DUBAI WORLD SEEKS MORATORIUM ON DEBT ...

[SandyB]

ON THE RADIO  AND SEEN  IN TONIGHTS PAPER ... DUBAI WORLD SEEKS MORATORIUM ON DEBT ... PICTURES OF SO MANY  TALL BUILDINGS  HALTED ...  SUCH A   CONSPICIOUS WASTE  TO START  ON SOMETHING SO BIG AND UNSUSTAINABLE ... SO THE MIGHTY OIL  WEALTHY COUNTRY FEELING THE PINCH TOO ??  WHAT NEXT  THEY GONNA  SQUEEZE THE OIL PRICE THROUGH THE CEILING  TO MAKE  OBSCENE PROFITS AS HAPPENED  A WHILE AGO ...         ANY  COMMENTS HERE ?? 

[Michael Alexander]

I was just reading the News24 article on this tale, Ja! it never kinda made sense, this city grew at an unatural pace.... building for people that were yet to arrive...... but got retrenched before they could occupy..... the pundits reckon the big bang is yet to come in the Middle east... and we all know that that was were the global money was meant to be......

[toonfandangl]

We have a thousand people looking for new abodes..........well they try sailing here.....but unfortunately our government don't want them......maybe DUBAI could put them up......................they got a lot of rooms.


                                                                                  ......

[Patricia Lotte]

We will do bigger, higher, better ... and yes, we will fall harder ... guess who's laughing now ... me ... we all saw it coming except them ... strange coz they do consider themselves so much better than us ...

So yes, whereever you look you see plenty of empty residential buildings, abandoned constructions sites and cars left in parking spaces by their owners who lost their jobs and were forced to leave the country within 30 days from cancellation of their visas. Yes, no job means no visa and therefore you're out in 30 days unless you can get a new job. Although the actual numbers have not been revealed, thousands of expats were forced to leave the country this year after losing their jobs. The more fortunate ones found jobs in Abu Dhabi, like my boyfriend who was jobless for 4 months but was fortunate enough that his ex-employer did not cancel his visa immediately.

Dubai does not have oil, unlike Abu Dhabi, so it now has to rely on Abu Dhabi and the rest of the world to bail it out. But hey, all those foreign banks who loaned millions to Dubai believing in the mega-projects and thinking that they would make a killing out of the interest payments, they too have to take responsibility for their greed.

That said, there are still many expats living here. Those who, like me, were fortunate enough to keep their jobs are still here, so there must be a reason for it. Yes, things are not perfect, but until I find another country where I can see the sun everyday and not have to worry about insecurity, and still manage to put money aside at the end of every month, I'll be here. Hey, I'm not saying that I love this place, definately not.

So yes, I laugh everytime I read about this place's downfall as any idiot could have predicted this outcome, and believe me, I wonder everyday why God put so many brainless idiots in one spot ... excluding me of course ...

[SandyB]

IN THE MAIL AND GUARDIAN THIS EVENING ,,  DUBAI THE LATEST CREDIT CASUALTY ... SOME VERY  HARD HITTING  COMMENTS ... ALTHOUGH NOT LETTING THE REST OF THE WORLD  OFF THE HOOK  VIS  CREDIT  FRENZY FUELLED ON THE PREMISE OF EVER INCREASING  PROPERTY PRICES ...  ABSOLUTE FOLLY  AND MANKIND NEVER LEARNS ..
THE ONE COMMENT SAYS IT WELL AND ECHOES MY INITIAL WORDS ... IT  GOES
<<  DUBAI WAS UNSUSTAINABLE IN EVERY SENSE , ECOMICALLY , MORALLY ,  AND ENVIRONMENTALLY >>
...  SAYS IT ALL . HEY ?? . AN AUTOCRATIC SHEIKS  EGO FUELED DREAM  GOING PEAR SHAPED  AND WELL DESERVEDLY SO  ...
ON THE MORAL FRONT  WAS THE TOTAL  EXPLOITATION OF  THE LABOUR FORCE  WHO WORKED AS VIRTUAL ECONOMIC SLAVES  AND  NOW SPAT OUT   NOW THAT THE NON EXISTENT MONEY HAS DRIED UP .. WHERE ARE THE MORALS OF THESE FOLK ??  NEVER WENT  THERE  , DID NOT EVER WANT  TO  GO   TO THIS ARTIFICIAL  OBSCENE  VULGAR DISPLAY  OF EGO ...  UUUGH !!!

[Michael Alexander]

.. but in the end, who pas for it all?.................


the global taxpayer.......