Amidst the rumors of recession and global downturn, multi-billion dirhams infrastructure projects are on full swing in Dubai. Gulf News reported three major road projects worth Dh2.9 billion were approved recently by His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Also, work has begun [...]
Multi-billion Dirhams Infrastructure Projects Defy Recession in Dubai
April 26th, 2009 | by Dubai Dude | published in Living in Dubai
Will The Six Month Residency Visa Attract Property Buyers In Dubai?
February 23rd, 2009 | by Dubai Dude | published in Business in Dubai, Living in Dubai
The property-driven economic crunch in Dubai demanded some realistic remedial solutions by the government. Instead of sanely resolving the issues and presenting a resolution to boost investor confidence, authorities still act as if they believe there is no crisis in Dubai. When the free-hold property scheme started few years back, developers and builders promised residency [...]
Law to ban private sector companies from sacking Emiratis
February 15th, 2009 | by Dubai Dude | published in Business in Dubai, Living in Dubai
It has now been confirmed that what was quoted by Dubai Police Chief was not a mis-interpretation, as suggested by some media articles, but something that has been considered to be implemented as a Law in Dubai. Gulf News reports that the National Human Resource Development and Employment Authority (Tanmia) has submitted a draft proposal [...]
Job Cuts in Dubai are for the Expats only
February 13th, 2009 | by Dubai Dude | published in Business in Dubai, Living in Dubai
It is an unspoken law, an informal policy, that only expats should be fired from their jobs in Dubai. Strange it may seems, but it is infact, a stark reality. Recently, Al Futtaim Group fired 20 Emiratis on the ground of restructing the company in light of global recession. According to the official word, all [...]
Banks raising loan limit in wake of credit defaults and recession
January 15th, 2009 | by Dubai Dude | published in Living in Dubai
Banks in Dubai are now acting up to control losses accumulated due to easy lending policies. In the wake of expats unable to pay their loans, dumping their cars, and fleeing Dubai, banks are raising credit limits for car and home loans. Arabian Business reports Emirates NBD, the largest bank in the Middle East, has [...]
Expats dumping cars, flying back home to dodge credit crunch
January 14th, 2009 | by Dubai Dude | published in Featured, Living in Dubai
While the media in Dubai (and UAE) follows strict protocol of not revealing information that might harm the reputation of “glowing economy” of UAE, some bits and pieces of “real” news slip out of the net. Khaleej Times referred to a recent incidents where scores of expats dumped their vehicles in Dubai and flew back [...]
Villa prices in Dubai fall by 45% amid real estate slump
January 6th, 2009 | by Dubai Dude | published in Living in Dubai
Villa prices at Jumeirah Park and Jumeirah Islands, Nakheel’s exclusive residential developments in Dubai, have plunged up to 45 percent in the last four months. Brokers across the UAE said speculators were desperately scrambling to off-load property before prices fell further. Imran Aslam, agent at Dubai-based property broker AAA said completed three to four bedroom [...]
Lost Your Job? Arabian Park Hotel in Dubai Offers Free Food
December 12th, 2008 | by Dubai Dude | published in Dubai Hotels, Living in Dubai
Arabian Park Hotel in Dubai is offering free food to UAE residents who have recently lost their jobs. This free services for the victims of the credit crunch is available from Dcember 15, 2008 to January 15, 2009, General Manager Mark Lee said: “To remind people of our value for money we’re launching this special [...]