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Some of the articles you read are in such denial, the following is probably closer to the truth, but who really knows?

http://www.arabianbusiness.com/544315-j ... e-economy-

The biggest risk facing the UAE economy is a potential reversal in population flows as the job market comes under pressure, Standard Chartered warned on Wednesday.

Rising job losses would inevitably force a number of workers to leave the country, given that the majority of the UAE labour force is made up of foreign nationals.

UAE law states that foreign national residents who lose their jobs can only stay in the country for one month.

“There is no official data on the current status of the labour market, but there are signs that the UAE is shedding jobs,” said Mary Nicola, senior economist at Standard Chartered.

Indeed, UAE developer Nakheel last month axed 500 jobs, and is among a number of companies that have been forced to make redundancies due to the recent slump in real estate and construction industries.

“While construction and real estate are the worst-affected sectors, job losses now seem to be spreading to other sectors,” Nicola said.

Reports suggest that visa cancellations in Dubai have accelerated since October 2008, and are now averaging 1,500 a day and exceeding 2,000 on some days, Nicola added.

The expat population grew nearly seven percent in 2007, with expatriates totaling 3.62 million, against only 864,000 nationals, according to data from the Ministry of Economy.

“How these demographic factors play out will have serious consequences for the economy,” Nicola warned.

does this mean less traffic

rudeboy wrote:does this mean less traffic

Not in the Immigration Cancellation Dept....



Knight

Job losses is just one factor contributing to the demise in dubai. I think the largest factor this year will be tourism or the lack of.

With sterling weak and the inflation we saw in Dubai last year the Brits are not going to be keen to come this year.

The vision for 15 million tourists by 2015 is way off the mark. Dubai needs tourists and resident expats with high disposable incomes. These two group are dissappearing by the week.

The government is foolish if they think dubai's shopping spin is going to fool these people into spending money on goods that tourists can purchase cheaper in their home market.

Last month i spent a wednesday evening at Battua Mall and walking from the China food court end towards Geant it took me over 5 minutes of walking to see a cutomer in a shop.
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Dubai has priced itself out of the market. Last summer you couldn't get a room in the Jumiera Beach Hotel for less than £500, today i can have a room in the Burj Al Arab for £300.

sage & onion wrote:
“While construction and real estate are the worst-affected sectors, job losses now seem to be spreading to other sectors,” Nicola said.

Just wait until the banks crunch the numbers from defaults on speculative property purchases, personal loans, auto loans and credit cards. Then we'll really see some sh!t flying.

Feel free to extend this list but here is a start.
Major industries in Dubai:

Real Estate -- Dead

Construction-- Dead

Tourism -- Dead (but they wont admit it yet, at least not in Gulf News)

Finance -- Very sick, soon to be dead

Shipping -- If it is for building materials - Dead, otherwise I would imagine its fine

Reminds me of the story about the siamese twins where one of them died and the other sat there horrified awaiting the inevitable.

this means less everything, not just traffic. dubai was built by foreigners. it needs the population to sustain itself....but if there are no jobs, no one will support the infrastructure. anyone have latest data/stats on dubai job losses in gross as well as percentage?