We heard from early this morning that the markets were tanking today because Dubai.
I guess they’re not the only ones who borrowed too much to make neat toys, like the only indoor ski resort in the Middle East.
Since the full-scale of Dubai’s huge debt mountain hit home late last year, many investors who have sunk billions of dollars into the emirate’s extravagant projects have been seeking reassurance from Abu Dhabi, capital of the United Arab Emirates.
For years, as Dubai built one grandiose scheme after another, there was the assumption — unwritten but widely believed — that Abu Dhabi would be on hand to pick up the pieces if the emirate’s bubble burst.
But with Dubai raising the possibility that one of its flagship investment vehicles may default, attention is now focusing on just how far Abu Dhabi is willing to go to bail out its smaller brother. Underlying the uncertainty is the widely held thought that Abu Dhabi officials were caught unaware by Dubai World’s dramatic statement, which came just hours after two Abu Dhabi-controlled banks had agreed to subscribe to a $5 billion Dubai bond issue.
Want to help them pay their debt and jump-start the world’s economy? Ski Dubai:
Ski Dubai is the first indoor ski resort in the Middle East and offers an amazing snow setting to enjoy skiing, snowboarding and tobogganing or just playing in the snow. The construction covers an amazing 22,500 square meters covered with real snow all year round. Ski Dubai is related to the Mall of the Emirates and is part of Majid Al Futtaim Group of Companies.
Ski Dubai has 5 runs that vary in difficulty, height and steepness. The longest run being 400 meters with a fall of over 60 meters, making it the world’s first indoor black run. Skiers and snowboarders of all skill levels will enjoy these various slopes and snowboarders can also practice their stunts on the 90-metre long quarter pipe. Kids and parents alike will have fun in the interactive Snow Park which is the largest indoor snow park in the world with 3000 square meters.
You don’t have to worry about ski clothing or equipment either. Ski Dubai has thought of it all and offers guests the use of winter clothing, ski and snowboard equipment. Your skis will carry you down the slope, and the quad-chairlift and tow lift will promptly carry you back to the top for another run.
The DOW Jones was down 154.48 today, closing at 10309.92. The S&P 500 was down 23.36, closing at 1087.27.
Just fly right over there and help us all out, will you? Dubai only owes $60 billion at this point.