Jot
For many expatriate workers in Dubai it was the ultimate symbol of their tax-free wealth: a luxurious car that few could have afforded on the money they earned at home.
Now, faced with crippling debts as a result of their high living and Dubai’s fading fortunes, many expatriates are abandoning their cars at the airport and fleeing home rather than risk jail for defaulting on loans.
Police have found more than 3,000 cars outside Dubai’s international airport in recent months. Most of the cars – four-wheel drives, saloons and “a few” Mercedes – had keys left in the ignition.
Some had used-to-the-limit credit cards in the glove box. Others had notes of apology attached to the windscreen.
“Every day we find more and more cars,” said one senior airport security official, who did not want to be named. “Christmas was the worst – we found more than two dozen on a single day.”
When the market collapsed and the emirate’s once-booming economy started to slow down, many expatriates were left owning several homes and unable to pay the mortgages without credit.
“There were a lot of people living the high life, investing in real estate and a lifestyle they couldn’t afford,” one senior banker said.
Under Sharia, which prevails in Dubai, the punishment for defaulting on a debt is severe. Bouncing a check, for example, is punishable with jail. Those who flee the emirate are known as skips.
The abandoned cars underscore a worrying trend. Five years ago the Emir, Sheikh Mohammed bin Rashid Al Maktoum, embarked on an ambitious plan to transform Dubai into a hub for business and tourism. A building boom fuelled double-digit growth, with thousands of Westerners arriving every day, eager to cash in on the emirate’s promise of easy living and wealth.
Many Westerners invested in Dubai’s skyrocketing real estate market, buying and reselling homes before building was even complete. But, as the recession took effect, property and financial companies made thousands of workers redundant and banks tightened lending. Construction companies have delayed or cancelled projects and tourism is slowing.
There are increasing signs that the foreigners who once flocked to Dubai are leaving. “There is no way of tracking actual numbers, but the anecdotal evidence is overwhelming. Dubai is emptying out,” said a Western diplomat.
International schools are having to be flexible on fees as expatriate parents run out of cash. Louise, a single mother from Britain, said that her son’s school had allowed her to pay a partial fee until she found a new job after her redundancy in December. “According to the headmaster, a lot of people had come into the school saying they had lost their jobs so the school was trying to be a bit more flexible,” she said.
Most of the emirate’s banks are not affiliated with British financial institutions, so those who flee do not have to worry about creditors. Their abandoned cars are eventually sold off by the banks at weekly auctions. Those recently advertised include BMWs, Porsches and Mercedes.
Simon Goldsmith, a spokesman for the British Embassy in Dubai, said that that there were approximately 100,000 Britons living in Dubai last year. However, the embassy has no way of tracking how many have fled back to the UK. “We’ve heard stories, but when somebody makes that kind of decision, they generally keep it to themselves,” he said.
Police have issued warrants against owners of the deserted cars. Those who return risk arrest at the airport.
Heading home
3.62 million expatriates in Dubai
864,000 nationals
8% population decline predicted this year, as expatriates leave
1,500 visas cancelled every day in Dubai
62% of homes occupied by expatriates 60% fall in property values predicted
50% slump in the price of luxury apartments on Palm Jumeirah
25% reduction in luxury spending among UAE expatriates
sage & onion
Looks like we are getting worldwide publicity
Speedhump
LOL. yep they love to write about us for better or worse.
Notes of apology on the windscreens, that's soooo funny.
3 years' time, UAE passport control: "ah I see when you left last time you apologised to everyone you stiffed. OK it's fine, you can come in."
Captain Australia
"Most of the emirate’s banks are not affiliated with British financial institutions, so those who flee do not have to worry about creditors"
Is that really true? Wouldn't they (or a collection agency) be able to track you down in the UK, then sue you or something?
It's not like you're running away to Guatemala.
Red Chief
I just wonder why all those people couldn't drop the cars near an appropriate bank and brought keys to the bank office.
What consequences would've they wait for?
As soon as I've never have a loan in the UAE because some banks wanted me to sign blank cheque but it had been out of my understanding I'm a little bit ignorant...
Speedhump
- Captain Australia wrote:
"Most of the emirate’s banks are not affiliated with British financial institutions, so those who flee do not have to worry about creditors"
Is that really true? Wouldn't they (or a collection agency) be able to track you down in the UK, then sue you or something?
It's not like you're running away to Guatemala.
I think you're right, I read only a couple of weeks ago that companies here are starting to pursue expats' debt after they run for home. Maybe the UAE banks don't though?
Still, I bet there's a lot of people now wish they'd bought the Prado instead of the Range Rover. :roll:
quatroporte
This is a reply by one of my fav blogs to the above article...
It makes sense, great response by the blog author
Quote:
The Times seems to have gone tabloid in today's sensationalist reporting of how the worldwide slump is affecting Dubai.
In the locally printed edition three-quarters of Page 4 is devoted to a piece based on the rumours about dumped cars at the airport. It's datelined Dubai but tells us that we apparently have an Emir called Sheikh Mohammed. An Emir.
The story is highlighted on the front page with a colour photo and headline "Dubai's car crash victims", although it's actually about Brits leaving Dubai.
It's a one-sided story based on hearsay and dinner party rumour rather than verified facts.
Examples:
Police have found more than 3,000 cars outside Dubai’s international airport in recent months. Most of the cars – four-wheel drives, saloons and “a few” Mercedes – had keys left in the ignition.
The dinner party rumour is that 3,000 cars have been left at the airport, it's not what the authorities have said. As I said in my last post, the police have reported 3,000 cars abandoned around the city - against a usual number of 1,500.
And that word 'most' pops up to emphasise a point. 'Most' cars had keys left in them? Most? Or some?
The word 'many' is used in the same way:
When the market collapsed and the emirate’s once-booming economy started to slow down, many expatriates were left owning several homes and unable to pay the mortgages without credit.
Many expats owned several homes? Oh yeah?
And what does 'unable to pay the mortgages without credit' mean? A mortgage is credit, it is a loan.
Here's a classic dinner party quote:
...the anecdotal evidence is overwhelming. Dubai is emptying out,” said a Western diplomat.
Emptying out?
People are still arriving every day; the DNRD have said that they issued 199,000 new resident visas in November and December. It's true that more people than usual are leaving and there's a net decrease in population. Estimates are that we'll end up with about 8% less than now, which means about a 120,000 reduction. Hardly 'emptying out' is it.
Interestingly the 8% figure is listed alongside the article in a highlight numbers column, contradicting the dinner party quote.
Then the emotive word 'fled' is used:
...the (British) embassy has no way of tracking how many have fled back to the UK.
Fled?
People flee from conflict, flee from a bush fire. These people haven't fled, they've lost their jobs, can't stay without a residence visa so they've gone back home.
The highlight numbers column continues the way the article is slanted:
1,500 visas cancelled every day in Dubai.
I commented on this figure in my previous post.
60% fall in property values predicted.
50% slump in the price of luxury apartments on Palm Jumeirah
A sudden increase to 60% from the worst figure guessed at, and Palm Jumeirah brought in. Again I commented on this in my previous post. A fall against when? Check the prices since the property was launched and through to now, there's a huge increase in value until the last few months.
By the way, they say their sources include . No such thing of course, I assume they mean
With that and Emir you'd be excused for thinking they're laying off people themselves, like proof readers for example.
Or in Timesspeak, proof readers have fled.
I'm far from being a conspiracy theorist on any subject but there does seem to be an agenda here.
I say that because there's also an 'analysis' by none less the the grandly titled World Business Editor, under the headline "With no oil to back it up, desert economy is built on shifting sand'
It starts with the implication that Dubai is a brand new city.
Dubai’s boom was always a mirage made up of fast money, mass immigration, low taxation and gentle regulation. Dubai has almost no oil but cleverly decided to boost its economy as a financial and leisure centre for neighbouring cash-rich but service-poor Gulf economies.
Back here in the real world oil has always been only a small part of Dubai's economy. In any case it only came onstream in the sixties and for most of the forty-odd years it sold for peanuts. Dubai has been a trading and commercial centre for about 150 years, oil has been a short term boost to the economy.
To state that Dubai relates only to its neighbouring Gulf countries is to misrepresent competely. Dubai's business, including finance, is international, as is tourism, which they would know if they'd bothered to check the data on both. But then those facts would have spoilt the slant of the 'analysis'.
Mass immigration? Dubai from its very beginning has had a huge expat population.
It became a magnet for Saudis and Iranians seeking a liberal environment in which to play global financial markets and work off personal stress. A vast community of expatriates arrived to service their whims and their business needs...
Only Saudis and Iranians? That's the suggestion.
The whole thing is a nonsense. They, and any other nationality, can play the financial markets from anywhere. And the rest of us, about a million people, are here to service the whims of Saudis and Iranians?
I bet you didn't realise that's why you were here. I didn't.
There's more;
Two struggling mortgage banks were then bailed out and shuffled into a new state-owned entity. Yesterday the Government of Abu Dhabi was forced to inject a further $4 billion (£3 billion) into three of its banks.
I assume he's referring to Amlak and Tamweel, which are government owned anyway.
And it's hardly worth reporting these days that a government has put liquidity into the financial and banking system. It would only be news if a government somewhere hadn't.
The 'analysis' ends:
For Abu Dhabi, there is always the oil and gas but for its wayward sibling the future is no more solid than the shifting sands of the surrounding desert.
Oh dear, the hackneyed old chestnut about shifting sands. This time used to support the nonsense that Dubai has no future.
It ignores the history of Dubai, from its beginnings a commercial and trading centre, which has gone through all the same periods of boom and downturn as the rest of the world.
I have a sneaking suspicion that the writer started with the cliche. To work it in, the 'analysis' also has to ignore another important fact. This is a worldwide slump. Exactly the same as the rest of the world, Dubai has gone through a boom period which has ended.
It's cyclical. We have downturns, recessions, booms & busts regularly.
Today's paper seems to be part of the new approach to Dubai, which until a few months ago had nothing but fawning rave reports from the international media.
It mirrors something that's annoying me more and more with each passing day too. The glee with which so many people here are talking about the downturn in Dubai.
It's what we call the tall poppy syndrome.
I have no problem with stories talking about the downturn, provided that they are honest. I do have a problem with stories which cherry pick the facts, which use rumours rather than verified facts, which distort the true picture.
RobbyG
- Captain Australia wrote:
"Most of the emirate’s banks are not affiliated with British financial institutions, so those who flee do not have to worry about creditors"
Is that really true? Wouldn't they (or a collection agency) be able to track you down in the UK, then sue you or something?
It's not like you're running away to Guatemala.
Not if the UK embassy will not allow prosecution of Brits in its country. Think of it like practices in the old colonial days. Trade a bit, gain power and insight, suck out all commodity and special spices and then leave abruptly with IOU's.
British are good at that 8)
edit: Not to forget they love to stir up the local community with civil wars (old days) and sexual outcry's (contemporary)
RedKite
Come off it Robby !
The Dutch bled the Dutch East Indies , too ! They did not go there for their health ,or to make the local Indonesians rich !!!!
So cut out the "holier than thou" rubbish.
The Dutch were colonialists after valuable spices from the East.
Dutch, Spanish, German, Portugese , French or ENGLISH [not so much British] , they ALL GRABBED LAND all over the poorer Third World through force of arms, in order to get POWER and WEALTH.
LAND....GOLD....SILVER......SPICES.....that's what they all wanted !!!
It is GREED and promise of riches, that has always motivated Man.
POWER AND MONEY........the 2 big motivators!! Religion is only a part of POWER....especially organised religion and bodies like the Catholic Church and the Church of England.
Organised religious bodies have always CONTROLLED THE MASSES!!
The GENUINE people who did not seek power were smaller religious groups like the Quakers, but even they were prepared to go to North America and STEAL LAND belonging to NATIVE Americans.
The Dutch were part of North American THEFT OF LAND too. New York was once New Amsterdam. Dutchman ,Peter Stuyvesant was a big man there.
Have you noticed, by the way, that a black American is an AFRO-AMERICAN.......but a WHITE American is NEVER an European -American ???? WHY ????
A TRUE AMERICAN is a Sioux , or Comanche or Apache!!
SPIN AND BIAS ......ARE THE TWINS OF POWER AND WEALTH !!!
I like the old saying about the UK ...............
... " In the old days, if you stole a sheep off a mountain , you were HANGED..............BUT IF YOU STOLE THE MOUNTAIN, YOU WERE MADE A LORD!!!
RedKite
Red Chief,
Why would they leave their car at THE BANK , if they had other huge debts as well? They were not going to stay around to get prosecuted or jailed !!
They skipped the country quietly. You will NEVER see those people visit Dubai again. They'll be too afraid. Dubai Banks will not chase them in the UK. They won't want the bad publicity.
1 Dubai Jobs .com The First Place to Find a Job in Dubai
Speedhump
- RedKite wrote:
Come off it Robby !
The Dutch bled the Dutch East Indies , too ! They did not go there for their health ,or to make the local Indonesians rich !!!!
So cut out the "holier than thou" rubbish.
The Dutch were colonialists after valuable spices from the East.
Dutch, Spanish, German, Portugese , French or ENGLISH [not so much British] , they ALL GRABBED LAND all over the poorer Third World through force of arms, in order to get POWER and WEALTH.
LAND....GOLD....SILVER......SPICES.....that's what they all wanted !!!
It is GREED and promise of riches, that has always motivated Man.
POWER AND MONEY........the 2 big motivators!! Religion is only a part of POWER....especially organised religion and bodies like the Catholic Church and the Church of England.
Organised religious bodies have always CONTROLLED THE MASSES!!
The GENUINE people who did not seek power were smaller religious groups like the Quakers, but even they were prepared to go to North America and STEAL LAND belonging to NATIVE Americans.
The Dutch were part of North American THEFT OF LAND too. New York was once New Amsterdam. Dutchman ,Peter Stuyvesant was a big man there.
Have you noticed, by the way, that a black American is an AFRO-AMERICAN.......but a WHITE American is NEVER an European -American ???? WHY ????
A TRUE AMERICAN is a Sioux , or Comanche or Apache!!
SPIN AND BIAS ......ARE THE TWINS OF POWER AND WEALTH !!!
I like the old saying about the UK ...............
... " In the old days, if you stole a sheep off a mountain , you were HANGED..............BUT IF YOU STOLE THE MOUNTAIN, YOU WERE MADE A LORD!!!
Another voice of reason. Bashing the English is always popular by a very vocal minority, because some of the world is still jealous that we are held in high regard worldwide. Hence I have to make posts like this reminding people who is boss. It's fun watching their (low born) blood pressure rise at my innate superiority.To the manor born, nobless oblige, and all that. British (not English) colonies were the best run and the least oppressd in the world. I challenge anyone to find anything written that compares different countries overseas aquisitions to say anything different. We still reap the benefits of our compassion, and some people hate it. The story will always be the same. Take heart countrymen, we know we are the best. A small isle with a great heart. National animal THE LION, and we have LIONS for men.
You'll note that I've given up all attempt at reasoned argument, no-one here seems to be able to assimilate it. So childishness is the way forward.
Rule Britannia.
Speedhump
sorry, the spelling is noblesse. I was just re-reading my post, marvelling at its grace and power.
RedKite
To go back to the Times report. Yes, it is probably exaggerative, but there is a BASIS of truth in it......however OVERSTATED it is.
People who lose money elsewhere in the world often run away if their liabilities exceed their assets.
They burn their bridges as they do so, but they will not show their faces there again. The world is big enough to hide in.
I remember a schmuck that used to run a business in our town. He moved back to Cardiff ; bought 2 adjoining houses in a well known B and B street ;, paid the builder to turn it into a large hotel ; ran the hotel for a while , then sold it .
Then he fled to Majorca without paying the poor builder the £45000 he owed him[ a lot of money 30 years ago] for the work. There was no extradition from Spain then.
The poor builder went bust!! The rogue hid in Santa Ponsa in Majorca. A chap from out town bumped into his family there years later.
Rogues and debtors always run away to be anonymous and not pay debts.
I have always been in business in my home town. I don't run from anyone and always pay my bills.
Captain Australia
- Speedhump wrote:
sorry, the spelling is noblesse. I was just re-reading my post, marvelling at its grace and power.
You can edit your posts you know.
As for redkite's diatribe; yes there is blood on the hands of pretty much any developed nation, yet we mock the developing nations now and categorise them as internal warmongers. Funny that.
But, I would like to think that we are moving toward a world where disputes are not settled by war, but diplomacy. I know we have a long, long way to go, but institutions like the UN are a good step in the right direction. Say what you may about their many huge flaws, they are still a building block toward a more just world. One where countries are not robbed, destroyed, overtaken, occupied etc. I know they are essentially powerless right now, but one day we might look back on this time and see the seeds of global democracy for what they are.
Or... we'll all be dead. Either way ;-)
.....
As for the topic; I'm thinking there must be established ways to get cash back off people who do the runner. Otherwise couldn't you do a grand tour of the world and grab $50K off each nation's bank and end up with a nice nest egg?
It seems like a new problem now, but surely others expat nations have experienced this in the past. What was Singapore like when the Asian economic crisis hit? Anyone know if they experience a similar screw-and-run situation?
RobbyG
- RedKite wrote:
Come off it Robby !
The Dutch bled the Dutch East Indies , too ! They did not go there for their health ,or to make the local Indonesians rich !!!!
So cut out the "holier than thou" rubbish.
The Dutch were colonialists after valuable spices from the East.
Dutch, Spanish, German, Portugese , French or ENGLISH [not so much British] , they ALL GRABBED LAND all over the poorer Third World through force of arms, in order to get POWER and WEALTH.
LAND....GOLD....SILVER......SPICES.....that's what they all wanted !!!
It is GREED and promise of riches, that has always motivated Man.
POWER AND MONEY........the 2 big motivators!! Religion is only a part of POWER....especially organised religion and bodies like the Catholic Church and the Church of England.
Organised religious bodies have always CONTROLLED THE MASSES!!
The GENUINE people who did not seek power were smaller religious groups like the Quakers, but even they were prepared to go to North America and STEAL LAND belonging to NATIVE Americans.
The Dutch were part of North American THEFT OF LAND too. New York was once New Amsterdam. Dutchman ,Peter Stuyvesant was a big man there.
Have you noticed, by the way, that a black American is an AFRO-AMERICAN.......but a WHITE American is NEVER an European -American ???? WHY ????
A TRUE AMERICAN is a Sioux , or Comanche or Apache!!
SPIN AND BIAS ......ARE THE TWINS OF POWER AND WEALTH !!!
I like the old saying about the UK ...............
... " In the old days, if you stole a sheep off a mountain , you were HANGED..............BUT IF YOU STOLE THE MOUNTAIN, YOU WERE MADE A LORD!!!
Love it!!! 8)
See the irony :lol: :lol: :lol:
Nivine79
Hi there,
no good time to come to Dubai you recon? Job market isnt better there than it is outside?
If the expats ran away from their depts, leaving their work, who replaced them?
Stuck in Sweden seeing the market fall here, thinking of coming to Dubai...but perhaps that is just no better...
give me some feed back please, thanks
Nivine
RobbyG
If your not accepting lower wages and possible redudancy in the (near) future, then I won't support moving to Dubai.
On the other hand, if your profession is in high demand, and you can find a company that is expanding...surely you'll find your way.
Its a big squeeze momentarily. Gold seekers are removed and hard work is rewarded in these times.
What do you do in Sweden?
Nivine79
thanks for the swift reply Robby.
I am working within Finance, company called GE.. I really think that I would be outnumbered by all well educated people in Dubai that seeks a job right now...but cant blame a girl for wanting the taste of it too!
I thinking of taking the MBA, and as well try to find a job in the meantime,
so at least I would come to Dubai with another reason. recon that is a goof choice, know anyone studying now in Duba?
RobbyG
No, but there will surely be other DF members who can provide you with some students. I'm currently looking for a career in Dubai too. Engineering that is.
I don't know how Dubai is doing with its finance sector. As you mentioned Sweden is being hit, so as every other country in the world nowadays. Dubai probably too. Maybe someone else is able to help you with the finance opportunities.
University however is available. Most prices are under pressure due to the outflow of expats and families, so it might be interesting to see if those uni's can offer you a lower rate for the MBA course. Just give it a go and ask for information.
Good luck
Nivine79
Thanks! that was a really good advise to check for the Uni´s possible reduced costs
Wonder though it Bahrain and Qatar is less affected... but ti probably will come there too, the depression....
Hopefully this thing will turn in a year..
M!
- Nivine79 wrote:
If the expats ran away from their depts, leaving their work, who replaced them?
:lol: :lol: :lol:
a slight misinterpretation/ lack of understanding??
They did not run away...did not leave their jobs :arrow: they were sacked :!:
ergo no need for replacement! :lol:
Clear now? :wink:
Nivine79
that is well understood, thanks :).
Speedhump
- M! wrote:
- Nivine79 wrote:
If the expats ran away from their depts, leaving their work, who replaced them?
:lol: :lol: :lol:
a slight misinterpretation/ lack of understanding??
They did not run away...did not leave their jobs :arrow: they were sacked :!:
ergo no need for replacement! :lol:
Clear now? :wink:
well if some workers have found they could no longer work for the pay they were given they will leave, but if the job still exists they WILL be replaced - by cheaper labour!
Speedhump
- Nivine79 wrote:
Hi there,
no good time to come to Dubai you recon? Job market isnt better there than it is outside?
If the expats ran away from their depts, leaving their work, who replaced them?
Stuck in Sweden seeing the market fall here, thinking of coming to Dubai...but perhaps that is just no better...
give me some feed back please, thanks
Nivine
Just wondering, do you have a good social welfare system in Sweden if you can't find work? If you come to Dubai and don't get a job you're on your own, and it's a tough place to be if you have no money I believe.
Nivine79
the welfare system in Sweden is indeed in place. Although, it is limited. But surely better than nothing! I wouldnt pack my bags and go over for nothing, it surely needs to be somewhat secure. My plan is to take the MBA, see through the year, and then look for a job if/when the market turns.
Any students out there who are studying today in Dubai?
M!
@Speedhump
in theory that might be the case, practically no
none of those useless will go because they face a cut... they just stay and bite the bullet.... most of them are ex alcohol addicted homeless in UK....not 'working' in DXB means they are nothing... so better they bite the bullet and keep their big mouth shut :lol:
Speedhump
- Nivine79 wrote:
thanks for the swift reply Robby.
I am working within Finance, company called GE.. I really think that I would be outnumbered by all well educated people in Dubai that seeks a job right now...but cant blame a girl for wanting the taste of it too!
I thinking of taking the MBA, and as well try to find a job in the meantime,
so at least I would come to Dubai with another reason. recon that is a goof choice, know anyone studying now in Duba?
Sorry to be posting in bits and pieces, this will be the last.
I think there are a lot of people from the Subcontinent (India, etc) here with university degrees, technical qualifications, etc., but they often get passed over for Europeans with a lower standard of education. I'm afraid the colour of your skin can count for a lot with many employers here, which may work for you. Europeans are seen as being more decisive, authoritative, and brought up to think outside the box (I make no judgements as to the truth or otherwise of this, but it's fact that white skin often gets you more easily chosen for leadership positions here).
Nivine79
would you say it is worse in Dubai with lay offs, than it is in Europe currently? Europe just started....
Speedhump
- M! wrote:
@Speedhump
in theory that might be the case, practically no
none of those useless will go because they face a cut... they just stay and bite the bullet.... most of them are ex alcohol addicted homeless in UK....not 'working' in DXB means they are nothing... so better they bite the bullet and keep their big mouth shut :lol:
I think this post is nonsense. I don't know any people that have come here from the UK after being made 'homeless'. Did you dream that? Also where did the 'useless' come in, and your comments regarding alcoholism are just stupid. Are your grapes tasting a little sour right now maybe?
Speedhump
- Nivine79 wrote:
that is well understood, thanks :).
I wouldn't really pay attention to anyone that has such a crass and mysoginistic avatar and uses as many smileys as words.
M!
sarcasm is just another service i provide
Cheers
Speedhump
- Nivine79 wrote:
would you say it is worse in Dubai with lay offs, than it is in Europe currently? Europe just started....
That's hard to say, because it only hit here a short while back. It hit banking, construction and real estate quickly and badly, but it's still filtering down the line. The world is going to hurt, maybe there's a little shelter here. Can anyone else paint a more optimistic picture?
Speedhump
- M! wrote:
sarcasm is just another service i provide
Cheers
hmmm I'd say you're the industry leader
Nivine79
skin color is indeed a factor still, very sadly.
But tell me, is it in all working sector that the unemployment started, or mostly in the industrial and real estate?
Nivine79
by the way where will all people go, if they do not have any social well fare.... that is the scary part for sure... UAE government does not help any of them, they just have to return home?
wonder where the best place is to be right now...
Speedhump
- Nivine79 wrote:
skin color is indeed a factor still, very sadly.
But tell me, is it in all working sector that the unemployment started, or mostly in the industrial and real estate?
Read my post just now that crossed with yours. Finance also is getting tough, banks and finance companies are making it much harder for people to borrow, raising the bar so that a lot of people can't afford car/home loans now. They are also raising rates on existing mortgages so that some people are getting really squeezed.
I read that the government have it in mind to do something about this, and stimulate lending, but they seem much less inclined to tinker with the economy in this way than European/American governments direct action programs.
It's amazing that my bank are giving me 5.3 pct interest on Dirham deposits here, no min/max and only monthly deposits required. They're desperate to keep money in hand, and still scared to lend.
Speedhump
- Nivine79 wrote:
by the way where will all people go, if they do not have any social well fare.... that is the scary part for sure... UAE government does not help any of them, they just have to return home?
wonder where the best place is to be right now...
no help for anyone here, make sure you keep the price of a flight home in case it all goes wrong. Indian construction workers come here on promises of good money, find they are paid almost nothing, and can't even afford to go home. trapped.
you can come here and chance it, at least you could see the place for a few months (it's worth a look!), but I wouldn't burn your bridges back home just yet. treat it as a paid (or half paid!) holiday?
Nivine79
may I ask, what do you work with?
I am, unfortunately, in the finance industry... so to apply nowadays to banks or finance providers is not fun. Dont even get responses. here in Sweden you have postings that have been applied by over 900 applicants. so you most of the time does not get a response even.
But I would say that it then sounds as being the same in Dubai.
Although.. I have seen many job postings within accountancy in Dubai...not sure why that is. But could be that is was a lot more before, and now got reduced as well.
I have applied to some jobs, but get nothing. Probably they focus first on people that are already in Dubai! before they move on to outsiders... which is fair of course.
is there a protection for your investments, people can insure they savings?
Speedhump
I'm in oil trading, but I don't know much about finance/accountancy LOL. Also I know nothing about insurance against earnings loss or savings loss as I never tried it. AXA is a big insurance company here and pretty trustworthy, you could try them.
An awful lot of accountants here are Indian, I think they work for less than a European wage, but then again you earn tax free here so you still might be interested?
I have to go out now, but good luck!