Global financial crisis hitting Dubai in the worst manner
Dubai, which was once considered to be the world’s fastest growing city (emirate) is one of the worst targets of present global financial crisis. All the sectors have badly affected. However development and real estate sectors have suffered more than any other. Engineering jobs are in real danger as many state owned developers like Nakheel, Tameer, Tatweer, Samaa Dubai and Emaar have to pay millions to the contractors and consultants. Ongoing projects are being closed due to the unavailability of funds.
Our project Waterfront, under Nakheel, is also going to be stopped within a week or so due to the same problem and our company (a well established contracting group) is facing great problems in recovering due money from many clients, due to which they dont have enough funds to give us the salaries and as a result we are going to lose our jobs. Many families already have flown back to their countries. However racism can be seen here as well; as European and Australians, who get very high pays, are the last ones to be fired from their jobs. Whereas hardworking Pakistani, Indian and Fillipino people are being fired immediately. Another problem faced by the job losers is that they are afcing great difficulty in selling the household items and their cars. Due to present uncertain situation noone is purchasing these things.
Dubai Shopping Festival is also suffering a lot and number of foreighn tourists has reduced to almost 10% due to which the business is suffering a lot and big shopping malls are found empty. Nobody knows that when this situation will end and Dubai will come to its normal once again…..
I foresaw that happening in January 2008. That is terrible about the racism, and obviously about the job loss.. :/
Really sad to hear this. May God have mercy!
Im a south african planning on going to dubai with my partner…Can anyone give me advise?
I advise you not coming to Dubai right now. If you want to explore the job market, you must wait till the end of this recession period.
how long do you think this recession period will last….?
No one can predict precisely. However, as per experts’ view, it may last for 1-3 years.
I dont think it will be too worse . Be optimistic
Hi Shahid Javed. It is very disturbing to know about the current situation of Dubai. May god have mercy on us. Well, I live in Dubai. Currently I will be graduating this year with a degree in Business Administration. I’m planning to work for an year or two atleast before i get on for an MBA. So what do u suggest me to do in this kind of a situation of credit crunch.
It is a hope to return to boom times and to complete a skyline of half-finished buildings – a hope that now seems distant.
Who wants to bet Dubai will become the new Detroit within a few years? Meaning more abandonded buildings than occupied ones, abandonded cars lining the streets, and storefronts lined with ply-wood or whatever materials they have lying around.
On a lighter note, anyone want to go to Dubai with a few semi-trucks and bring all the 3000 cars that are left in long-term parking at Dubai Airport back to Europe where we can sell them for a nice profit?