Millhouse

I have a feeling that Dubai is heading for some economic problems, that are not being reported. I also feel that they could be coming quickly and being covered up. This is based on:

- There are less cars on the road than there were two months ago
- The malls seem quieter
- There is a bit more activity on this site
- Rental market seems to have stalled with only limited interest being shown in the 100-140k budget range
- The USD is very strong so UAE assets are expensive for investors therefore slowing the money coming in (and increasing the money out).
- Oil price is low. This doesn't help with the above.
- DB Schenker fired about 1400 people this week - suggesting a logistics slowdown
- Littlejimmy is coming back to the UAE. He is the precursor of as recession.

Any thoughts? What's it like in your world?

scrubbedexpat141

I'm meant to be very busy. But I'm not.

I need to be busy but I can't be because a client hasn't signed off on stuff yet.

However what I'm meant to be working on is non-negotiable, got to happen, can't be late, can't be ****ed up.

littlejimmy

Gee, thanks.

I'm only coming to the UAE for a few days before heading to Kuwait. Hopefully there won't be enough time for me to bring the place crashing down this time...

I brought about the oil price crash single-handedly, like. It was all hunky dory in oil and gas for the first year I was working in it. And then there was Libya. 6 months there, then the Arab Spring erupted. Jeez, I'm starting to think there might be something in this...

al dente

I have noticed that the roads have been quieter in the nation's capital too. I know of three people who have lost their jobs, which struck me as odd as the rentalavailability chat etc is bullish.

2 of those were a direct result of emiratisation. So my mate lost two peers, but took on their jobs. He's condsidering his options.

There's something a brewing...

littlejimmy

I was talking to a guy from my new company the other night and he said it was as busy as it was pre-2008 now.

Brains1983

do you have a link for that?

Millhouse

No. I know someone who works there and is shitting herself.

I do not know who or what level have been offered the black-bin-bag.

As I see it, logistics and real estate are the backbone of the economy here. How is your industry going?

Brains1983

I'm still in logistics, although now only deal in oil and gas equipment so the drop in the oil price has taken it's toll. We're moving the same amount of equipment around as we were last yet, just a bigger shift towards oceanfreight. A lot more RFQs than last year, however I guess this is business we weren't handling that people are trying to shave costs off. If nothing else, we'll grow our footprint here.

I think a lot of the multinationals are really going to suffer this year, hence my interest in the DB Schenker redundancies. I know the VP for O+G very well and he hadn't mentioned it so I assume very few, if any, will be here in the UAE, they are pretty well organised here and Dubai is a major hub for them (like most of the multinationals). They only have 300 odd bodies here anyway.

Millhouse

Very interesting. Thank you

mentalist

No differences noted by yours truly. Certainly no decrease in vehicular traffic.

shiva

Bubble is going to pop again soon. It will largely be hidden and the reality covered up but it will happen and soon. It will however inexplicably bounce back again as money can always be found and there really are no other safe havens within a thousand or more miles.

This cycle will repeat until the sand retakes it all or Israel/America turn the place to glass

alfrombarking

I liked the last prediction

littlejimmy

And not doubt it would be marketed as "the biggest bit of glass IN THE WORLD (TM)".

shiva

Of course, apart from Anything else the marketing team will be safely tucked up in London, Paris or New York. Maybe even Monaco if the weather is right at the time

DXBtoDOH

I daresay ISIS or its successor poses more of a longer term threat to the UAE than Israel/America ever will.

The ruins of Dubai will be fascinating for future archeologists as they try to cobble together a logical explanation for the former canals and offshore islands.