Tag Archives | Recession

dubai property bubble

Another property bubble building up in Dubai

Before 2008, Dubai was a real estate heaven. The property market was growing exponentially and it seemed at that time that there is no turning back. However, the property bubble bursted in 2009 and 2010 as real estate prices crashed by more than 50 percent, triggering a corporate debt crisis which unsettled financial markets around […]

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jobless in dubai

Private Sector asked to create 20,000 jobs for the Emiratis

Private sector of UAE, already struggling with global recession and downturn, has been asked to create at least 20,000 jobs a year to cater for the jobless Emiratis. According to Saqr Gobash, Minister of Labour, Chairman of the Board of Trustees of the Development and Employment Authority of National Human Resources (Tanmia), there are at […]

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Multi-billion Dirhams Infrastructure Projects Defy Recession in Dubai

Amidst the rumors of recession and global downturn, multi-billion dirhams infrastructure projects are on full swing in Dubai. 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 to expand the […]

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Law to ban private sector companies from sacking Emiratis

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. National Human Resource Development and Employment Authority (Tanmia) has submitted a draft proposal to the Ministry of Labour […]

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Banks raising loan limit in wake of credit defaults and recession

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 […]

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Expats dumping cars, flying back home to dodge credit crunch

Expats dumping cars, flying back home to dodge credit crunch

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 […]

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Villa prices in Dubai fall by 45% amid real estate slump

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 […]

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Lost Your Job? Arabian Park Hotel in Dubai Offers Free Food

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 […]

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