Dubai: The Vulnerability of Success by Christopher M. Davidson
Dubai: The Vulnerability of Success by Christopher M. Davidson
Click Here for Dubai: The Vulnerability of Success by Christopher M. Davidson
Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.
Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.
“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”
Click Here for Dubai: The Vulnerability of Success by Christopher M. Davidson
With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.
Dubai getting beat up.
Christopher M. Davidson who wrote “Dubai: The Vulnerability of Success,” says, “Why is Abu Dhabi allowing its neighbor to have its international reputation trashed, when it could bail out Dubai’s banks and restore confidence?
“Perhaps the plan is to centralize the U.A.E.” under Abu Dhabi’s control, he mused, in a move that would sharply curtail Dubai’s independence and perhaps change its signature freewheeling style.”
Click Here for Dubai: The Vulnerability of Success by Christopher M. Davidson
The Rest is Up to You…
Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK, Jr.
The Guide to Getting More out of Life
http://www.thegmanifesto.com
Cant be life Ft jay-z ,Beanie,Scar Face
19/02/2009 at 1:34 am Permalink
Yeah, as bad as it may seem here much of the globe is experiencing even worse contraction. People are so short-sighted when it comes to buying property. I can hardly think of an area where people consistently make worse decisions.
18/03/2009 at 9:51 am Permalink
I almost moved to Dubai – the thing that held me back was the realization that a shining city of private enterprise in the middle of a bloody dessert is kind of… unsustainable.
Suckers, should have checked out Bahrain. I know people in Bahrain making bank, even now. IT’s good – Database programmers, Java developers.
Some might say that the poor girl deserves to fail, but I do feel bad. Hope she doesn’t end up having to turn tricks for the few remaining expats their with real money… she faces competition from the Ukranian broads though…
I betcha $10 a whole lot of hedge funds analysts are gritting their teeth.
Really, people ought to have more common sense. No party lasts forever. Get in, get out before it crashes, move to something else.
08/04/2009 at 11:26 pm Permalink
More news on the decline of Dubai:
http://www.independent.co.uk/opinion/commentators/johann-hari/the-dark-side-of-dubai-1664368.html
The Emerald City of the desert exists thanks to a largely invisible army of brown-skinned Asians, most of them working to pay off the debt they incurred buying a passport into the country.
Money quote: “I’ve never met so many incompetent people in such senior positions anywhere in the world.”
09/05/2009 at 4:07 pm Permalink
Yeah, as bad as it may seem here much of the globe is experiencing even worse contraction. People are so short-sighted when it comes to buying property. I can hardly think of an area where people consistently make worse decisions.