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Truly enjoyed the discussion over here, I appreciate the point of view of all people participated in the discussion. I want to sum up by saying this; Government must make very transparent policies, their short term policies failed now they should go for long term policies. Many emerging economies of the world like Abu dahbi , South Africa and Brazil might have gotten lot of lessons from collapse in the economy of Dubai. Hazards never come suddenly, your poor policies are working for years to support these hazards. Dubai should do some thing better and some thing solid.
The conditions on ground are more suggestive of the stronger ambitions and solid steps, than mere words can be. I hardly think of Dubai as an estate that is dependent on real estate only or it depended on real estate even once in the past. Businesses and economic cycles have phases, which come and go. Real estate demand is not itself a means to earn GDP but a source to the means of earning it. Dubai's major dependence since long has been on the trade volume, its ports, and its tourism. Bad economic times don't mean that we can just forget about a place because it had been through a gloomy patch. I think they are rebuilding their institutional support to ensure sustainable business practices that are safe and can be thrived upon, in the longer run.
Everyone makes mistakes but learning from the mistakes is what Dubai is doing right now.
Well it would be incorrect if we say that Dubai has only brought up its real estate sector. Ever since the rulers came to know that the oil reserves in Dubai are ending they planned to make Dubai a place for business, travel, tourism and entertainment. It is the success of that plan that Dubai is known well for all these things.
Further I would say that Dubai is still an attractive spot for trade and other businesses as there are no taxes. Once it gets completely out of the financial pressures its real estate sector will also regain its original position. No doubt the real estate sector in Dubai is not performing well but long term investment in Dubai property market can still bring some profit for investors.
As some of the basic facts about the United Arab emirates
30 years ago petroleum was found in the land of UAE
and after this region become one of the latest states in the world.
We all know about the financial crunch but even then the Highest building in the world was constructed in the same time.
Any how as the property is not the primary sector of the UAE economy but the have invested a lot of money in that sector,now they are designing some policies regarding the real estate of UAE to re-establish it in better way.
But it will take some time to reestablish again.
I think it is not fair if we think that Dubai got a boost up from the real estate sector only. Reality is more than that, government has taken full advantage of oil reserves and before the reserves could fully depleted, they came up with a new plan to turn the desert city into a heaven for tourists. The craze of new place has swept the whole world and Dubai has ranked amongst the top attractive tourism points in the world. Hotel industry has played a major role in it.
Next important feature of Dubai is being a "Tax free zone" for business and multinational companies who want to settle their head-offices over here. Bad time do not mean Dubai will not regain its top position, soon it will be back with more attractions.
No one is sure about the exact time period but according to all experts Dubai will be back on the path of success soon. It might happen by 2013 or by the end of 2012 but no one can give you exact time period.
Dubai is a zone for long term investment, if you have finance then invest in its business or real estate sector and enjoy the ripen fruit later.
I agree to you Ahad that recovery should happen soon because several people are looking forward to get jobs in Dubai to get settle over there. We all can not cast a magic on Dubai to make all things right over a night, but we should remain hopeful as government & private sector together are trying hard for recovery. The efforts will be fruitful and consequences will be good.
I think not only third world people but people from all over the world who have worked in Dubai are dependent on its recovery. Let's not forget about the big multinational companies with outlets in Dubai and the joblessness scattered throughout the globe.