I agree, Dubai and Abu Dhabi are cash rich, if people are in debt and leaving cars at the airport this is due to over indulgence and poor work performance not the Dubai Government.
Why would i pay 48% tax in the UK when I can pay 0% in Dubai!!!
Why would i pay 48% tax in the UK when I can pay 0% in Dubai!!!
Abu D. is cash rich.
Dubai is 100% broke which is why Abu D. had to bail it out over the last 6 months. Plus, when you get 1 bailout it's usually not the last.
And yes, London, NY, LA etc debt collecting is a real boom business as the moment but in Dubai it's REALLY booming.
thierry911
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Cheap houses on the palm.... are coming....
WallStreetHero
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abu dhabi is cash rich and it needs to lend a hand to dubai, when all those projects in dubai get completed they can rank in billions and billions from tourism alone, they also need to strenghten there currency as hyperinflation in us and uk will make thousands relocate and if dubai can control inflation they will get many milions of residants moving in.
WallStreetHero
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thierry911
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Poeple need to be desesperate to live in that sort of prison... they live on each other no garden just a giant sand pit.....that will look very ugly in about 20 years time...
Boblbasher
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Ok so rents are coming down and it tax free and nice and sunny, it's beginning to look attractive with 50% tax in UK. But the problem is the connection to trade eurex or any other exchange for that matter.
Eurex have closed their hub in Dubai as of 6 weeks ago they told me, due to lack of use and the fact that it cost them more to rent the line and server rack space inside Dubai than it did to rent the other section of line back to Frankfurt. There's a government monopoly on telecoms so no alternatives. TT refused to support the eurex hub so evidently the hub failed as traders wouldn't give up TT for the like of PATS which would be hub compliant were it still there.
So we now have only access from there to your clearer, who is it fortis, fimat, marex, gni I assume in europe? And this is via what, because you'd need a 10meg line not to be at a disadvantage. Now I know the London arcades squeal at the cost of their 10meg lines down to their Gibraltar branches in the land of competitive quotes. So a 10meg line though Dubai government telecoms would be insanely expensive, unless they'd pay for such a thing themselves. But Dubai is borrowing money from Abu Dhabi and is USD80bil in debt so I doubt they are throwing it about like they used to. I'm guessing this is why TT wouldn't support a data centre there. Also despite Dubai having nice fibre optic in the new buildings and out to the carpark beyond that i'm assuming it's pretty ancient copper back to about turkey before it gets to fibre again. So can you honestly tell me any eurex traders out there (I assume you are not on an unnetted feed of eurex like London is?), are not experiencing frustrating slowdowns? If you can and you tell me it's a 10meg line I may well move, but I'm guessing it's 2meg tops?.....
Ok so rents are coming down and it tax free and nice and sunny, it's beginning to look attractive with 50% tax in UK. But the problem is the connection to trade eurex or any other exchange for that matter.
Eurex have closed their hub in Dubai as of 6 weeks ago they told me, due to lack of use and the fact that it cost them more to rent the line and server rack space inside Dubai than it did to rent the other section of line back to Frankfurt. There's a government monopoly on telecoms so no alternatives. TT refused to support the eurex hub so evidently the hub failed as traders wouldn't give up TT for the like of PATS which would be hub compliant were it still there.
So we now have only access from there to your clearer, who is it fortis, fimat, marex, gni I assume in europe? And this is via what, because you'd need a 10meg line not to be at a disadvantage. Now I know the London arcades squeal at the cost of their 10meg lines down to their Gibraltar branches in the land of competitive quotes. So a 10meg line though Dubai government telecoms would be insanely expensive, unless they'd pay for such a thing themselves. But Dubai is borrowing money from Abu Dhabi and is USD80bil in debt so I doubt they are throwing it about like they used to. I'm guessing this is why TT wouldn't support a data centre there. Also despite Dubai having nice fibre optic in the new buildings and out to the carpark beyond that i'm assuming it's pretty ancient copper back to about turkey before it gets to fibre again. So can you honestly tell me any eurex traders out there (I assume you are not on an unnetted feed of eurex like London is?), are not experiencing frustrating slowdowns? If you can and you tell me it's a 10meg line I may well move, but I'm guessing it's 2meg tops?.....
I've been visiting Dubai for over 4 years now and spent 4 months out there last year, the internet connection speeds are a real problem! I would love to go back out there and trade full time but would have to work for a company with a good setup......I traded my own account last year there but had to position trade and not day trade as I would prefer
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The hardest way to make an easy living...........
You are right about the expense of the lease line from Dubai. It’s certainly a cost but one we accept in order to attract the traders we have here. We have a 4meg line, if it is breached we have another 6meg in reserve that will kick in without disruption, we are then obliged to pay the extra cost. We have an office filled with Eurex bond suite traders two of whom have traded in excess of 500,000 round trips in a month. We really could not keep these guys here if the connection was anything other than very good. Obviously, with the distance involved, we cannot be as quick as a trader in Frankfurt but the delay is minimal and not evident to the naked eye. I have traded from Gibraltar and London and I can safely say I can’t see a difference in connection or speed. We also have a trader here who is responsible for roughly 5% of the daily Gas/oil market. These guys are highly professional traders and would not risk their accounts if they felt the connection was a risk or costing them money in any way
crude_lover
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This is a very bold statement to make, he must be trading one hell of a size and have a massive account and margin for that, care to expand what market he is trading wti, crude, gasoline, natural gas ?
I can appreciate that you have a professional setup, I was only using a domestic connection on the Marina which was not great and I am only very 'smal time' in regards to trading...
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The hardest way to make an easy living.......
