Financial crisis and Dubai / Abu Dhabi situation

[linfie]

Is anyone here able to provide some feeling/rumours about the situation in the UAE currently ? The financial crisis must have had some sort of effect ?
I'm currently preparing to move with my family to the UAE for a construction engineer job, but feeling a bit nervous about the situation. If things are really bad there, the job may just falter after a few months, which then may mean retrench etc....
Any insider view is greatly appreciated, especially with construction/building industry insight ?
Thanks
Lam.

[Sunshine Gal]

Hi,

I tink d entire world is undergoing the financial crisis and we may be seeing recessions pretty soon. But i feel UAE being oil producing countries, they might hv escaped this crisis. Anyway, everywhere is slowing down, but from reports seem that UAE r still growing and constructions n new buildings r coming up faster than wat we can notice. so i guess u dun hv to worry so much. =)

out of curiosity, currently which company u're working with?

Originally Posted by linfie

Is anyone here able to provide some feeling/rumours about the situation in the UAE currently ? The financial crisis must have had some sort of effect ?
I'm currently preparing to move with my family to the UAE for a construction engineer job, but feeling a bit nervous about the situation. If things are really bad there, the job may just falter after a few months, which then may mean retrench etc....
Any insider view is greatly appreciated, especially with construction/building industry insight ?
Thanks
Lam.

[paulg0170]

Look at the dubizzle page down the bottom, looks worrying.

[Easy Rider]

Even in Dubai, it's not pretty. The real estate market is crashing. People are starting to get fired. Banks are slowly begining to stop lending. The stock market is in dire straits...
I think Dubai will be affected by the crisis just the same as the rest of the world, maybe even worse. A bursting bubble hurts...

[linfie]

Originally Posted by Sunshine Gal

Hi,

I tink d entire world is undergoing the financial crisis and we may be seeing recessions pretty soon. But i feel UAE being oil producing countries, they might hv escaped this crisis. Anyway, everywhere is slowing down, but from reports seem that UAE r still growing and constructions n new buildings r coming up faster than wat we can notice. so i guess u dun hv to worry so much. =)

out of curiosity, currently which company u're working with?

Thanks SG, the company i'm going to work for is linked with TDIC, but still their projects get postponed, so i suppose it is really bad. They've advised me to sit tight and wait til things settle so I guess we won't be moving as soon as yet. We can only see how things turn out...

[sgilli3]

Originally Posted by linfie

Is anyone here able to provide some feeling/rumours about the situation in the UAE currently ? The financial crisis must have had some sort of effect ?
I'm currently preparing to move with my family to the UAE for a construction engineer job, but feeling a bit nervous about the situation. If things are really bad there, the job may just falter after a few months, which then may mean retrench etc....
Any insider view is greatly appreciated, especially with construction/building industry insight ?
Thanks
Lam.

The Emirates are not immune to a downturn .
The main industries who have been effected are the construction industry and real estate.
There have been quite a few jobs lost in both industries, and there have been a few projects shelved ( construction)