breast implants for every girl that graduates high school with an A average and hasn't had any children. - moletimer, on 02/15/2008, -0/+5The world islands actually look pretty cool. http://en.wikipedia.org/wiki/World_Islands
- cbuddha42, on 02/15/2008, -0/+5http://www.ameinfo.com/122863.html
- silveravnt, on 02/15/2008, -0/+5Don't expect humans to take responsibility for themselves
- NeverOffside, on 02/15/2008, -0/+5Finally, someone said that so I don't have to find the facts :)
- augustwest30, on 02/15/2008, -0/+5And the source of the 6% number -
http://www.ameinfo.com/122863.html - 4degrees, on 02/15/2008, -0/+5i'm a leg man myself.
- Orphe, on 02/15/2008, -2/+7@KraftDinner101:
Right, every single US citizen can be singled out and blamed for the War in Iraq. *rolls eyes*
Let me just remind you that your country supported the resolution and helped the invasion. Let me also pick at the fact that your username refers to a brand owned by Philip Morris, a sickeningly evil multinational conglomerate that profits from the illness and death of the innocent. You sicken me moreso than I could you, you asinine piece of *****. - drgooch, on 02/15/2008, -7/+12which michael moore video did you get that information from?
- inactive, on 02/15/2008, -1/+6And you would do what? Type really mean words to them?
Grow a ***** spine and do something about things you see as a problem. Donate your own ***** allowance money to the causes. - Jibberwalk, on 02/15/2008, -0/+5This links isn't down, and it's where the original link got everything from:
http://globaleconomicanalysis.blogspot.com/2008/02 ... - inactive, on 02/15/2008, -3/+7The liberal politics of envy on full display. It is Dubai's money to do with what they want. I get oil at fair market prices. I am free to invest In Exxon or Chevron and reap benefits through dividends and stock appreciation. It is a nice consolation at the pump when I am filling my SUV.
- ukfoole, on 02/15/2008, -1/+5Yes, Dubai only has a DIRECT income from pumping oil from their ground of 6%.
Where do you think all the rich oil executives from other countries do their business.... oh, that is right, Dubai.
Dubai's Indirect oil income is more likely in the 80%+ region from oil companies opening shop there. - NeverOffside, on 02/15/2008, -1/+5My pic of the Burj Al Arab at night. Beautiful.
http://www.flickr.com/photos/neveroffside/21631319 ...
http://www.flickr.com/photos/neveroffside/21623187 ... - Trigeno, on 02/15/2008, -1/+5They appear to be hedging their bets against the coming economic lowpoint. Their currency is pegged to the dollar, so every amount of inflation of the US dollar decreases the buying power of their currency by the exact same percentage. They are doing what everyone should be doing.. simply converting their wealth into something tangible, in their case infrastructure, new land, buildings, in an individuals case that would mean purchasing land, gold, solid items that will not lose their value, unlike ALL currencies have through history, due to the policies and practices of those that control its issue and value.
- Octaman, on 02/15/2008, -2/+6Dubai is one of the most boring, artificial cities in the world.
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