Financial Crisis in Dubai?
According to the New York Times, Dubai cancelled 1,500 residence visas every day during January, and much of Dubai is now a ghost town.
But according to the local news, every single day during January, Dubai issued 1,000 more residence visas than it cancelled. Every residence visa must be cancelled every three years (or sooner), but only so that it can be renewed. So 1,500 residence visas expiring is not really news (no matter what the New York Times thinks).
The fact that more visas are being issued than cancelled (if true) means that more people are coming into Dubai than are leaving. Which fits with what I've heard from the Antipodes: the economy there is terrible, and they've all heard that Dubai is the pot at the end of the rainbow.
It isn't, but that's what they've heard, and they won't listen to me, so here they come.
But according to the local news, every single day during January, Dubai issued 1,000 more residence visas than it cancelled. Every residence visa must be cancelled every three years (or sooner), but only so that it can be renewed. So 1,500 residence visas expiring is not really news (no matter what the New York Times thinks).
The fact that more visas are being issued than cancelled (if true) means that more people are coming into Dubai than are leaving. Which fits with what I've heard from the Antipodes: the economy there is terrible, and they've all heard that Dubai is the pot at the end of the rainbow.
It isn't, but that's what they've heard, and they won't listen to me, so here they come.
posted by Dubai@Random at 10:54 pm
9 Comments:
Yes, have heard the same about the flocks of NZers and OZzies making their way over. They'll go home wiser for it and probably more out of pocket, although the exchange rate from dirhams to the Antipodes peso is the best that I've seen it in a long time.
And - welcome back!
I think it's high time Western media got a little more positive about the entire situation and stopped hyping statistics.
I read the visa statistics as well (in Zawya) and smugly went on with life. Things cannot be all that bad. This is Dubai we are talking about after all! :)
After three years visa expire - you get a new one.
So they are not 'canceled'. Renewed visas are counted only in the 'new' column...
So these statistics are all smoke and mirrors
oh yes everything is smoke and mirrors...dubai is doing so well, america is asking for some aid to tide over the bad time. and rest of india and philippines is already waiting in the que at the new airport in dubai, waiting for taxi to hit the city nightlife :-)
and sales of real estate has gone so high, they dont need sales people anymore, most of my friends have left. and some have got so rich, they are leaving without even bothering about their cars and apartments they bought and paid installments on. and the advertising industry is not seeing any more money coming in, since all businesses in dubai are booming and needs no more publicity.
Anonymous2 could do with some positive thinking. We may be bad, but we know that we will spring back in shape better than everybody else.
- Casey Andrews
HAH!
I can't imagine that there are actually pretentious pricks out there, who think that there's a comeback for Dubai after this?
It was in the running, and all of you KNOW it.
Everyone and anyone knew that Dubai's self-made bubble was going to burst.
There's no hope for Dubai's economy, and we all know it.
So stop building castles of optimism in the air..and dance, you pansies!!
And
You gave an informative news about Dubai thanks for sharing it .
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