arniegang
I was refering to the majority not the minority
quatroporte
its about time... and they should implement this rule ASAP
Quote:
- Individuals whose work visas have been cancelled after being made redundant may soon be able to stay in the UAE for a longer period to find work, Emirates Business has learnt.
Dubai, along with the federal government, is "working on" stretching the grace period for holders of cancelled visas, said Hani Rashid Al Hamli, Dubai Economic Council (DEC) Secretary-General.
The new policy, which may be announced in the first half of this year, is expected to address the potential cases of job cuts due to the financial crisis. Currently, the UAE labour and immigration laws require expats who have lost their jobs to find work within a month – or leave.
"This is one of the top and urgent issues that we are tackling at the Dubai branch and at the federal level – to have a longer [grace] period. They are working on that, I can assure you that," Al Hamli said.
Asked whether it will take effect in the second half of this year, Al Hamli said it will be "earlier than that. I do not have a very accurate or definite date because the government needs to upgrade the immigration law and that would take some time. Could be in a month or two months, but it should be earlier this year," he added.
Meanwhile, Dubai will focus on capital-intensive industries rather than concentrate on labour-intensive sectors, a top official said, after the Institute for Industrial Policy Studies released a report highlighting labour as one of the areas that the emirate would need to look at.
arniegang
I dont see what difference it will make apart from stopping the flood of expats leaving immediately rather than a few months later.
Those that have lost jobs etc in all probability wont find re-employment, and certainly wont have enough funds to stay on without jobs.
Misery Called Life
Probably its to balance out Inflow, with outflow! It would'nt augur to well for consumer economy if the populace reduced drastically!
quatroporte
- arniegang wrote:
I dont see what difference it will make apart from stopping the flood of expats leaving immediately rather than a few months later.
Those that have lost jobs etc in all probability wont find re-employment, and certainly wont have enough funds to stay on without jobs.
you are just so wrong!!!!
i does big deal...
and FYI many of my friends who lost jobs were to get new offers... and that is because their companies did not cancel their visas and instead gave them few months grace period to look out for other options... which worked for most of them
sadly some other companies simply canceled and left them with one month time-out period.
it is a good initiative by the government and its about time.
RobbyG
- Misery Called Life wrote:
Probably its to balance out Inflow, with outflow! It would'nt augur to well for consumer economy if the populace reduced drastically!
And this might be the real purpose of the measure.
Even so, the shadow side may be that people who lost their jobs are now supposed to remain in the country for a longer period of time while their accounts have been frozen by the banks... government cover up?
Pure speculation guys. keep it cool :wink:
xty
- arniegang wrote:
I dont see what difference it will make apart from stopping the flood of expats leaving immediately rather than a few months later.
Those that have lost jobs etc in all probability wont find re-employment, and certainly wont have enough funds to stay on without jobs.
It's been more than a month I applied hundreds but none comes positive. I consider myself having good qualifications, experience, and skills in mid-level/managerial career in IT.
Fortunately, by my request, my ex employer allow me (well I guess they do this also to easily rehire me when getting new projects, as not much of my expertise on the market in the world) to stay here (not canceling the visa) at least until school is finished (end of June), unless I leave or get a new job earlier. On one hand, I'm loosing some of my savings, on the other hand that would extend my chances to get another job here. After all, the salary/saving is non-comparable to the home country.
Let's see in the next several weeks, hopefully there's a light at the end of the tunnel. Though I know it would be hard as I observe that at least half of the opportunities (on newspaper or online) are requiring either Arab-spoken or Arabs only, if not UAE Nationals. Looks like the "Western era" is over and now comes the "Arab era". Time to leave?
dresden
- xty wrote:
Let's see in the next several weeks, hopefully there's a light at the end of the tunnel. Though I know it would be hard as I observe that at least half of the opportunities (on newspaper or online) are requiring either Arab-spoken or Arabs only, if not UAE Nationals. Looks like the "Western era" is over and now comes the "Arab era". Time to leave?
Good luck!
Locals cannot occupy all the necessary positions. There will always be a demand for expats. Just need to ride out the storm. Things will fall into place in time...
RobbyG
The crisis is just starting, so I would say 'pack the bags and leave'. Would be shameful If you lost all your saved money by waiting in Dubai for a world economy that in most optimum situation will stabilize around 2010-2011.
Prospects for Europe (and maybe the US also) around end of 2011. But remember how it goes with forecasts. Way behind the curve. Majority of economists globally have been wrong big time and soon the dollar will start to lose more of its value in the future, so it would not be the smartest of choices to hang on (without work) in a dollar pegged economy with a declining purchasing power (read; rising prices, ergo inflation).
K-Dog
[color=red]A couple of comments posted on another website. It truly highlights the problem.[/color]
Posted on Monday, 30 March 2009
Mortgage Payments and Banks business as usual
Posted by Bijan Ghaffari at 00:24 UAE time
I lost my Job last October. Using my saving I have paid all my bills and mortgage payments all in time so far. I requested my bank to consider reducing my payments until I find a new job or perhaps the market situation gets better. I even suggested that I will pay interest for unpaid portion of installments.
The answer however was NO...
If current situation goes on like this I am certain that I will fail making my mortgage soon.
Why Banks can't be flexible? They should understand people do not want to default purposely. If they agree to temporarily reduce installments for those who have lost their job and only for a certain period of time, I believe it will be beneficial to both Bank, borrower and the real state market in general.
I hope concerned authorities come up with some strategy to assist us not to lose our home on the top of our jobs.
promises, promises...
Posted by faisal at 13:52 UAE time
I lost my job recently after a few clients terminated their contracts with my company. Despite over 10 years of experience here in the UAE and two months of intense job hunt I din't even get an interview call. My wife - who is employed in Dubai and earns AED10,000 plus a month - was denied permission to sponsor me on residence and the Dubai DNRD official told her "let your husband find a job".
We stay in a building owned by the Dubai Real Estate Corporation and now they have increased the rent by 10% for those who have been staying here for two years.
My employer will cancel my visa this week and I keep myself cheerful reading about things like '$10 billion bonds', 'market rally', 'flattening not contraction', 'humanitarian grounds' etc. The 'grace period extension' makes one more to that list
1 Dubai Jobs .com The First Place to Find a Job in Dubai
arniegang
Good Post Kdog, it highlights the wider issue and problems of extending the visa period.
RobbyG
In reply to Mr. Bijan Ghaffari I would say;
Banks simply can't let go of their revenue stream by lowering each individuals bills. Current credit crisis makes it nearly impossible for banks to borrow any money from its counterparts for its obligations. So basically the stream of revenue from its clients is essential!
When the fractional banking reserves fall below the regulatory requirement, a bank needs to attract additional capital by borrowing, or from goverment financial stimulus (bailout). This costs them dearly, so they rather take your house and sell it for a dump price to cover out the loan with a minor loss.
A bank will only suspend your payments, or temporarily lower them, when they see a market recovery ahead where they will think you will find a job with more succes. Current market situation is hopeless. No bank will ease your payments unless you have real good prospects of finding a new career.
Good luck I would say to the guys that plan to stay. Don't eat your money away guys.