Madam Medusa

actually, i just don't have any friends...maybe that's why...

MM, xx

MataHari

I can be your friend...and I have some Lego construction experience...

littlejimmy

Your ang?

Ohhh, THAT Karlos....as you were...

BorderTart

You and your freinds are very lucky not to have been affected by the credit crunch. Since January -out of my group of friends - one family have left and another 6 are preparing to go, not all are in construction either.

IndieG

Most of the staff (around 125) in my ex-department were laid off in Feb and I think they all returned home. Most of them had been living here for over 10 years.

Another 600 or so are being made redundant within the next 2-3 weeks

Blue Cat

Indie are all the banks making such major cuts? is your husbands position 'secure'

IndieG

Yes, most banks are quietly laying off people. You just don't see this in the newspapers. I think it is going to get a lot worse; at the moment business is virtually at a stand still.

We have "secured" our position ;-)

Blue Cat

good, I agree I think times are going to get worse as well, sadly. The whole of Dubai isn't going to feel this until August/September time. The real proof will be in September when we see how many school places are left open. We currently have 7 Foundation Classes, I will be shocked if we have 7 Year 1 classes filled in September. Let's hope I am wrong ..

crw1979

It is affecting many sectors (law firms, banks and other professional services practices included), and for those people who do remain many have gone onto reduced hours and reduced salary. Some people have been put on sabatical and others have been moved to other parts of the Middle East.

I suspect that we will only really get a good idea of the actual effect come the end of the school year. All I know is from looking around the Ranches there are a large number of empty villas which indicate that a fair number of families have already departed.

Confucius

I'm getting a feeling that in 2-3 months, we will refer to today as "the good old days"...

crw1979

Sadly I think you are right...it is terrible that so many will have lost their jobs but unfortunately this is the type of correction that Dubai requires in order for it become a more sustainable economy in the long run.

Blue Cat

it will never go back to that unless they pull down Palm Island, the Marina, International Shitty, Dubai Land ...

commander

give it a decade and the above mentioned places will have fallen down anyway

rowell

And I thought that such numbers of redundancies were only in Construction and Real estate, are some banks having an influx of money Rak Bank and Abu Dhabi bank have both recently rang offering loans!!!! but wait for it HSBC who reduced my credit card limit without warning then rang me up and asked did I want one for any member of my family, what is that about?

Good news that your job seems safe anyway Indie G

commander

she has just been made redundant...