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Impending Disaster?

By: Qwaider

On:Sunday, April 26, 2009 9:07:23 AM
In:Thoughts
Viewed: (4851) times

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I was flipping through the few Arabic channels that we get over here and landed on Dubai Satellite TV as they were showing the economic report. Everything appeared peachy and profits are up from the same quarter last year (2008)

The problem is that you don't need to listen to the government run TV station to realize that there is a huge discrepancy in the story here. The world knows that this economic crisis is large, deep and far reaching. There's no escaping it! No matter where you are

Even if you were in Dubai or Abu Dhabi. So is there a disaster in the works?

I hear from many sources that the number of unemployed people who got recently laid off has reached around 25 to 30% of the workforce. More than 80% of them are foreign (including other Arab) nationals. The numbers reach hundreds of thousands that are preparing to "go home"

The disaster appears to reach far greater than just the gulf locale. Imagine hundreds of thousands flooding Jordan, Syria, Lebanon and Egypt! With economies there already suffering. Imagine the additional burden.

We know Jordan was built on disasters, chances are, such reverse migration will saturate the job market with excellent talent, it will also drive the real estate business to flourish again. But the social tax on everyone might be far greater than possibly imagined. Akin to that (if not exceeding) the crises that happened with the influx of Iraqi immigrants.

Yet, most major media outlets are brushing off what many are marking on their calendars as the worst summer in the history of the Arab region -economically-. Many people are just waiting for their kids to finish the scholastic year before they head home.

Many business men are bracing for the quake, while others find this as a great opportunity to shake down all the extra fat off their workforce. Some are even contributing to justify drive their loans and losses and write them off as part of this crisis, in effect they're rooting for it.

One thing is certain, cash remains the king. So whatever you have of it, make sure you save it for the upcoming rainy days, but also make sure you don't believe everything that you hear in the media. They appear to be living on a different planet!

Memories....

#1
KJ
Said
On: 4/26/2009 10:43:57 AM
SpamScore=[-0.17]

Different planet is too close a place dude. They're living in lies!

Dubai lives on images, and that pretty much sums up essays.

#2
Haitham
Said
On: 4/26/2009 8:51:42 PM
SpamScore=[2]

The guys coming back do not have money! Dubai is very expensive and actually many are coming back with debts not for Dubai but because they go there for 6 months and get married! The majority did not think of such a day! And so there will be no booming in Jordan! The only boom will be in the face of fresh graduates! They will stay jobless for quit sometime!

#3
Princess N
Said
On: 5/4/2009 11:21:02 AM
SpamScore=[-0.28]

I was in Dubai a couple of months ago.. you cant believe how much it changed.. there is no more traffic, malls are almost empty, and people are getting fired.. I heard that people left their cars at the airport with apology notes that they cant pay the morgages.. they simply left their cars and houses and went back to their coutries.. I also heard that it will get even worse in July as most people are waiting for the school semester to end before they leave..