Monday, October 27, 2008

Blind to Recession - Or Just Sand in the Eyes?

Now that the press have blabbed on about it enough, the world is officially in a recession apparently.... Or are we? Not according to Emirates Business Salem Almoosa, Chairman and CEO of Falconcity of Wonders!

Last week (20/10/08) we saw possibly one of the most preposterous pieces of PR ever seen come out of the United Arab Emirates. Statements such as "In my opinion prices will never ever go down" and "I believe there will not be a price correction in the market. Who is saying this? I have not heard of any correction or decrease in prices and I am not seeing it either."

Well, it happens to be the above mentioned business man. Saleem Almoosa has a BSc in economics from the USA, and is well connected to the travel industry, the Dubai chamber of Commerce, and the National Geographic Society.
What is he talking about? Where can we get invested in such a place where money grows on trees, the streets are paved with gold and we can all live happily ever after? Quick, tell us now Mr Almoosa!!

FalconCity, Dubai. Now, I don't know about anyone reading this, but sure as there is sand in the desert, I don't think I would want someone making statements like that at this point in time! One has to ask if Saleem Almoosa has ever been out of the Emirates! I can just imagine the reporter doing the interview either stunned almost into silence, or rolling around the floor laughing!

The justification in the article itself behind Almoosas' comments and statements is unreal, the vagueness of his answers pertaining to completion and even the actual business model is just a joke, stating when asked about the completion timing "I cannot tell you the answer to that. Any large-scale project such as this will of course take time and an exact date is difficult to specify. We make plans but they change every year as there are many factors as there are many determining factors. But we hope that in another five years things will be taking shape."

5 YEARS???!!! and then you HOPE you will have an idea?

Ask yourself, this is a company that has no real idea of timescale, has its' head in the clouds, blames the west for creating a recession they can't see and publicly states this!

Dubai and the Emirates have long been an investment hot spot and some serious money has been made there, but this isn't oil. You cannot expect to triple or more the size of the population, housing, infrastructure, import and so on and expect to make the same profit. The real world doesn't work like that. Even the basics of infrastructure cost money to create and then money to run. It isn't like digging a hole and selling what comes out for a fortune and holding the world to ransom.

The extremely comical article can be read in full at Emirates Business 24/7 To see another interesting comment from earlier in the year, go to - How to see all the Wonders of the World in Just one Day.

Coming Soon, Forums - Are they any use? Can you trust them? Are they just for beating up other companies? The Investment Property Rumour Mill is taking an in depth look at what use the property forums are, which ones are moderated, and is it possible to buy or threaten your way around them?

If you have something you would like us to take a look at, good or bad, post it below.

1 comment:

Anonymous said...

Haha I'm so glad I read your blog. Having met Al Moosa personally, I am not surprised at what he has to say. He's an imbecile and this interview confirms that he is either completely out of touch with reality or is badly in need of new clients.