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Friday
Apr172009

Not a Nose Dive


I visit Dubai almost monthly and I've never seen it this quiet.  The airport, the roads, the shops and restaurants - all seem to be looking for disappearing trade.  Taking into account the financial crisis around the world, and how much Dubai relies on foreign trade, it's not a surprise.   The place has been exploding into something much larger than its own foundations, and this was simply unsustainable.


There are challenges and many projects are being shelved, but this is a breathing time for Dubai that is well overdue. There is also a shy positive feeling when you talk to business leaders.  I saw a manufacturing company, a petroleum terminal manager and a banker.  All agreed that this is not a collapse but a correction.  A correction that Dubai has needed for some time.  A moment for reflection to avoid going too far (more than now). 


Signs of progress are as visible as the cancelled projects.  I saw a train moving on the tracks at Sh Zayed Road.  On Monday, there was a visit  by the leader of the UAE to all the major Dubai projects.  It was a clear signal to the region, and the world, that Abu Dhabi stands behind what Dubai is doing.  Sure, they will probably buy a nice portion of it, but I hope it's a clear indicator that this magnificent ship on the Gulf will continue to sail.

Reader Comments (8)

So what is that a picture of? :D

April 17, 2009 | Unregistered CommenterAbid

banji jumping :P

April 18, 2009 | Unregistered Commentercasttro

:)
Fountain at the new Dubai Mall. I love the design. It sits on the wall and is 3 floors high. Visible from each level.

April 18, 2009 | Unregistered CommenterBu Yousef

That fountain design is awesome. I have never seen something like it before.

April 19, 2009 | Unregistered Commentermyphotoscout

It is very true that there needed to be a correction and right now this is taking place. I think they are finding the real feeling of trade taking place in Middle East, this time around they can gauge their growth, but in reality they are in the best position for growth!

April 20, 2009 | Unregistered CommenterMarzouq

dubai mall!!

i hope business everywhere picks up again.

April 21, 2009 | Unregistered Commentersadia

Its a sad situation in Dubai with many expats leaving the country and many sending their families back home. Hope business picks up soon.

April 21, 2009 | Unregistered CommenterMathai

@ myphotoscout
It really is.

@ Marzouq
I agree. And thanks to your post about Dubai Mall, it made me want to go!

@ sadia
Yup. Me too.

@ Mathai
It depends which industry. Real estate is a bit shaky, banking too obviously, but infrastructure and oil/port projects seem to be on track. I hope it picks up some pace again.

April 21, 2009 | Unregistered CommenterBu Yousef

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