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Nakheel LLC

lusitano's picture

Dubai economic crisis - what is happening?

What is really happening in Dubai?
While the Dubai Authorities and the local media tend to paint a rosy picture of an evident critical and problematic financial situation in Dubai, some of the International Media seem to be more open about it.
How much of this is affecting Qatar?
How will the Dubai crisis, impact on Qatar?

Here are some articles exposing what Dubai does not wish to disclose:

"Damac Properties in Dubai Fail to Pay Employees Full Settlement on Dismissal
If you were beginning to believe the press releases stating that Dubai is immune from the financial crisis, the latest report from Gulf news should disabuse you of that notion. Employees fired by Damac last month due to the financial crisis are not being paid their full settlement."

Arien's picture

Crisis brewing in DUBAI

Sharing a forwarded email, source were not available.

Thu, Jan 15 10:40 AM

Nicosia, Jan 15 (ANI): The Dubai Ministry of Labour has been flooded with thousands of labour complaints, as a very big number of workers and employees have been laid off, or have been made redundant in the wake of the global financial crisis.

The majority of these workers are Indians. Furthermore, it is estimated that about 1,500 work permits and visas are being cancelled in Dubai each day.

Feeling the pinch of global slowdown many companies, mainly in the construction sector, have stopped all new employment and most of them have already laid off hundreds of workers.


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