pretty cool. I don't know what the odds are of completion though...
http://disneyandmore.blogspot.com/
http://disneyandmore.blogspot.com/
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Dubai World Marvel Super Heroes Theme Park Concept
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Exprcoofto
New Member
Figment623 also posted this earlier today here but it was moved to another forum, not much discussion became of it: http://forums.wdwmagic.com/showthread.php?t=516009
I love the design and look of the park. 5th gate? :lol::lookaroun
I love the design and look of the park. 5th gate? :lol::lookaroun
Figment632
New Member
Yea I hate when things like that get moved just like the FL expansion it ttaly kills the thread.
EpcotServo
Well-Known Member
I like the design, but it feels lacking...Nicktoons village...
captain marvel1
New Member
um wow thats extreme some of those rides. they may want to have a store where guests can buy new underwear. since they may crap their pants for riding on some of them.
Next Big Thing
Well-Known Member
Wow, some of that artwork looks absolutely amazing. Oh how I hope this doesn't get canned just b/c of this Disney/Marvel deal.
JimboJones123
Well-Known Member
NOW THIS IS FINALLY 5th GATE WORTHY.
Going in a totally different direction from all things Disney is RIGHT ON.
Going in a totally different direction from all things Disney is RIGHT ON.
. The rest of the park is.... Six Flags-ish.... I don't like the ide of all those exposed coasters :/
Since Disney now owns Marvel I would find it hard to believe this thing would be built without a lot of input from Disney.
I do know that Dubai had a massive construction boom in the 5 years ago and that boom has now gone bust.
I would be interested to know if the designs of the park are now owned by Disney.
I do know that Dubai had a massive construction boom in the 5 years ago and that boom has now gone bust.
I would be interested to know if the designs of the park are now owned by Disney.
loaloa
Member
If you want to find in the future the Marvel Super Heroes theme park article after he'd moved from the Disney and more front page, this will be the link:
http://disneyandmore.blogspot.com/2009/11/dubai-world-marvel-super-heroes-theme.html
Glad you've enjoyed my article, i wish i had more details about the attractions but the artwork looks so great that i decided to post them even if i was missing details about the rides.
I still can't figure if it will open for sure or not in Dubai in 2012, but i hope this park will be built wherever it will be!
http://disneyandmore.blogspot.com/2009/11/dubai-world-marvel-super-heroes-theme.html
Glad you've enjoyed my article, i wish i had more details about the attractions but the artwork looks so great that i decided to post them even if i was missing details about the rides.
I still can't figure if it will open for sure or not in Dubai in 2012, but i hope this park will be built wherever it will be!
Yes, enjoyed the article. Thanks! I also hope its built - somewhere.
thanks for the link.:wave:
looks like Dubai is in some deep doo-doo. Spending $billions on skyscrapers and man-made islands/resorts right at the top of the bubble can put a serious damper on your future plans...
Dubai World Seeks to Delay Debt as Default Risk Soars (Update2) Share Business ExchangeTwitterFacebook| Email | Print | A A A
By Arif Sharif and Laura Cochrane
Nov. 25 (Bloomberg) -- Dubai World, with $59 billion of liabilities, is seeking to delay debt payments, sending contracts to protect the emirate against default surging by the most since they began trading in January.
The state-controlled company will ask all creditors for a “standstill” agreement as it negotiates to extend maturities, including $3.52 billion of Islamic bonds due on Dec. 14 from its property unit Nakheel PJSC, the builder of palm tree-shaped islands, Dubai’s Department of Finance said in an e-mailed statement. Moody’s Investors Service said it would consider the plan a default should bondholders be forced to accept the terms.
“Extending the maturity of Nakheel debt is feeding the market’s uncertainty on which debt Dubai will honor in full,” said Rachel Ziemba, a senior analyst covering sovereign wealth funds at New York-based Roubini Global Economics. “They look desperate and the market is concerned that in the long term Dubai’s indebtedness is rising not falling.”
Dubai accumulated $80 billion of debt by expanding in banking, real estate and transportation before credit markets seized up last year. Contracts protecting against default rose 116 basis points to 434 basis points today, the most since they began trading in January, ranking it the sixth highest-risk government borrower, according to credit-default swap prices from CMA Datavision in London. The contracts, which increase as perceptions of credit quality deteriorate, are higher than Iceland’s after climbing 131 basis points in November, the biggest monthly increase since January.
‘No Clarity’
Investor concern is growing because the emirate hasn’t disclosed how it will pay more than $9 billion of debt coming due in the next four months. Dubai said today it borrowed $5 billion from Abu Dhabi government-controlled banks, half the $10 billion Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum said he planned to raise by yearend.
“There is no clarity about what exactly is happening,” said Emad Mostaque, a London-based Middle East equity-fund manager for Pictet Asset Management Ltd., which oversees more than $100 billion globally. “They have to clarify if there is going to be a voluntary rollover or if there is going to be a forced rollover. If there is a forced rollover it will mean technical default. If they don’t clear this up then the whole market will want to sell.”
Bond Program
Dubai, the second biggest of seven sheikhdoms that make up the United Arab Emirates, and home to the world’s tallest tower and the biggest man-made islands, suffered the world’s steepest property slump in the global credit crisis as home prices fell 50 percent from their 2008 peak, according to Deutsche Bank. UBS AG predicted a further 30 percent drop in a report last week.
Sheikh Mohammed turned to Abu Dhabi, the capital of the U.A.E. and holder of the world’s sixth-largest crude oil reserves, in February for a $10 billion bailout. The central bank, headquartered in Abu Dhabi, bought all of the 4 percent, five-year securities that Dubai sold on Feb. 23 and the emirate’s credit default swaps dropped 178 basis points that day, after trading for a record 976 basis points.
Dubai’s ruler said Nov. 9 the emirate’s bond program to raise a further $10 billion will be “well received,” and those who doubt the unity of Dubai and Abu Dhabi should “shut up.” Abu Dhabi, the U.A.E.’s capital, is owner of the world’s biggest sovereign wealth fund and holds almost all of its oil.
Repayment Schedule
Sheikh Mohammed last week removed the chairmen of Dubai Holding LLC and Dubai World, two large state-owned business groups, as well as the head of U.A.E.’s biggest developer Emaar Properties PJSC from the board of the Investment Corp. of Dubai, the emirate’s main holding company. He also ejected the governor of the Dubai International Financial Centre, Omar Bin Sulaiman, who had led efforts to transform Dubai into the Middle East finance hub.
Abu Dhabi government-controlled banks, National Bank of Abu Dhabi PJSC and Islamic lender Al Hilal Bank bought all $5 billion of bonds from Dubai’s government, Dubai’s Department of Finance said in an e-mailed statement today.
Dubai will draw down $1 billion from the bonds sold to the Abu Dhabi banks to provide funding through a sale of securities to National Bank of Abu Dhabi PJSC and Islamic debt, or sukuk, to Al Hilal.
Dubai owes $4.3 billion next month and another $4.9 billion in the first quarter of 2010 through government and corporate debt, Deutsche Bank AG data show. The government raised $1.93 billion last month in its first sale of Islamic bonds, attracting more than $6.3 billion of orders.
DP World
Dubai World had $59.3 billion in liabilities at the end of last year, its subsidiary Nakheel Development Ltd., said in a statement posted on the Nasdaq Dubai Web site Aug. 20. It didn’t provide a breakdown. The company had total assets of $99.6 billion at the end of 2008 and total revenue of $14.2 billion, according to the statement.
Some $18 billion of Dubai World’s debt is with units such as DP World that have enough cashflow to service their obligations, two bankers familiar with the group’s finances, who declined to be identified, said last month. The remaining debt amounts to $22 billion, they said.
Credit-default swaps on DP World jumped by a record 163 basis points to 522 basis points, according to CMA data. The price of Nakheel’s bonds fell to 86 cents on the dollar from 110.5 yesterday, according to Citigroup Inc. prices on Bloomberg.
Iceland
Dubai’s Supreme Fiscal Committee hired Deloitte LLP to lead the restructuring of Dubai World debt, the Department of Finance said. Deloitte’s Aidan Birkett, managing partner for corporate finance, was assigned.
“The Dubai Financial Support Fund, working with the chief restructuring officer, will start to assess and evaluate the extent of the restructuring required,” the Dubai Department of Finance said in a statement. “As a first step, Dubai World intends to ask all providers of financing to Dubai World and Nakheel to ‘standstill’ and extend maturities until at least May 30.”
Credit-default swaps linked to Abu Dhabi rose 34.5 basis points to 134.5, according to CMA prices at 4 p.m. in London. The cost of the contracts increased throughout the Middle East, with Saudi Arabia climbing 11.5 to 86.5 basis points and Qatar rising 5.5 basis points to 99, according to CMA.
The swap contracts pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. A basis point is 0.01 percentage point and is equivalent to $1,000 a year on a contract protecting $10 million of debt.
The cost of Dubai’s contracts is 51 basis points more than for Iceland, where the failure of the banking system triggered the collapse of the currency and economy last year.
To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net
Last Updated: November 25, 2009 13:43 EST
http://www.bloomberg.com/apps/news?p...CgxcywM&pos=1#
Dubai World Seeks to Delay Debt as Default Risk Soars (Update2) Share Business ExchangeTwitterFacebook| Email | Print | A A A
By Arif Sharif and Laura Cochrane
Nov. 25 (Bloomberg) -- Dubai World, with $59 billion of liabilities, is seeking to delay debt payments, sending contracts to protect the emirate against default surging by the most since they began trading in January.
The state-controlled company will ask all creditors for a “standstill” agreement as it negotiates to extend maturities, including $3.52 billion of Islamic bonds due on Dec. 14 from its property unit Nakheel PJSC, the builder of palm tree-shaped islands, Dubai’s Department of Finance said in an e-mailed statement. Moody’s Investors Service said it would consider the plan a default should bondholders be forced to accept the terms.
“Extending the maturity of Nakheel debt is feeding the market’s uncertainty on which debt Dubai will honor in full,” said Rachel Ziemba, a senior analyst covering sovereign wealth funds at New York-based Roubini Global Economics. “They look desperate and the market is concerned that in the long term Dubai’s indebtedness is rising not falling.”
Dubai accumulated $80 billion of debt by expanding in banking, real estate and transportation before credit markets seized up last year. Contracts protecting against default rose 116 basis points to 434 basis points today, the most since they began trading in January, ranking it the sixth highest-risk government borrower, according to credit-default swap prices from CMA Datavision in London. The contracts, which increase as perceptions of credit quality deteriorate, are higher than Iceland’s after climbing 131 basis points in November, the biggest monthly increase since January.
‘No Clarity’
Investor concern is growing because the emirate hasn’t disclosed how it will pay more than $9 billion of debt coming due in the next four months. Dubai said today it borrowed $5 billion from Abu Dhabi government-controlled banks, half the $10 billion Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum said he planned to raise by yearend.
“There is no clarity about what exactly is happening,” said Emad Mostaque, a London-based Middle East equity-fund manager for Pictet Asset Management Ltd., which oversees more than $100 billion globally. “They have to clarify if there is going to be a voluntary rollover or if there is going to be a forced rollover. If there is a forced rollover it will mean technical default. If they don’t clear this up then the whole market will want to sell.”
Bond Program
Dubai, the second biggest of seven sheikhdoms that make up the United Arab Emirates, and home to the world’s tallest tower and the biggest man-made islands, suffered the world’s steepest property slump in the global credit crisis as home prices fell 50 percent from their 2008 peak, according to Deutsche Bank. UBS AG predicted a further 30 percent drop in a report last week.
Sheikh Mohammed turned to Abu Dhabi, the capital of the U.A.E. and holder of the world’s sixth-largest crude oil reserves, in February for a $10 billion bailout. The central bank, headquartered in Abu Dhabi, bought all of the 4 percent, five-year securities that Dubai sold on Feb. 23 and the emirate’s credit default swaps dropped 178 basis points that day, after trading for a record 976 basis points.
Dubai’s ruler said Nov. 9 the emirate’s bond program to raise a further $10 billion will be “well received,” and those who doubt the unity of Dubai and Abu Dhabi should “shut up.” Abu Dhabi, the U.A.E.’s capital, is owner of the world’s biggest sovereign wealth fund and holds almost all of its oil.
Repayment Schedule
Sheikh Mohammed last week removed the chairmen of Dubai Holding LLC and Dubai World, two large state-owned business groups, as well as the head of U.A.E.’s biggest developer Emaar Properties PJSC from the board of the Investment Corp. of Dubai, the emirate’s main holding company. He also ejected the governor of the Dubai International Financial Centre, Omar Bin Sulaiman, who had led efforts to transform Dubai into the Middle East finance hub.
Abu Dhabi government-controlled banks, National Bank of Abu Dhabi PJSC and Islamic lender Al Hilal Bank bought all $5 billion of bonds from Dubai’s government, Dubai’s Department of Finance said in an e-mailed statement today.
Dubai will draw down $1 billion from the bonds sold to the Abu Dhabi banks to provide funding through a sale of securities to National Bank of Abu Dhabi PJSC and Islamic debt, or sukuk, to Al Hilal.
Dubai owes $4.3 billion next month and another $4.9 billion in the first quarter of 2010 through government and corporate debt, Deutsche Bank AG data show. The government raised $1.93 billion last month in its first sale of Islamic bonds, attracting more than $6.3 billion of orders.
DP World
Dubai World had $59.3 billion in liabilities at the end of last year, its subsidiary Nakheel Development Ltd., said in a statement posted on the Nasdaq Dubai Web site Aug. 20. It didn’t provide a breakdown. The company had total assets of $99.6 billion at the end of 2008 and total revenue of $14.2 billion, according to the statement.
Some $18 billion of Dubai World’s debt is with units such as DP World that have enough cashflow to service their obligations, two bankers familiar with the group’s finances, who declined to be identified, said last month. The remaining debt amounts to $22 billion, they said.
Credit-default swaps on DP World jumped by a record 163 basis points to 522 basis points, according to CMA data. The price of Nakheel’s bonds fell to 86 cents on the dollar from 110.5 yesterday, according to Citigroup Inc. prices on Bloomberg.
Iceland
Dubai’s Supreme Fiscal Committee hired Deloitte LLP to lead the restructuring of Dubai World debt, the Department of Finance said. Deloitte’s Aidan Birkett, managing partner for corporate finance, was assigned.
“The Dubai Financial Support Fund, working with the chief restructuring officer, will start to assess and evaluate the extent of the restructuring required,” the Dubai Department of Finance said in a statement. “As a first step, Dubai World intends to ask all providers of financing to Dubai World and Nakheel to ‘standstill’ and extend maturities until at least May 30.”
Credit-default swaps linked to Abu Dhabi rose 34.5 basis points to 134.5, according to CMA prices at 4 p.m. in London. The cost of the contracts increased throughout the Middle East, with Saudi Arabia climbing 11.5 to 86.5 basis points and Qatar rising 5.5 basis points to 99, according to CMA.
The swap contracts pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. A basis point is 0.01 percentage point and is equivalent to $1,000 a year on a contract protecting $10 million of debt.
The cost of Dubai’s contracts is 51 basis points more than for Iceland, where the failure of the banking system triggered the collapse of the currency and economy last year.
To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net
Last Updated: November 25, 2009 13:43 EST
http://www.bloomberg.com/apps/news?p...CgxcywM&pos=1#
fireworkz
Active Member
It's worth noting Dubailand is owned by Dubai Holding, a separate holding company from Dubai World. However, the ruler of Dubai owns the majority stake in both companies, and he's the one currently promising to raise the money needed to bail out Dubai World. The worry right now is it looks like he's not going to be able to that. Even though they are separate companies, if he can't bail out Dubai World then you can imagine this will greatly effect the amount of capital Dubai Holdings can raise to move Dubailand forward.