Ping!
>Several people have been laid off in the past months after the realty boom started unraveling.
? Several people, huh?
Wait a minute. Do I understand this correctly: These Indians are running up ridiculous debts in Dubai and then skipping out of town when they lose their jobs and I’m supposed to feel sorry for them?
haha..that’s funny because an Indian guy who lived in my building just fled the country because he owes the IRS tons of money. Before he left, he told the land lord his place was clean etc. And of course the guy didn’t pay his last months rent and wanted to use his deposit for the rent (that’s illegal to do in Cali from what I understand).
So, when the landlord goes into his apt, it’s a total mess. crap thrown everywhere like it’s been ransacked by burglars. I was told he is going to Kuwait. God help him.
Abu Dhabi and Doha (Qatar)are going strong, though. Tripoli, Libya is another place that has a healthy construction business at the moment.
The emirate's revenues are from trade, real estate and financial services. Revenues from petroleum and natural gas contribute less than 6% (2006)of Dubai's US$ 37 billion economy (2005). Real estate and construction, on the other hand, contributed 22.6% to the economy in 2005, before the current large-scale construction boom. Dubai has attracted worldwide attention through innovative real estate projects and sports events. This increased attention, coinciding with its emergence as a world business hub, has also highlighted human rights issues concerning its largely foreign workforce
I weep for Dubai, one of the greatest nations, nay, CIVILIZATIONS, that the Earth has ever seen.
“...Rs15 lakh loan with a Dubai bank.”
A lakh is 100,000. So this amount is 1,500,000 Rupees. At the exchange rate of 1 Rupee = 0.0204 US Dollars, this is $30,600. A significant sum based on Indian wages.
The world has hated and condemned America for years, they spit on us, called us all kinds of names, and yet, when we stumble, they fall flat on their faces. THEY brought this about as much as we did. Without world encouragement, the leftists would have been silent.
I wonder if there are some enterprising Dubai teenagers have picked up on this trend and are picking up some “free” cars.
Oh no! Who will do all the work the Dubai aren’t willing to do?