{"id":281824,"date":"2010-02-05T07:17:00","date_gmt":"2010-02-05T12:17:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/dubai-saved-from-financial-armaggedon-by-huge-lucky-oil-discovery-2010-2"},"modified":"2010-02-05T07:17:00","modified_gmt":"2010-02-05T12:17:00","slug":"dubai-saved-from-financial-armageddon-by-lucky-oil-discovery-as-sheik-twitters-with-joy","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/281824","title":{"rendered":"Dubai Saved From Financial Armageddon By Lucky Oil Discovery As Sheik Twitters With Joy"},"content":{"rendered":"<p><div style=\"float: left; padding: 15px 15px 15px 0;\">\n<script type=\"text\/javascript\">\/\/ <![CDATA[\ntweetmeme_source = 'moneygame'; tweetmeme_service = 'bit.ly';\n\/\/ ]]><\/script><br \/>\n<script src=\"http:\/\/tweetmeme.com\/i\/scripts\/button.js\" type=\"text\/javascript\"><\/script>\n<\/div>\n<p>Just when Dubai&#8217;s finances were looking disastrous, the emirate&#8217;s ruler Sheikh Mohammed bin Rashid al-Maktoum announces a potentially huge new oil discovery right in his backyard. Saved.<\/p>\n<p>But don&#8217;t take our word for it, take his:<\/p>\n<p style=\"padding-left: 30px;\"><img decoding=\"async\" src=\"http:\/\/static.businessinsider.com\/image\/4b6c0a1e00000000001fc02f\/dubai-twitter.png\" border=\"0\" alt=\"Dubai twitter\" \/><\/p>\n<p>More from <a href=\"http:\/\/business.maktoob.com\/20090000430806\/Oil_discovery_could_change_Dubai_s_fortunes\/Article.htm?utm_campaign=Day-Newsletter&amp;utm_medium=Main-News1&amp;utm_source=Day-Newsletter&amp;utm_content=\">Maktoob Business:<\/a><\/p>\n<p style=\"padding-left: 30px;\">Dalton Garis, associate professor of economics and petroleum markets behaviour at Abu Dhabi-based Petroleum Institute, told Maktoob News: &#8220;This is very good news, the reason being it will provide Dubai to a large extent, to a small extent, to some extent, a new source of revenue&#8221;.<\/p>\n<p style=\"padding-left: 30px;\">&#8230;<\/p>\n<p style=\"padding-left: 30px;\">Garis said if the oilfield, discovered east of the emirate&rsquo;s Rashid field, is feasible for production it means Dubai can borrow money on low interest over a 20-year period and pay some of its crippling short-term, high-interest debt taken to fuel its real estate and tourism sectors, which fell prey to the global economic recession.<\/p>\n<p style=\"padding-left: 30px;\">The oilfield &#8220;would enable Dubai to earn cash every month,&#8221; Garis said. &#8220;Dubai would have a cash source not dependent on the vagaries of the tourist market.&#8221;<\/p>\n<p style=\"padding-left: 30px;\">Garis, however, warned that the oilfield would still depend on &#8220;the vagaries of the world&rsquo;s economic recovery and global demand&#8221;.<\/p>\n<p>For some history, see <a href=\"http:\/\/www.businessinsider.com\/why-dubai-was-obviously-a-bubble-2009-11\">why Dubai was the most obvious bubble ever &gt;<\/a><\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/dubai-saved-from-financial-armaggedon-by-huge-lucky-oil-discovery-2010-2#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><b>See Also:<\/b><\/p>\n<ul>\n<li><a href=\"http:\/\/www.businessinsider.com\/why-dubai-was-obviously-a-bubble-2009-11\">Why Dubai Was The Most Obvious Bubble Ever<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/dubai-was-always-destined-for-disaster-when-money-comes-cheap-2010-2\">Dubai Was Always Destined For Disaster When Money Came Cheap<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/first-international-bloomingdales-opens-in-dubai-2010-1\">First international Bloomingdale&#8217;s opens in Dubai<\/a><\/li>\n<\/ul>\n<p><a href=\"http:\/\/feedads.g.doubleclick.net\/~a\/sXIP3UVvxUKISYONbja9NQyFDx4\/0\/da\"><img decoding=\"async\" src=\"http:\/\/feedads.g.doubleclick.net\/~a\/sXIP3UVvxUKISYONbja9NQyFDx4\/0\/di\" border=\"0\" ismap=\"true\"><\/img><\/a><br \/>\n<a href=\"http:\/\/feedads.g.doubleclick.net\/~a\/sXIP3UVvxUKISYONbja9NQyFDx4\/1\/da\"><img decoding=\"async\" src=\"http:\/\/feedads.g.doubleclick.net\/~a\/sXIP3UVvxUKISYONbja9NQyFDx4\/1\/di\" border=\"0\" ismap=\"true\"><\/img><\/a><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=9RdUE48962A:4JWrz7pv3nU:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=9RdUE48962A:4JWrz7pv3nU:F7zBnMyn0Lo\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?i=9RdUE48962A:4JWrz7pv3nU:F7zBnMyn0Lo\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=9RdUE48962A:4JWrz7pv3nU:V_sGLiPBpWU\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?i=9RdUE48962A:4JWrz7pv3nU:V_sGLiPBpWU\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=9RdUE48962A:4JWrz7pv3nU:qj6IDK7rITs\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?d=qj6IDK7rITs\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=9RdUE48962A:4JWrz7pv3nU:gIN9vFwOqvQ\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?i=9RdUE48962A:4JWrz7pv3nU:gIN9vFwOqvQ\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/greensheet\/~4\/9RdUE48962A\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just when Dubai&#8217;s finances were looking disastrous, the emirate&#8217;s ruler Sheikh Mohammed bin Rashid al-Maktoum announces a potentially huge new oil discovery right in his backyard. Saved. But don&#8217;t take our word for it, take his: More from Maktoob Business: Dalton Garis, associate professor of economics and petroleum markets behaviour at Abu Dhabi-based Petroleum Institute, [&hellip;]<\/p>\n","protected":false},"author":809,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-281824","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/281824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/809"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=281824"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/281824\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=281824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=281824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=281824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}