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How the mighty have fallen
Petty Kipp unsuccessfully stifles a smile as property developer Nakheel begins to auction off cars, bikes and excess construction material in a bid to raise a few dirhams.
March 16, 2011 3:27 by Eva Fernandes
So why are we telling you all of this? Because aside from the fact that we like to revisit childhood traumas more then we’d like to admit, we felt that childish tactless laughter bubbling up again as we read about how Nakheel has resorted to auctioning off used cars to raise a few bucks.
Earlier this week the property developer auctioned off 10 of its 4x4s and 10 motorbikes and dune buggies its staff used to make rounds within their properties. There were some good deals to be had: a 2003 Nissan Pathfinder went for just $6,300 (Dh23,000), six motorbikes together went for $5,200 (Dh19,000). Altogether Nakheel managed to walk away from the public auction with $164,000 (Dh603,000).
And this rather humbling auction, isn’t the last effort from the once great developer. This Thursday, Nakheel will be holding a sale on the Palm Jumeirah for its surplus construction supplies.
Does “how the mighty have fallen” even begin to capture these current developments? Of course, we really shouldn’t be laughing at Nakheel’s every attempt to save some cash, because the company’s stability and well being affects a significant percentage of the economy of Dubai.