More proof of global nature of recession
The latest proof that the recession has reached just about everywhere: abandoned luxury cars at the Dubai airport. The Times Online recently reported that expatriate workers are parking their cars at the airport and boarding planes to escape their debts and the area’s fading fortunes.
Many Westerners invested in Dubai’s skyrocketing real estate market, buying and reselling homes before building was even complete. But, as the recession took effect, property and financial companies made thousands of workers redundant and banks tightened lending. Construction companies have delayed or cancelled projects and tourism is slowing.
There are increasing signs that the foreigners who once flocked to Dubai are leaving. “There is no way of tracking actual numbers, but the anecdotal evidence is overwhelming. Dubai is emptying out,” said a Western diplomat.
However, The National makes the situation sound less dire.
Don Mecoy
Business Writer
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