Present credit crunch has affected UAE in a very strong manner. NAKHEEL, one of the biggest developer groups, has fired 1,000 employees. All construction projects are suffering due to unavailability of credit from the banks. Many families have left the country and who are still in UAE, they dont know what tomorrow will bring for them.
Real estate market of Dubai, which was considered to be one of the most attractive ones in the world has lost its charm and priceas are coming down. It is forecasted that high rents will also fall down within a couple of months. Salaried people (especially in the construction industry) are in a very uncertain condtion as many construction projects are going to be stopped in the near future. All new projects have already been delayed and ongoing projects are facing problems due to lack of financial resources. In the eve of New Year, Dubai was empty…. Although the UAE Government had cancelled all welcome functions due to the Israeli attacks on Gaza, people did not come on the roads even, which shows that how worried they are…. Lets hope for something good in the near future.