Laid-Off Foreigners Flee as Dubai Spirals Down

 

This article is very powerful. The message is:

You can’t build a country and solely rely on economic development and disregard political and social development. As a friend once told me, ” A nation has to choose, does the government want to build a mall or a country.”

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.

 Now, many expatriates here talk about Dubai as though it were a con game all along.

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.

 

“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.”

 

 

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3 Comments

Filed under American Politics, Media, Middle East Politics

3 responses to “Laid-Off Foreigners Flee as Dubai Spirals Down

  1. I think the article is very good and informative.In my point of view the management of the country is very difficult task and more hard working.I think the government of the country should make some remedies against unemployment.

  2. muna

    very interesting article.. Its true that traffic was really not bad. In fact i cannot remember being stuck in traffic at all, not once for the past three weeks i was there. The picture posted is the perfect depiction of dubai for me. nearly every morning one could see a cloud of dust in front of the high rise buildings…so construction did not completely halt, at least not by dubai mall..

  3. SA

    It will boom again … with the help/assistance of Abu Dhabi. Abu Dhabi’s conservative ways will lead the way of taking over Dubai’s current (but losing title of the Modern Arabian Haven). Dubai will eventually become 2nd to Abu Dhabi. I heard recently that some Dubai agents/companies are offering apartments at such deals as : buy one get one free. This is INSANE! But it has to be done to sell off most of these apartments that people can’t now afford or are still waiting to be sold.

    I hope this is a learning lesson to many other developing nations who “thought” Dubai’s method of growth was smart. It was incredible (in the short-run) but not smart (for long-term strategy), there’ a huge difference between doing the incredible and doing the smart thing.

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