Dubai's Economic Downturn

Discussion in 'Middle East - General' started by auditor0007, Feb 18, 2009.

  1. auditor0007
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    auditor0007 Gold Member

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    Livin' la vida expat in Dubai isn't as snazzy as it used to beby Scott Carmichael Feb 13th 2009 @ 10:30AM

    Forget New York City - the world capital of spend, spend, spend has long been Dubai. This is literally where the sky was the limit, and when they ran out of sky, they simply built out into the ocean.

    Thousands upon thousands of foreigners made their way to Dubai to grab their own little bit of the wealth.

    Of course, that has all come to a grinding halt. Construction is slowing down, and a general feeling of doom and gloom is descending upon the nation.

    Things are apparently so bad, that many expats are packing up their belongings and leaving. Of course, when you leave so suddenly, you tend to forget minor things like your mortgage, your car and your credit card debt.

    Livin' la vida expat in Dubai isn't as snazzy as it used to be - Gadling | travel blog | news, stories, deals, and tips. Go there.
     
  2. rcajun90
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    rcajun90 Member

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    Oh no does that mean Michael Jackson is coming back!:wtf:
     
  3. editec
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    editec Mr. Forgot-it-All

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    The boom and bust economy of a nation dependent on a single natural resource.

    What will they do when nobody needs their oil?
     
    Last edited: Feb 18, 2009
  4. auditor0007
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    auditor0007 Gold Member

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    Dubai doesn't have any oil. It is the financial capital of the Middle East. They rely on the financial services industry and real estate for the most part. Many multinational corporations have offices there.
     
  5. editec
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    editec Mr. Forgot-it-All

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    OH?

    I stand corrected then.

    What will they do when their the world doesn't need their clients' oil, then?

    Of course, given that they're bankers, I expect they're survive even if their clients don't.
     
  6. TAS
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    TAS Member

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    Exactly, you are correct. Dubai doesn't have oil or have very little. One more thing that they also rely on is tourism
     
  7. GHook93
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    GHook93 Aristotle

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    Study up a little bit! Dubai was trying to move away from their economies dependency on oil
     
  8. ekrem
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    ekrem VIP Member

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    You can not seperate Dubai from UAE (United Arab Emirates). You must view all Emirates together which make of this country. But if you seperate the emirates, then there is the conclusion, that Dubai has spent much money on not-needed infrastructural projects.
    Maybe they suffer currently from the crisis, but this will only mean, that they will either delay such non-needed projects or give their attention to only needed infrastructural projects.
    When you look to Abu Dhabi, the other Emirate of UAE, then they have 650 Billion $ to 875 Billion $ in cash
    Abu Dhabi Investment Authority - Wikipedia, the free encyclopedia
    This money is there and is not future money.
     

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