Economic Gloom in U.A.E and The Expats

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Economic Gloom in U.A.E. & Expatriates’ Fate?
Posted on: 11 February 2009: 

Economic Gloom in U.A.E. & Expatriates’ Fate?
 

The growth rate in the UAE has been unprecedented in the last few years and the return to a more sane rate of growth was inevitable. The sudden economic slowdown came as a blow to many expatriates as few official information is ever made public. There is always a tendency to keep the general mass in the dark. Why the cover up? It is difficult to estimate the victims of this economic crisis as thousands of people have been asked to go on long leave or simply being laid off. Why weren’t the people warned about the dire situation? People have invested their life savings into the stock market and the value of the same has fallen below IPO rate.
Who could have foreseen such a gloom in a market which announced the constructions of many new towers every single day.The whole newspaper would be splashed with the figures of the property boom. All the talk that the market will be able to weather the global crisis much better than the West was only a gimmick to veil the real picture. Lack of transparency is deep rooted in the real estate sector. The developers and the agents cannot be trusted. No one wants to take responsibility. Hence, the general mass, which had faith in the market and the system are in a lot of trouble. The little money they had they wanted to own something in this country because it has become a second home. But their life has become a nightmare. Now their saving is with the developers and there is no way to get it back. They are not accountable to anyone. The laws of the country do not protect the gullible who dared to dream of a better life and a home. Who will listen to these people’s grievance?

What is needed to get Solutions?
The economy needs massive intervention by shot in the arms. The corrupt developers must be brought to justice to regain the trust of the community who think and love UAE as their home country. People have lost their hard earned cash and do not know who to ask for help because everything seems to fall deaf ears.
We all know the market, and the economy will pull itself through, may be in two or three years’ time. But will it be too late for some of us. It is our earnest plea the government of UAE to take the situation their own hands and help out the hard working people