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…..