Economic Growth of Dubai

Economic Growth of DubaiIs Dubai Playing It practiced?Nowadays t fixher doesnt seem to be an end to human beings needs. nation aspire for prosperity prosperous life, a well behaved job, a good house, to drive a well manufactured car, and even to have a huge lingo accountThese aims may be a teensy bit crashed because of the economic crisis that has recently hit the argona. Mevery countries afterwards this crisis try to recover and rebuilt their economy and retrogress to be operoseer and face this crisis. Others couldnt do that as this economy crisis hit it very hard as this country resources atomic number 18 non good enough or rich enough to deliver over it. From the countries that were hit by this economic crisis is Dubai. Dubai is a very steady growing country economically, it is the meeting point between the East and the West, it tie in between western modern life and eastern hospitality. Dubai is one of the septet emirates of the United Arab Emirates UAE. There is nothing you cant find in Dubai from bonnie beaches and clear aqua blue seas to indoor activities, an underwater hotel and skyscrapers, in that respect is never a in shortage of things to do in Dubai. It has the biggest airport in the world, the grandst unreal port in the world, the largest Mall in the world, the only 7 Stars Hotel in the dry land, the largest Skyscraper in the world and finally the largest Theme Park in the world which is about 3 times bigger in size than Disney World in Orlando as came in DubaiCondoProperty.com. The question is is it a right mien to become a leading economic country at this short time? People powerfulness deem that it is not the best highway for development because at that place are some barriers. First, resources being under stress. Second, large unions of loans leading to debts, and Third, people that might lose their jobs and companies that might shut downwardly if the economy fall down.One of the reasons that support this point of view is that any developing country it should have enough resources for investment especially if we are talking about the UAE, many a(prenominal) of these countries contain Oil resources except Dubai This city state is purely a business city wholly depending upon tourism and other business. Dubai World, attract world entrepreneurs that started spending more and more on building fine roads, and 7 Star Hotels. Prasadjain said in an oblige entitled Financial crisis in Dubai, reasons and effects. So Dubai is not an Oil res publica and depend mainly on currency that it earns from these investments especially tourism sector. hardly immediately after this economic crisis a rumor spread that after the Atlantis opening ( which cost about 1.5Bn Dollars ) the hotel was only charging 10 percent of the sea captain price and has only about 26 percent occupancy as mentioned in Diversification Dubais tumble by Helena Axelson Fisk. Also it was promulgated that Dubai began to pronounce a plan for building two more villages kindred Al Nakheel ( medallion Island) which is a group of Islands on the shape of a Palm that cost about 110Bn Dollars before it was even completed As publish in BBC News website.Huge investments surely need massive center of money, this condition is not available in Dubai, it tend to Borrow money from Banks all over the world, leading to debts then failure to repay. UAE faces up to $184 one million million million total debt according to estimates by Bank of America Merrill Lynch, also the Bank said that Dubai only faces almost $50 billion of debt amortization in the next three years $12 billion in 2010, $19 billion in 2011 and $18 billion in 2012as mentioned by Sebastian Tong in condition entitled UAE faces up to $184 billion total debt BofA-Merrill Lynch. Also there are many Banks that were hit because of Dubai inability to repay Banks were hit peculiarly hard on concerns over Dubais ability to pay back its debts as came on BBC News, som e of these Banks are Barclays which was the biggest faller down by 8%, followed by Royal Bank of Scotland, which lost 7.8%. Dubai asked for a six-month delay on debt repayments it was due to repay $3.5Bn in December.Other reason that strengthens my position is that a fast economic growing country should have a strong market study and economic plan to preserve peoples jobs as when it falls down, people might lose their jobs and companies might shut down, thats what happened in Dubai when it was hit by economic crisis. Nowadays a dope of people were open fire and lost their jobs because companies couldnt pay them. Lots of people have left my neighbor, an clothes designer from the US, was fired and her whole company was shut down. A western diarist said as mentioned in BBC News. Other witness to these incidents A lot of our friends have lost jobs, particularly senior management in human resources and information technology, some have stayed here, but others have left, says Grace, in an hold by Michael Buchanan. It reached that people leaving Dubai and parking their cars in the airport. On a recent walk around the car park at Dubai Airport, there were more than two dozens cars that looked completely abandoned by their owners. about people wrote little messages on the layers of sand that have gathered on the vehicles. One says Gone 4 Ever, and another says He will return Inshallah This was mentioned by Michael Buchanan as well. Concerning losing jobs as well Buchanan mentioned that The competition for jobs is fierce now, whereas there would be two people for one job before, I think there is ten now. The opportunities arent there as much and the salaries arent there. Its just get worse and worseOn the other hand, some people might disagree with this point of view and assure that Dubai will make it and cash in ones chips peacefully from this economic trap as Abu Dhabi Dubais Twin has just modify it $ 10Bn to repay her debts as mentioned by Margaret Coker i n an article entitled Dubais preservation Boosts Others. But it would be the same and the circle would not stop as its going to be a Series of Debts.Finally, Dubai should take step by step in her economical growth and not jumps, plus its not the top needs of citizens to have this luxurious fantasy life, by this amount of money Dubai might have done many important projects to serve the 3rd World Countries, these amounts of money can be charged to many productions that might aid the needs of people all over the world.whole kit and boodle CitedTitle UAE faces up to $184 billion total debt BofA-Merrill Lynch station www.reuters.com encounter create 27 Nov. 2009 while Access 15 Dec. 2009 uniform resource locator http//www.reuters.com/article/idUSTRE5AQ28C20091127Name PrasdjainTitle Financial crisis in Dubai Reasons and EffectsSite www.hubpages.com naming Access 17 Dec. 2009URL http//hubpages.com/hub/FINANCIAL-CRISIS-IN-DUBAI-REASINS-AND-EFFECTSTitle Shares hit by Dubai debt problemsS ite www.bbcnews.comDate Published 26 Nov. 2009Date Access 15 Dec. 2009URL http//news.bbc.co.uk/2/hi/8381258.stmName Helena Axelson FiskTitle Diversification Dubais DownfallSite www.global-economy.suite101.comDate Published 30 Nov. 2008Date Access 15 Dec. 2009URL http//global-economy.suite101.com/article.cfm/diversification_dubais_downfallTitle Views from Dubai The end of the dreamSite www.bbcnews.comDate Published 27 Nov. 2009Date Access 15 Dec. 2009URL http//news.bbc.co.uk/2/hi/8381363.stmName Michael BuchananTitle Time of transition in Dubai as kink work cutSite www.bbcnews.comDate Published 6 Dec. 2009Date Access 17 Dec. 2009URL http//news.bbc.co.uk/2/hi/business/8397832.stm