Dubai's Construction

[Game Theory]

wajomba personally naona bora niendelee na hoja ya properties..

huhitaji kuwa na degree in economics kujua kuwa fundamentals are next to zero there, everything has been built based on speculation and monthly price rises, to further fuel speculation on new developments.

zaidi ya hayo, hii slowdown inareflec a combination of prices reaching the height of ridiculousness (not much has sold here in the last 12 months - fact), now there is no liquidity as well as opportunity for profit - so yes the speculators are no longer buying.

jamani hii ndio DUBAI MARINA

Unajua saa zingine sijui waaoishi pale wanamwamini nani kutoa RAW data pale dubai...For a start one should orget government forecasts of population growth, it's propaganda - just like every other statement that is produced na wale ma sheikhs, If you want to believe it, then put your money where your mouth is and buy Emaar shares right now - not just a few dhs worth, but as much as you can't afford kisha baada ya mwaka mmoja tupeane updates...


From my understanfing ni kuwa end users with any modicum of common sense have never trusted the real estate market in Dubai na kama wapo wanaoishi pale wanaweza kutufahamisha zaidi. While lots of money has been made short term, long term there was always questions over legalities, residence, build quality, stability, and above all - trust in future government policy. Until those issues are addressed, those long term fears will remain.


My only prediction is that around 20% of the expat population will go home in the next 2 years. We will see where Dubai is property wise then.

 

[Game Theory]

new york times la leo...

Cash Crunch Halts Work on Dubai Skyscraper
January 14, 2009, 2:48 pm

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In a further sign that the property bubble in Dubai has popped, Nakheel, the state-controlled developer, said it was halting work on a skyscraper that would have stood one kilometer tall, or roughly twice the height of the Empire State Building in New York.

The suspended building is part of a growing list of projects that have gone cold in what was one of the hottest real estate markets in the world. In December, Nakheel stopped work on Dubai's very own Trump Tower - an $800 million project that was to sit on one of the emirate's fabricated palm-shaped islands.

Other projects that are reportedly on hold for various reasons include big names like the W hotel and the Four Seasons Hotel.

Moody's Investors Service sees more trouble on the horizon for Dubai and this week issued its first negative outlook on banks in the United Arab Emirates since it began reviewing them a decade ago. It believes that many small-scale developers that took out loans will go bust as property prices spiral downwards, according to The National newspaper in Abu Dhabi.

The one-kilometer tall skyscraper was part of the $38 billion Nakheel Harbor and Tower project, which had been in the works for a while, but was only announced last fall as the housing bubble was deflating.

The Nakheel tower would have eclipsed the Burj Dubai, another supertall skyscraper, which is being built across town. Sales of condos in the Burj have fallen off sharply, forcing the developer to slice as much as 50 percent off their original asking prices.

Elsewhere in Dubai, residential property prices fell 8 percent in the fourth quarter, which was the first quarterly decline since foreign ownership became legal in the Emirate in 2002. Meanwhile, sales of new homes have dropped by 50 percent.

The boom times have come to a rapid end in Dubai because of a huge liquidity squeeze and the bursting housing bubble. Foreign investors have pulled billions of dollars out of the country, crushing its ability to build more gleaming towers - many of which stand empty.

Dubai has relied on cheap capital from abroad to finance its grand vision to become both a tourist attraction and a financial capital. Much of that money, combined with the oil wealth of neighboring Persian Gulf states, was used to finance dozens of luxurious apartment buildings as well as monumental projects like the world's tallest building, the world's largest airport, the world's biggest mall and several man-made, palm-shaped islands.

Now the emirate is facing one of the world's largest debt loads: its current debt level stands at $80 billion or roughly 1.5 times its gross domestic product.

–Cyrus Sanati

 

[Game Theory]

new york times la leo...

Cash Crunch Halts Work on Dubai Skyscraper
January 14, 2009, 2:48 pm


In a further sign that the property bubble in Dubai has popped, Nakheel, the state-controlled developer, said it was halting work on a skyscraper that would have stood one kilometer tall, or roughly twice the height of the Empire State Building in New York.

The suspended building is part of a growing list of projects that have gone cold in what was one of the hottest real estate markets in the world. In December, Nakheel stopped work on Dubai’s very own Trump Tower — an $800 million project that was to sit on one of the emirate’s fabricated palm-shaped islands.

Other projects that are reportedly on hold for various reasons include big names like the W hotel and the Four Seasons Hotel.

Moody’s Investors Service sees more trouble on the horizon for Dubai and this week issued its first negative outlook on banks in the United Arab Emirates since it began reviewing them a decade ago. It believes that many small-scale developers that took out loans will go bust as property prices spiral downwards, according to The National newspaper in Abu Dhabi.

The one-kilometer tall skyscraper was part of the $38 billion Nakheel Harbor and Tower project, which had been in the works for a while, but was only announced last fall as the housing bubble was deflating.

The Nakheel tower would have eclipsed the Burj Dubai, another supertall skyscraper, which is being built across town. Sales of condos in the Burj have fallen off sharply, forcing the developer to slice as much as 50 percent off their original asking prices.

Elsewhere in Dubai, residential property prices fell 8 percent in the fourth quarter, which was the first quarterly decline since foreign ownership became legal in the Emirate in 2002. Meanwhile, sales of new homes have dropped by 50 percent.

The boom times have come to a rapid end in Dubai because of a huge liquidity squeeze and the bursting housing bubble. Foreign investors have pulled billions of dollars out of the country, crushing its ability to build more gleaming towers — many of which stand empty.

Dubai has relied on cheap capital from abroad to finance its grand vision to become both a tourist attraction and a financial capital. Much of that money, combined with the oil wealth of neighboring Persian Gulf states, was used to finance dozens of luxurious apartment buildings as well as monumental projects like the world’s tallest building, the world’s largest airport, the world’s biggest mall and several man-made, palm-shaped islands.

Now the emirate is facing one of the world’s largest debt loads: its current debt level stands at $80 billion or roughly 1.5 times its gross domestic product.

–Cyrus Sanati

 

[MaxShimba]

Dubai Dubai Mhh mhhm mhh

Watu mhhhh wivuuuu

 

[Kandambilimbili]

Mnaona Mambo hayo. Sio Vi twin towers viwili vya BOT vinakuwa kero kwa wananchi.

Kero?????? Maelezo zaidi yanatakiwa unless.........

 

[Boney E.M.]

I concur with those who are of the opinion that tall buildings do not at all depict development strides for a country. In a country with shortage of land one can consider that to be an opportune moment to erect sky scrapers and so on. What actually worries me is the design that is adopted for some buildings in the City. I hate to see tall buildings doned with reflective glass mirrors all over. I wonder if NEMC could wake up in their slumber!!! Please just try to pass in these buildings along Samora Ave.in DSM and see what the reflections do to the surroundings. I wonder what happens to those living or working close/ accross these structures during the scorching sun of the day!!

 

[Kang]

Watu wanajenga bila mpango, I was reading somewhere -The Economist kati ya la wiki hii au jana if I am not mistaken- kwamba hakuna demand kwa haya maghorofa, kwamba yanajengwa tu -mengi kwa projections za economic hitmen most likely- na yatabaki near empty.

Exactly! Tena bubble imebust, real estate prices zimeanguka kwa 40% na kuna prediction kuwa zitashuka 60%!!! Dubai could be in trouble, kuna habari hadi ya kuiuza Emirates kwa Abu Dhabi. Hata line jengo ambalo ndo lingekua tallest in the world wamesimamisha construction.

 

[Kuntakinte]

Exactly! Tena bubble imebust, real estate prices zimeanguka kwa 40% na kuna prediction kuwa zitashuka 60%!!! Dubai could be in trouble, kuna habari hadi ya kuiuza Emirates kwa Abu Dhabi. Hata line jengo ambalo ndo lingekua tallest in the world wamesimamisha construction.

Ha, ha, maneno ya ......................

 

[Radio Killa]

Pretty much Dubai is broke, they might even have to give away their prized Emirates Airline to make payments on their palm islands and whatnot. So they asked big brother Abu Dhabi for help, and guess what Abu Dhabi said they want 51% of EK and other state run companies.

 

[Omr]

Dunia nzima iko kwenye crisis sio dubai peke yake, na hata kama abudhabi ikichukua emirates si bado iko chini ya nchi moja UAE. Ukweli ni kwamba hata wakiyumba bado wako mbali. Kwanini watanzania wasichukue mfano au ndio tumeridhika na vi twin tower mbuzi vyetu?

 

[Lole Gwakisa]

Unajua kama hii ndio ingekuwa Dar au mji mwingine wowote bongo mbona dunia nzima ingejua. Maana tungetamba kaa nini...sasa wengine humu wanaua tu ili mradi bila hata sababu yoyote. Kwangu mimi maendeleo ni pamoja na kuwa na mazingira mazuri ya kuishi na kufanya kazi. Wenzetu hawa kwa kweli wamepiga hatua kubwa sana.

Maendeleo ya Dubai ni phenomenal,watu wachache wenye akili na wala si wasomi sana ila wanajua kuwekeza na kuipenda nchi yao.
Kwa wale walio fika huko mtakubali kuwa vile vile kuna uaminifu wa hali ya juu.

 

[Star]

Ndiyo hayo maendeleo unayoyataka? Kwa taarifa yako maghorofa si alama pekee ya maendeleo. Heritage ya Dubai iko wapi? Wanaharibu eco-system kwa upuuzi wa kutengeneza visiwa! Halafu angalia wanaojenga hayo unayoyaoa ya maana wanavyotendewa! Mungu atuepushe na maendeleo kama haya. Hizo twin towers ni two too many!



Ah! Najua ni wivu wa wakristu. Na hali haijabadilika.

wacha jeolousy

 

[Koba]

...hivi yale majengo sub standard na machafu yasiyo na parking,maji wala sewage system ya kariakoo nayo ni maendeleo? nakubaliana na arguments za Mchundo kwa kiasi kikubwa sana,lazima environmental study ifanyike kabla ya kutoa kibali cha ujenzi,kingine kinachonikera na ujenzi wa Dar maghorofa mengi yanayojengwa hayana mvuto wowote,yaani unaona kabisa ni kazi ya kulipua tuu,inabidi wawe selective na architectural plan sio kila donut yenye shilingi mbili inapata kibali cha kujenga,mji unaharibika sana wakuu kwa vile vighorofa substandard vilivyojaa siku hizi.

 

[Koba]

Rwanda: Kigali Ready for Real Estate Developers
Caroline Dusabe
26 January 2009


Kigali City has one of the fastest growing real estate industries in the region yet city dwellers still find it hard to acquire good rates when looking for areas to rent especially in the residential areas.

One of the challenges of living in Kigali has been finding decent but affordable housing. Most developers in the past few years concentrated on developing commercial real estate and those who went into residential real estate developed housing for the high income earner given the influx of expatriate labour into the country. This left a big vacuum which has made finding housing for the poor a nightmare. Developers should consider venturing into the development of real estate for the medium and low income earner as that is the majority of the population.

The new city's 50-year master plan unveiled late last year aims to address the problem. The master plan shows zonal designs, infrastructural designs and a full detailed plan on how this will be achieved. It shows what kind of infrastructure is expected in certain areas and also contains land sale documents for the land that is available to developers.
Sources at the city council confirm there are a good number of hectares available to developers in the city. In the Central Business District (CBD) of Nyarugenge there are seven hectares around the main round about ready for developers and also 150 hectares in the Muhammad area which is also in the CBD.

The Muhima area is slated for mixed use, i.e. both residential and commercial.

There are 50 hectares available in Batsinda/Kinyinya area. Kinyinya is one of the fastest growing residential neighbourhoods in the city where one can find posh homes valued above Frw60 million. A walk through this area reveals that real estate is one of the fastest growing industries in the country and the kind of homes exhibited here reflect the rate at which the country's economy is growing.

According to the new plan, low and middle cost housing will be developed alongside the high cost housing. Some 39 hectares of land are ready for such developments in Kigarama-Kicukiro.

Developers need to consult the new master plan so as to avoid getting in trouble with the city council officials when implementation of the master plan starts.

This is because developers will have to adhere to the projected design of the area according to the new plan. Some old developments will have to be put down whenever and wherever they do not meet standards and some people will be asked to develop their land or sell it to potential developers. Developers also need to look at the infrastructural design of the area to understand the upcoming infrastructure like roads, water and sewage lines to avoid unnecessary losses in the future. A visit to the city council offices or their website would give such information to any potential investor.
The city council has already started on work to develop infrastructure in those areas so that by the time land is released to developers it is ready for immediate use which will help speed up the quantity and quality of developments.

The council plans to hold another press release by early next month to launch the completed and approved master plan after which developers will have access to land sale documents and the marketing plans for different areas.

By March, Kigalians can see the first leg of the 50-year master plan implemented. Some real estate developers around the city have said they can't wait to get a nod from the city council to start developments. They are vowing to turn the city of a thousand hills into the city of a thousand skyscrapers.

There will, however, be complainants who will want to resist the change especially the slum dwellers who will have to be relocated.

Last year when some slum dwellers were displaced from Kiyovu, some people complained but the city council answered back by providing low cost but decent housing for them in other places where they have basic infrastructure and a friendly mortgage scheme for the houses. The council has partnered with other stakeholders to train disadvantaged people into starting income generating activities.

Copyright © 2009 East African Business Week. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com).

 

[Icadon]

Ofcourse sio siri tena kuwa uchumi wa Dubai umeshaanza kuyumba, na isitoshe kuporomoka kwa bei ya mafuta nako hakujawasaidia. mafuta yataisha miaka michache ijayo(wanatabiri 2016).

Dubai: The end of "world headquarters"?

A hot tip from within the international intelligence community: "Dubai is a giant ponzi scheme that will make Bernie Madoff look like small change. Many rich and famous people will lose a major packet."

Now that the tarnishing has begun, the so-called City of Gold may need a new nickname: Copper Country.

Dubai's ruler "Sheik Mo" lured multinationals to headquarter in his "global financial center" with huge tax-free advantages -- and snared investment money, too. Most of the development resulting in the world's tallest buildings was financed by foreign loans that cannot now be repaid because of rapidly falling real estate prices.

Construction on the Nakheel Tower, which, if ever built, would be the world's tallest building, has come to a complete halt; its parent company fired 15 percent of its workers, most of whom are foreigners who cannot legally remain in Dubai more than 30 days without jobs.

This is not an isolated case, but a growing trend in Dubai.

More ominous, if one gets into a business dispute with Sheikh Mo, who owns a chunk of everything, it's curtains. An American private equity firm called Capital Partners just discovered this the hard way, having contracted to build a $1.3 billion development on a 38-acre parcel. When conflict arose, Sheik Mo simply "de-registered" the firm without warning, preventing it even from liquidating its assets.

"Dubai doesn't have anything, not even oil," another intelligence source told The Investigator. "Real estate is crashing -- home prices, 8 percent last quarter -- on top of which their buildings are very poor quality. When it occasionally rains, the roof leaks. Furthermore, you can't walk anywhere and traffic is horrendous."

The health of Dubai's banks is also in question, along with its tourism prospects.

Six-year jail terms for sex on the beach in this Moslem Emirate seems to finally be having a negative effect on holidaymakers looking for fun in the sun.

 

[Icadon]

Downturn In Dubai Video - CBSNews.com

 

[Sober]

Kama america ita survive recession na kutoingia kwenye depression, Dubai will survive too. Tatizo wazungu wawest wanajiona ni wao tu ndio wanaoweza kuweka mipango sustainable, ni wao tu ndio wenye reliable control systems and so forth. Lakini hii economic recession imefungua macho watu wengi. Huitaji kuwa a Harvard Professor kujua tatizo ni mismanagement na poor regulations kwenye U.S economy ambayo ndio inadrive world economy. Obama kaliongelea kwa kirefu sana hili wakati wa campaign na hata wakati wa transition.

Sheikh Rashid wa Dubai hakuwa stupid!... hakukaa yeye na mashemeji zake tu kwenye kahawa kuplan ile kitu. Waliitwa the best brains from all over the world. Watu wa fani mbalimbali including top economists, and real estate developers kumpa nini cha kufanya technically. Yeye alikua na vision yake ila ni msikivu kwa wataalam. Matatizo ya hii financial crisis itakua quite myopic kuilenga Dubai tu na kusema wao tu ndio wanao suffer, ukiamua kuweka bad news za economic crisis kwa huko marekani nadhani utahitaji pages 100 za hii thread.

Tukubali tu hawa jamaa wapo mbali, na wameweza kufanya kwa muda mfupi. Wananchi wao(wazawa) hakuna maskini hata mmoja!... yes you heard me right, hata mmoja. As wana special grants za serikali za kuwawezesha kuishi vizuri. Elimu na healthcare kwa hawa beduin ni free... Maskini wa Dubai ni wazamiaji kutoka india, bandladesh na nchi nyingine za kiarabu. Sasa i dont know maendeleo mnayotaka wengine ili mseme watu wamepiga hatua. Badala ya kujifunza, tunakebehi. Dubai hawana mafuta so tusijifariji kuwa wao wanamafuta mengi ndio maana wapo hapo. Tujifunze.

Hawa wamarekani hata china ilipokua inapaa kwenye '90s waliitabiria kuwa economy ya China ita "overheat" na kucrush kabla ya millenium. Millenium ikaja na imepita, mchina anakamua tu, na katika kipindi hicho amewaruka kiuchumi kama wamesimama France, UK, na juzijuzi Germany...wamebaki Japan na US tu mbele yake.

Wawest waache wivu, they are not the only people who have brains, dunia imeamka... Wawest wamepanic, their only superiority(knowledge) inakuwa challenged, maana hawana watu(wazungu wanamezwa), na hawana land. Wangekua na hiyo mipango robust na fool proof, America isingekua kwenye hiyo mess walioko now!

 

[Ubungoubungo]

kwani sasa nini? magorofa ndio maendeleo au nini? Osama, naomba uwaoneee huruma hao wenzio, Israel, naomba uwaonee huruma hao wenzio. kwasababu wakirusha hata bomu la mkono tu, kazi ipo.

 

[Icadon]

Swali langu ni kwa nini Abu Dhabi hawataki kuwasaidia wenzao?

Laid-Off Foreigners Flee as Dubai Spirals Down
By ROBERT F. WORTH

DUBAI, United Arab Emirates — Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.

Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.

“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.

The government says the real number is much lower. But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.

No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy.

Instead of moving toward greater transparency, the emirates seem to be moving in the other direction. A new draft media law would make it a crime to damage the country’s reputation or economy, punishable by fines of up to 1 million dirhams (about $272,000). Some say it is already having a chilling effect on reporting about the crisis.

Last month, local newspapers reported that Dubai was canceling 1,500 work visas every day, citing unnamed government officials. Asked about the number, Humaid bin Dimas, a spokesman for Dubai’s Labor Ministry, said he would not confirm or deny it and refused to comment further. Some say the true figure is much higher.

“At the moment there is a readiness to believe the worst,” said Simon Williams, HSBC bank’s chief economist in Dubai. “And the limits on data make it difficult to counter the rumors.”

Some things are clear: real estate prices, which rose dramatically during Dubai’s six-year boom, have dropped 30 percent or more over the past two or three months in some parts of the city. Last week, Moody’s Investor’s Service announced that it might downgrade its ratings on six of Dubai’s most prominent state-owned companies, citing a deterioration in the economic outlook. So many used luxury cars are for sale , they are sometimes sold for 40 percent less than the asking price two months ago, car dealers say. Dubai’s roads, usually thick with traffic at this time of year, are now mostly clear.

Some analysts say the crisis is likely to have long-lasting effects on the seven-member emirates federation, where Dubai has long played rebellious younger brother to oil-rich and more conservative Abu Dhabi. Dubai officials, swallowing their pride, have made clear that they would be open to a bailout, but so far Abu Dhabi has offered assistance only to its own banks.

“Why is Abu Dhabi allowing its neighbor to have its international reputation trashed, when it could bail out Dubai’s banks and restore confidence?” said Christopher M. Davidson, who predicted the current crisis in “Dubai: The Vulnerability of Success,” a book published last year. “Perhaps the plan is to centralize the U.A.E.” under Abu Dhabi’s control, he mused, in a move that would sharply curtail Dubai’s independence and perhaps change its signature freewheeling style.

For many foreigners, Dubai had seemed at first to be a refuge, relatively insulated from the panic that began hitting the rest of the world last autumn. The Persian Gulf is cushioned by vast oil and gas wealth, and some who lost jobs in New York and London began applying here.

But Dubai, unlike Abu Dhabi or nearby Qatar and Saudi Arabia, does not have its own oil, and had built its reputation on real estate, finance and tourism. Now, many expatriates here talk about Dubai as though it were a con game all along. Lurid rumors spread quickly: the Palm Jumeira, an artificial island that is one of this city’s trademark developments, is said to be sinking, and when you turn the faucets in the hotels built atop it, only cockroaches come out.

“Is it going to get better? They tell you that, but I don’t know what to believe anymore,” said Sofia, who still hopes to find a job before her time runs out. “People are really panicking quickly.”

Hamza Thiab, a 27-year-old Iraqi who moved here from Baghdad in 2005, lost his job with an engineering firm six weeks ago. He has until the end of February to find a job, or he must leave. “I’ve been looking for a new job for three months, and I’ve only had two interviews,” he said. “Before, you used to open up the papers here and see dozens of jobs. The minimum for a civil engineer with four years’ experience used to be 15,000 dirhams a month. Now, the maximum you’ll get is 8,000,” or about $2,000.

Mr. Thiab was sitting in a Costa Coffee Shop in the Ibn Battuta mall, where most of the customers seemed to be single men sitting alone, dolefully drinking coffee at midday. If he fails to find a job, he will have to go to Jordan, where he has family members — Iraq is still too dangerous, he says — though the situation is no better there. Before that, he will have to borrow money from his father to pay off the more than $12,000 he still owes on a bank loan for his Honda Civic. Iraqi friends bought fancier cars and are now, with no job, struggling to sell them.

“Before, so many of us were living a good life here,” Mr. Thiab said. “Now we cannot pay our loans. We are all just sleeping, smoking, drinking coffee and having headaches because of the situation.”

A New York Times employee in Dubai contributed reporting.

 

[Lole Gwakisa]

Kama america ita survive recession na kutoingia kwenye depression, Dubai will survive too. Tatizo wazungu wawest wanajiona ni wao tu ndio wanaoweza kuweka mipango sustainable, ni wao tu ndio wenye reliable control systems and so forth. Lakini hii economic recession imefungua macho watu wengi. Huitaji kuwa a Harvard Professor kujua tatizo ni mismanagement na poor regulations kwenye U.S economy ambayo ndio inadrive world economy. Obama kaliongelea kwa kirefu sana hili wakati wa campaign na hata wakati wa transition.

Sheikh Rashid wa Dubai hakuwa stupid!... hakukaa yeye na mashemeji zake tu kwenye kahawa kuplan ile kitu. Waliitwa the best brains from all over the world. Watu wa fani mbalimbali including top economists, and real estate developers kumpa nini cha kufanya technically. Yeye alikua na vision yake ila ni msikivu kwa wataalam. Matatizo ya hii financial crisis itakua quite myopic kuilenga Dubai tu na kusema wao tu ndio wanao suffer, ukiamua kuweka bad news za economic crisis kwa huko marekani nadhani utahitaji pages 100 za hii thread.

Well said Mr Sober,some people are taking in news from the west by swallowing the hook,sinker and fishing line without even disturbing their white matter!
Dubai iko mbali na mbele sana, sie tukishabikia kutetereka kwa uchumi wake lazima tuwe watu wa ajabu.
Those guys as few as they are have done what one may only term as wonders.
Bottom line is they have used their resources wisely,and when you are down the only place you can look and go is UP.