LynR

Morning everyone

Every morning we are bombarded here in the UK with new of the credit crunch, job losses, inflation - all doom and gloom here and in the States - is the UAE affected by this?

pauldxb

In my opinion it was inevitable that the UAE mainly Au Dhabi & Dubai would be affected. Dubai more so as you still have the huge property drive where as that is not the case in Abu Dhabi mainly because they have in general more 'local' wealth than Dubai.

Bottom line yes there is the ' ripple effect ' here especially since Lehman went under as Finance is one of Dubai's big 3 industries. IT WONT BE AS BAD AS WHAT IT IS IN THE UK OR STATES. It still costs me £16 to fill up my Range Rover + theres no road tax compared to my friend in London £130 + £400 road tax

Norm_uk

No road tax? You mean aside from the car registration fees and salik tolls? Plus the speeding tickets (which are always going up in price and are impossible to argue against - like when I got one in Ajman despite never having been there that year!)

Not many people spend 30k+ a year on renting a home in the UK either...

The UAE central bank announced it was pumping 50billion dirhams into the banking system. That's a bit more than a ripple effect but they don't care as long as they can keep printing money. Inflation runs somewhere between 10% and 17% in the UAE and isn't going away.

It's easier to live here though - but only if you are on a very good income. I went through a recession in the UK before and it didn't affect me at all. My rent stayed the same for five years - I doubt anyone in the UAE can say the same.

N.

C350AMG

I see you dont like UAE that much then..... there are pros and con of living in every country.

Mark Pep

But surely the question is do the pros still outweigh the cons?

Madam Medusa

they do for me, for sure...

MM, xx

The Dean

By any normal standards, Dubai is essentially bankrupt. Ask Dubai Holding - a couple of years ago, they issued bonds in EUR, USD and GBP to 'refinance' existing debt............. highly regarded, they were able to raise funds at minimal spreads over market rates.

Now the world has realised that Dubai isn't what it seemed, you can buy those bonds in the secondary market - and earn massive spreads. It reflects the sovereign/credit risks, now perceived as huge.........

People in Dubai are enjoying it while they can........... the trouble is, many have simply failed to realise that the 'Best Before' date on the packet has already expired...........

hawkhead

My rent in the UAE has stayed the same for 10 years - it's zero because my husband's company pays it. That's not exactly common in the UK either.
For me the pros far, far outweigh the cons.

LynR

its those pros and cons and it sure sounds like the pros outweigh the cons in my humble opinion - will be coming over very soon to have a look see for myself - will be good to see some sunshine.
Have a great day

pauldxb

The PRO's hugely outweight the CON's the people disagreeing have obviously not been back to the UK recently i mean the anti-social behaviour / the pikes / the crime & the weather.... need i say more. LONDON is my home but it needs to change QUICKLY

hawkhead

Was foggy this morning...
(Sunny now though!)

LynR

actually as I sit here looking out my office window it is a stunning day here in the UK - lovely bright sunshine but wont be for too long and max temp of about 13 today. But sunshine does make such a difference.

pauldxb

Tempreture today is 35 degrees, i say this whilst looking at the beach... Oh how i miss London

LynR

yea I'll bet you wish you were back here!

Norm_uk

I don't like a lot of places - but I do weigh up the pros and cons and you said and for now there are a few more pros.

A lot of it is questions of priority too - some people are desperate to make money and so this is a great place for them. They will tolerate all sorts of things as long as they can drive a fancy motor and live better than they do back home.

Some come to save so they can get a step up back home and some take one look at the place and get back on the plane.

I'm in the saving category - I have a goal and once it's achieved I'm buggering off to Canada or Ireland to moan about stuff there

N.