Dubai.. is the party over?

Have you been following what’s going on in the UAE?
First I saw these two articles a couple of days ago:
Dubai cancels 1,500 work permits daily
Daily?!

Many companies have given redundant employees a grace period of two to three months to look for alternative work. Jobs are, however, rare to find with most companies freezing recruitment.

And this:
Report sees Dubai population fall(requires registration).

Dubai’s recent surging population growth will reverse over the next two years as the troubled, but important, real estate and construction sectors cause the number of immigrants to slow and many expatriates to leave, a report said on Wednesday.

And today Juan Cole posted the follwoing link
3000 Abandoned Cars at Dubai Airport as Economy Turns Down

Local police have found at least 3,000 automobiles — sedans, SUVs, regulars — abandoned outside Dubai International Airport in the last four months. Police say most of the vehicles had keys in the ignition, a clear sign they were left behind by owners in a hurry to take flight.

The UAE bubble bursting?

3 Responses to “Dubai.. is the party over?”

  1. Mend Says:

    I’ve heard about the loss Dubai has made during the last year but I didn’t expect it to be that bad! Now it’s time for Qatar to catch up I guess..
    By the way, that points at the problem of these so-called nouveau-riche states. They spend the money without doing any budgeting (or simply doing it quite badly).

  2. tatishka Says:

    Hey, you are a good writer. 🙂 ‘

    thank you

  3. Louis Says:

    I was in Dubai in Nov 2005. I was there not because I wanted to be there, but because someone asked me to go there. I was lied to and cheated and brought there on false pretexts. The person who brought me there, and her friends treated me with such contempt. One of her freinds remarked that I was lucky to be in Dubai as I could move anywhere from there etc.

    Now those people are out of a job, and with little hope of finding jobs elsewhere. I fortunately came to my home state in April 2006, and am well endowed with a good job. But those people will get no jobs back home or else where, as they were just hyped up lot of people

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