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Livin' la vida expat in Dubai isn't as snazzy as it used to be
Forget New York City - the world capital of spend, spend, spend has long been Dubai. This is literally where the sky was the limit, and when they ran out of sky, they simply built out into the ocean.Thousands upon thousands of foreigners made their way to Dubai to grab their own little bit of the wealth.
Of course, that has all come to a grinding halt. Construction is slowing down, and a general feeling of doom and gloom is descending upon the nation.
Things are apparently so bad, that many expats are packing up their belongings and leaving. Of course, when you leave so suddenly, you tend to forget minor things like your mortgage, your car and your credit card debt.
Dubai International airport is reported to be home to over 3000 abandoned cars from fleeing expats. Some of the cars have apology letters taped to the windows, and others have their maxed out credit cards left on the seats.
The expats leave the nation behind for a few simple reasons - Dubai locks debtors away, and anyone without a job loses their visa. The New York Times reports that parts of Dubai are starting to look like a ghost town, with unfinished construction projects and masses of vacant property.
Things are actually so bad, that the government has been canceling as many as 1500 work visas every single day - a number they don't want to confirm or deny.
Unless things turn around very soon, the entire place is probably going to be doomed - Dubai does not have any oil of its own, and the entire economy was built upon real estate and financial services. Now those 2 sources of cash are slowly disappearing, Dubai could soon make the Madoff scam look like petty theft.
Do you (no longer) live in Dubai? Are things really this bad? Let us know in the comments!
(Via: New York Times)
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Filed under: United Arab, News, Middle East
Reader Comments (Page 8 of 8)
JustInTime4Me Feb 18th 2009 11:02AM
Dubai, another area of run away and overly ambitious greed, decadence, ridiculous and chrushing over development, phony arrogance.... So who cares?
Sonney Dey Feb 18th 2009 11:19AM
Tiger Woods will drop that place like a hot potato, lol.
Barry Feb 18th 2009 12:11PM
You know that the global economic crisis is getting more grim by the day, when the biggest playground for the rich and famous has ground to such a desperate halt.
basketpam Feb 18th 2009 1:42PM
I guess the best thing that fits here is "if it sounds to good to be true, it probably is." Dubai always did sound too good to be true and was billed as this incredible playground for the rich right here on earth. Nothing in this world is ever as good as it first seems and even the best things in the world become old and boring if you live with them every day. It all loses it's sparkle and glamour after a while. I think I can honestly say Dubai is one of the places I NEVER had a desire to visit in my life, now I'm glad I felt that way.
Garret Feb 18th 2009 1:20PM
***They should be all arrested for sedition for what they did to this great county.***
We have a system of election finance in this country where money buys influence. The politicians blame in this is that they didn't exersize oversite, which is bad...but you people all miss the bigger point about WHO HAS SCREWED YOU!!!
You wont face it...You've been screwed by the corporations that now own this country, have outsourced your jobs, gotten huge tax breaks for doing it, and now get you to bail them out for their criminal greed.
Do you hear anyone say- throw the head of Citicorp into jail? Or Wells Fargo? Or Goldman Sachs...or Merrilly Lyncy...
THese people collapsed the economy with their greed and stupidity, and you all blame everyone else but the real culprits. The politicans have been their handmaidens, but the kings are corrupt and greedy beyond any measure.
And they don't give a damn about you or this country
PHILIP MERCADANTE JR Feb 18th 2009 1:59PM
please read and comment on my problem at http://philipmercadante.blogspot.com/
RUTMAN22 Feb 18th 2009 2:27PM
I used to live in Dubai about 2 years back. i feel that i left the country at the best time. Dubai's sole goal was to create an oasis of plenty. Pls excuse the badly placed metaphor, but anyone who has truly lived there would understand, that Dubai was not built for it's existing residents, but to draw foreigners in with dreams of high wages without taxation, and a big shot lifestyle. There have been soo many rules imposed in the past 2 years, on current residents that living there just doesnt make sense.
They may not tax your income, but you end up paying much more back to the government. Most companies charge new employees for visa expenses... those are paid to the government. The major highway's (which are the only real way to get across town) is tolled there are a total of 4 toll stations placed which charge 4 Dirhams per crossing. that 4 tolls between 20-30 kms.
Traffic tickets have been on the rise for quite some time. The fines have gotten exhorbant. speeding 10 kms over, 500 Dirhams.., etc...
Lastly, the one thing i'd like to add about Dubai..
it was a wonderful place, im sure its still a wonderful place. But unless the government realizes that it is a place that people liked living in, and not scamming every person who is comming in seeking their own fortune, and livelyhood, the situation isnt going to get much better.
i wish the city, the nation, and it's people the best.
Jeffrey Axen Feb 22nd 2009 4:43AM
hello i worked for epo inc. in dubai and i was recently laid off.... im an american citizen and i also owned several luxury items there ( ferrari, house on the beach etc.) i am one of those people who maxed out the creditcards and actually if you go to the airport youll see my black f430 sitting in the long term parking lot but without the sorry notes..... dubai is a corrupt country and i dont recommend anyone go work there.
Bnotafraid Mar 15th 2009 5:33AM
i am one of those people who maxed out the creditcards and actually if you go to the airport youll see my black f430 sitting in the long term parking lot but without the sorry notes
Hi, I'll be in Dubai next month on business for a few days. Do you know what they are doing with these abandon vehicles?
Charles Blaschke IV Feb 26th 2009 9:11AM
I am an American expat that has been living and working for a US Architecture/Engineering firm in Dubai for overa year now.
It is interesting for me to hear your perspecitves on the city, from both an insiders (other expats) view, as well as people who know little to nothing about the city, country, region, or side of the globe.
Most of the articles that are now written about the city are a little far-fetched and fictionalized, but there is some truth to them, and that is the root of the crazy stories. It is the exact same thing that has happend the past 5 years, but instead of rumors and crazy stories about all of the new exiting things being done here, it is about the downfall. It has been ugly, and very quick coming what has happend here, but it is inherant to the whole situation.
All of us (expats, US or otherwise) took a risk coming to the paradise in the desert on a hunch of something from a dream. That dream (setout by Sheikh Mohammed) was set into motion by us, and it made incredible progress. This global economic crisis is just that, global, so naturally it will affect a city like Dubai. When the economy goes bad what is going to be the first projects to stop, a hospital and school, or a rotating hotel and a 10* resort that is 10,000 feet tall?
Our company has had to take corrective action, but we are still here and doing well, this includes my 5 American friends, and the other 100 US citizens that work with us.
Do your homework and become knowledgeable, don't be ignorant...
AnnaPhotojournalist Mar 18th 2009 1:14PM
Hello all,
I am a photojournalist with international distribution, planning a 10-day trip to Dubai in April, looking for subjects to photograph and/or interview. I am published in The New York Times, Vanity Fair, GQ, Marie Clair, and many other international publications; this piece will receive similar distribution. The story will be a balanced report on the city's history and future, and I hope to include interviews with a cross spectrum of Dubai denizens. It will be a thorough and robust piece, and an important contribution to the recently proliferating coverage in Dubai.
My contact info is: DubaiSubjects@gmail.com. Please contact me if you're interested in contributing to the piece: either by sharing your story, or are willing to answer questions remotely: I'm compiling a dossier of research on Dubai from the US, and direct contact with folks on the ground is extremely helpful.
Thanks so much,
and all the best,
Anna