Comments on: Dubai is struggling, but rising (a bit)

By: Christine

Christine — Thu, 29 Oct 2009 19:03:41 +0000

I agree with D on open discrimination… I often ask people whom I meet who have lived here for the past 5+ years if they like Dubai; and almost everyone says not really, however, they do enjoy working here as it’s tax FREE, but no one says I LOVE living here.

Also, to get anything done here you need a letter from your sponsor, it’s like your employee knows everything you are doing and nothing is private.

I have only been here a month and I am still trying to get use to how slow the internet connection is here and how much more I have to pay for a faster connection compared to the rest of the developed world.

I also miss wholefoods and Farmers Market…LOVE THE WEATHER though!!!!

By: peter

peter — Thu, 29 Oct 2009 05:27:48 +0000

I wouldn’t write off Dubai yet, and I would also be very cautious about tipping Abu Dhabi or Qatar as the new business hubs of the region. They have the money, but the dynamism and incentives just aren’t there. Will Doha and Abu Dhabi be willing to make the changes and compromises necessary to become a cosmopolitan hub? I sincerely doubt it. They will have their shiny flagship developments and events of course, such as Abu Dhabi with Formula 1 and Masdar City, but that is not the same as developing a genuine international business city.

By: D

Wed, 28 Oct 2009 05:11:17 +0000

Hi Simon

I attended the little get together you had with your old partner in Dubai, about 6 months ago. I see you were in Singapore the other month when I was there, to bad I we couldn’t cross paths.

Anyway, I have an indicator for you of business in Dubai, at least in the IT business. I work in the IT sector, based in Dubai Internet City. I’ve notice the car park at DIC is still maxed out by 10AM and it’s a pain to get a park. Sales for most seem to be down 20-30% but there doesn’t appear to be too many firings. Of course if you are in Real Estate there are some shocking stories of masses of people being fired; of course business related to Real Estate are also suffering. Also to note is that we do a lot of work with DPW [the main port] and they state that the number of containers moved through the port has picked up from Q4 09 and has so steadily but slowly.

The main road, Sheikh Zayed Road seems also to be having an increase in the traffic. At the start of the year it was a pleasure to drive to work and home – now the traffic is starting to get worse. Not as bad as 2008, but worse than Q1 09

From what I hear from people who live outside Dubai, the Dubai brand is still strong so tourism may increase. Also its one of the most liberal places to live in the Middle East with semi reasonable amenities and government services. Will Dubai get back to its former glory? I say no because I don’t think anywhere in the world will get back to the way it was in 2008, but people have a history of repeating bad mistakes and forgetting the past – so I am probably wrong on this. Dubai also suffers from other issues that places like Singapore do not suffer. People want to live in a place that has a reasonable climate [yes Singapore is hot but it never gets over 40c!] and also where people are treated fairly. If you’re Asian and you live in Dubai, you are much lower on the pecking order. This leads to some open discrimination – the kind of discrimination you would not see in Singapore, USA, Europe, etc….we had one of the guys in the office recently leave. His comment was, “I’m leaving, at least back home in the Philippines I am treated equally and know where I stand. If I go to court its relatively fair” . The UAE/Dubai doesn’t seem to understand the point that an advanced, modern society is based on freedom and equality for all….not just the “local” population. Tall buildings, nice roads and shinny airports don’t make a country great, the country may shine but it will be hollow in the middle – there’s no solid core to it. Perhaps because people don’t love the country and are just here for the tax free income.

By: Ed & Katherine

Ed & Katherine — Wed, 28 Oct 2009 00:18:37 +0000

This is pertaining to your advice to invest in real estate abroad:
What do you think would be wiser to invest with first: LLC/Sociadad/Self-Directed IRA funds or personal funds? Which of these kinds of funds are more in harm’s way?
We faithfully read all of your communications!
Thanks

By: Genie Goldilocks

Genie Goldilocks — Tue, 27 Oct 2009 17:45:14 +0000

What I think about Dubai? I’ve been there and I really liked it, would have stayed if my then wife would have joined me. Of course, coming from London, and the constant overcast rainy, cold weather, it was a dream……….they were really pushing Dubai property sales in London a few years ago, downstairs in Harrods etc, but I was always of the opinion that the only reason I would buy a flat there would be so that I could watch the missiles crisscrossing overhead and take score. I am afraid, WWIII is about to kick off over there between Israel and Iran. So, sadly, man will continue to destroy his own paradise.

If you would consider contacting me directly, I would very much like to introduce myself, and to see if you could possibly be the ‘node’ I am looking for, and the ‘front door’ I am trying to walk through!

Briefly, I am in a position to add a great deal of value as a contact through my professional services that you might find of interest.

Writing you from Mexico.

Regards

By: SV

SV — Tue, 27 Oct 2009 17:42:24 +0000

Simon,

I have a different view on Dubai.

I have lived here for all my life and the thing that made Dubai a success was the lack of oil or the absence form the Dutch disease. Abu Dhabi and Qatar have vastly more wealth and if they are ready to become more investor friendly then Dubai does not have a hope in hell. Forgot Rocky, Dubai will be one of those boxers that Rocky practiced with at the GYM.

But the thinking at the highest level of power in Qatar and Abu Dhabi is why should we change, we have the money lets just do it our way. So as an example, in case you do decide to partner up with a Qatari, Your partner has the pwer to prevent you exiting the country. Or in Abu Dhabi there are 22 sons of Sheikh Zayed and they all control various arms of the government. Trying getting something done there.

Dubai is down and almost out. It has had it 15 mins of fame as did Singapore in the asian hey days. But Dubai will forever remain that city form where to launch your self intp the GCC and Iran.