The signs of Dubai losing it’s lustre are ominous……The Real Estate Boom that had lured even many celebrities from Hollywood and Bollywood is faltering !
DNA has carried a story of ‘Ditching Dubai’ on Page 13 of today’s edition…some interesting extracts
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Dubai has 3.62 milion expatriates and just 864000 locals
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60% ! fall in Property Values predicted with even 50% fall expected in the much tom tommed Palm Jumeirah
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3000 Cars lie abandoned by fleeing foreigners in the parking Lot at the Dubai Airport…Many have apology notes on windscreen for defaulting on credit card payments and other bills
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Unlike others like Qatar and Saudi Arabia,Dubai has no Oil or Gas Reserves and has built on Tourism,Finance and Real Estate and Gold Trade
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A new proposed Law imposes fines of upto One Million Dirhams if one is found damaging country’s Economy or reputation..It will be a crime to do so….this has affected reporting the crisis
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A Civil Engineer with four years experience would get 15000 dirhams a month earlier…he’d be lucky to get 8000 dirhams now.
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Abu Dhabi is more Liquid and is expected to lend some stability to Dubai
Clearly Dubai’s Economy is facing some of it’s toughest years…it will be sometime before the ‘Sand’ settles