Thursday, April 30, 2009

Update from Dubai

This is a blog update from Dubai, UAE. I have been visiting the Arab Emirates since the last week with my husband who is here for a business venture. Things have changed a lot since i was here last time around. The global financial crisis has brought the tax free haven to it's knees. Dubai has been hit really hard by the present financial crisis. The real state boom is dead with a bang - the remnants of which can be found at the airport car park. The parking lot is littered with luxury vehicles from the Mercedes to the Bentleys, which have been left behind by their defaulting owners. Most of the foreigners took off when they lost their jobs, fearing that they might not be able to pay the loans on their credit cards and mortgages. This run off was caused by the UAE laws which basically jail people for not paying off their debts. Still, i am sure that because of the investment that was made in the services sector, this tiny city state will bounce back. I am a believer in globalization, whose merits in my humble opinion overwhelm the ills.

Looks like plenty is going on at home. Will write more when i get back. Also, thanks to all of you who have been emailing me. It's pretty flattering to know that i have a pretty good following.

1 comment:

Abdul Sami said...

in some ways i suppose it serves them right for creating that sort of an environment/laws!

then again.. it is a sad state over all !