You must have known it by now. It’s been exposed that Dubai has a $60bn debt and has sought debt payment delay until May next year.
Dubai – a desert city, driven by ambition, huge dream and all things glittering. Anything wrong with it? No. Not at least until we know that Dubai’s explosive growth was too much for them to handle, financial wise. Dubai’s ruler, Sheik Mohammed bin Rashid Al-Maktoum has told his critics to “shut up” and said, there is a recovery plan.
I am not a financial anylyst so I don’t have the exact numbers and situation aside from the ones I read in the news. So many papers and journalists have sensationalized the story by saying, “Dubai is finished”, “Dubai is dead”, or “Dubai is a ghost town”. Personally, I don’t know if Dubai will be finished or if it will die – that is up to the rulers to decide. And after doing so much, I doubt if they will just let it die.
Dubai being a ghost town? Not yet! Far from that. The streets are still teeming with people, there’s still traffic – unless all those people and cars I see are ghosts. Though a lot has been said about construction being halted, I still hear cranes working and hammer pounding from wherever I stand. Buildings are being completed around. And no, there has been no exodus of expats!
With the constant mocks directed to Dubai, with Western countries ganging up this Middle Eastern city, its ruler have mentioned before that it’s because the world doesn’t want to see Arabs succeed. The latest news of this debt crisis with the words “meltdown” or “end of Dubai” justifies this.
But what the world has forgotten is that, Dubai is one of the seven Emirates of the country called UAE (United Arab Emirates). They have forgotten that Dubai’s debt is not even one-tenth of Abu Dhabi’s wealth. (Whether Abu Dhabi will bail out Dubai, that remains to be known, probably after National Day on December 2 when leaders of all 7 Emirates gather and “talk”)
As someone who has lived here for merely three years, I have seen the city grow and the photos of Dubai 10, 20 years ago is amazing. There was nothing here but large areas of sand and a few buildings. The rulers have built it to what it is now. I have confidence that despite the crisis, Dubai along with the other UAE leaders can solve it.
I think the media puts a spin on things sometimes and fails to put all the facts in there. I know nothing much about Dubai, but I’m sure it’s not as bad as is reported. I have snow pics up today. That should cheer you up, lol
.-= sheila´s last blog ..White Friday =-.
I couldn’t understand the story when I read it; it sure doesn’t look like Dubai is dead to me. Reactionary reporting.
And duh..isn’t everyone in debt? The US is certainly not closing and we’ve got one heckuva debt.
Like the new style.
I’ve been hearing about the Dubai problems and knew I could count on you to fill us in.
.-= Maribeth´s last blog ..Christmas Preparations =-.
Well, the US hasn’t fallen off the face of the earth yet after a year plus of financial trouble… 😉
I don’t even know anything about Abu Dhabi… if they have so much more wealth how come they haven’t created something like Dubai? Just curious!
.-= Krista´s last blog ..22 Weeks =-.
I only believe 1/10 of what I read or hear anyway, so I figured it wasn’t as bad as the reports were saying it was. I knew you said there were sever expats that had gone home, but you did say there was still lots of construction going on, and you are always mentioning the horrible traffic. I’m sure things will not completely fall apart, because as a few of your readers have already said, the US has been in horrendous debt for years and we’re (barely) still here. 🙂
.-= Lorie Shewbridge´s last blog ..Praise for Me Do Good Shirt Company =-.
Word over here in Portugal is that the economic crisis in Dubai is now over and the economy is again thriving. That was quick!