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Old 11th February 2009, 02:35   #16
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Quite true. This is going to be the case with almost any other countryl. Not sure if its started in the US, but it soon will. With thousands of H1-B workers being laid-off, they've got nowhere to go. So as a repitition of the Y2K times, credit cards being maxed,expensive cars being bought and then dumped..these things will be seen once again!
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Old 11th February 2009, 02:47   #17
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Originally Posted by Steeroid View Post
We also hear that software professionals in India are jobless and are dumping flats and cars in Hyderabad and Bangalore after the Satyam scam due to which millions of young people are jobless and India's position as a software exporter has taken a big beating in the world market. I suggest the same level of credibility is attached to these stories.
Excellent analogy, Steeroid! Speculation and feeding one's own wild grave wanderings is the offshoot of the current global economic situation. Time for imaginative figment to unleash itself - after all misery loves company
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Old 11th February 2009, 08:54   #18
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Excellent analogy, Steeroid! Speculation and feeding one's own wild grave wanderings is the offshoot of the current global economic situation. Time for imaginative figment to unleash itself - after all misery loves company
My friends elder brother in USA who was holding a senior position in GM with nearly three decades of service is now jobless when the plant in which he was working was shut down recently. An acquaintance (retired employee from our office) told me that his son who was earning 40K in Dubai is now getting only 12K.
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Old 11th February 2009, 10:07   #19
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An acquaintance (retired employee from our office) told me that his son who was earning 40K in Dubai is now getting only 12K.
With just 12k, is he even able to pay the house rent?!
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Old 11th February 2009, 10:19   #20
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.kerala cannot handle if such a flooding from gulf happens :( .
India cannot take back all its expats. If even 20% of this is true, we might just eclipse China for the population war.
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Old 11th February 2009, 10:35   #21
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Excellent analogy, Steeroid! Speculation and feeding one's own wild grave wanderings is the offshoot of the current global economic situation. Time for imaginative figment to unleash itself - after all misery loves company
A small courier/xerox shop that I know was seen closed for more than 10 days. Everyone told me that the shop has been closed beacuse of the "saampathika prathisanthi" (recession).

Yesterday, to my amazement, the shop was seen working normally, with the same owner. And I thought the recession was over.

It turned out that the owner had gone for a pilgrimage to Tirupati, via Palani etc. He has done the such a trip last year also, but nobody noticed it then.

Last edited by sandeepmdas : 11th February 2009 at 10:39.
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Old 11th February 2009, 11:24   #22
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He has done the such a trip last year also, but nobody noticed it then.
you summed it right man. Bingo.
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Old 11th February 2009, 21:05   #23
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OT:
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Originally Posted by deepclutch
with low demand for petroleum for the next 10-12 years ,
Errr... What?
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Old 11th February 2009, 21:36   #24
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The report is quite true. Although the numbers I heard in first week of Jan there were 600 cars found. So the overall number seems quite accurate.

Quote:
Originally Posted by Steeroid View Post
I suggest the same level of credibility is attached to these stories.
@ Steeroid

I am not trying to contradict you, but just share the information available with me.

I work for an Executive Search and Recruitment Firm which caters only to the Middle East and only to the Banking sector. Our clients are most of the major banks in UAE and surrounding countries.

Our bulk recruitment department had recruited over 600 people for Sales Executives positions in banks in the last year at salaries ranging between 3500 - 7000. Of this 400 were laid off in December alone.

UAE is the most developed country in the GCC in terms of Retail Banking and the penetration level of Credit Cards, Personal Loans & Car Loans is very high coupled with the fact that I think UAE is the only country in the GCC allowing expats to buy property which often enough is given on a 90% loan leads to easy availability of credit.

Now when one gets fired and no jobs available to switch to they can't service their debts and have no option but to leave the country before legal action is taken.

In regards to the cars being abandoned, either the cars have too less a value to bother selling it or there is a loan on it and after accounting the depreciation and also no demand due to recession the owner might have to pay the bank money from his own pocket apart from the sale value, therefore it becomes easier to abandon it.
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Old 12th February 2009, 03:29   #25
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Oh no!
So, I have to go to Dubai airport and grab any ride I like. My cousins and younger bro would be the happiest human beings on that side of the planet too.
And what to say about our construction projects? Now, we should distribute Honda Accords to all the steel workers and let them abandon it at the airport.
LoL! LoL! LoL!

Guys! Wake up.
World ain't a movie theatre. They do sell salt and sometimes do give it free. But not so much of truckloads!
Of course, There're lots of anxious faces and resigned/terminated jobs. Many who were hanging in between the 2 worlds have landed somewhere (some on their noses while some on their feet). Many quick buck hunters have shot most of their bullets, lost it in air and are now sitting and polishing their guns waiting for another chance. Many poor souls were tricked and got locked up trying to run away. Many unpaid loans and debts are now being recorrected and re evaluated. Real estate operators coming back to earth. Construction projects being pulled down to realistic and practical levels. Sponsors have lost their midas boss touch. Villas have become partially vacant and available for somewhat acceptable prices. No indecent rent hikes. Living costs going thru a re check. Attractive airfares. Cheap hotel accommodation. A very lucrative 2nd hand car market (unbelievable, even before all these).
Sure, recession has made it's vibrations felt everywhere. But not what as it is claimed elsewhere. Anything can be blown out of proportion these days and this news is also not different.

Regarding the blame on Asians and Indians leaving gElf forever is somebody's wild dream. The reality is far more opposite. We run schools in Middle east and I believe what I get to know cannot be that wrong.

Huh! It's sad that we also become instruments in blowing up these kinda empty hooplahs!

BtW, should I land in Dubai airport or Hyderabad airport? I desperately need a ride home.
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Old 12th February 2009, 03:57   #26
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Guess all the flow back will at least be good news for people who are sharing accommodation in Dubai. Remember a recent ruling and action in some parts where they said that villa's cannot be shared by people and all such things.

Guess, now these villa's are being vacated without any government action!

A major blow to all those real estate sharks, the ones in the Gelf just takes the cake.

So, are we seeing any corrections in those rentals or not?
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Old 12th February 2009, 08:46   #27
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Quote:
Originally Posted by speedzak View Post
Sure, recession has made it's vibrations felt everywhere. But not what as it is claimed elsewhere. Anything can be blown out of proportion these days and this news is also not different.
Perception always overshoots reality. That happens in good times as well as bad. As you said, things are not as rosy as before, ANYWHERE in the world.
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Old 27th April 2009, 09:38   #28
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The Hindu : Kerala / Kollam News : As recession hits Dubai, State reverberates with doleful tales Gulf recession impact

I have first hand info that a leading construction co. there served the notice on approx 150 office staffers, and some major projects are shelved.
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Old 27th April 2009, 12:16   #29
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I came across a similar story a few weeks ago - The dark side of Dubai - Johann Hari, Commentators - The Independent

I guess, the reason some people may be abandoning their cars and fleeing the country is probably because of the laws - if they are in debt and cannot pay, they will go to jail as soon as they quit their jobs. Therefore, they leave as though they are going on a holiday, and don't return.


Last edited by cypher : 27th April 2009 at 12:19.
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Old 27th April 2009, 12:29   #30
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Damn!

I'm not going to leave my car/truck in long-term parking at the airport - it might feature in some newspaper report

Guys if you see a black Jag or Defender in any of the pictures please note it was NOT abandoned!

The 'report' in the Independent, though, is hogwash - written from the perspective of a dumb Euro blonde living her own insulated community.

Last edited by Steeroid : 27th April 2009 at 12:31.
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