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EWmums

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ewmoda

Are things on the downturn in Dubai

197

Posts

EW NEWBIE

Latest post on 09 February 2016 - 15:03

We are due to move to Dubai this summer and wondered if there is the same economic downturn there as other parts of the region. Lots of people we know losing jobs and outlook bleak. Has it effected the cost of accommodation and rents.

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3376

Posts

EW MASTER

Latest post on 12 February 2016 - 17:40

I don't understand the last comment, have I lost the plot? Being serious, not antagonistic, what do you mean that more companies (free zone, assuming?) being set up in Dubai are a sign of downturn in Dubai?

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Posts

EW NEWBIE

Latest post on 12 February 2016 - 13:37

Yes, I think so with the number businesses being setup. Every other day we see companies being formed in Dubai. A friend of mine who works at worldwideformations was mentioning that they're company does 40 company formation in dubai in a year.

2287

Posts

EW EXPERT

Latest post on 12 February 2016 - 10:55

My neighbor's landlord refused to drop the rent so she moved across the street - same house - for 25k less. I also wondered if the rents did drop and you remained in the same property could you go to DEWA and adjust the housing fee as that is set against your annual rent I was pondering this earlier Our rent has increased over the last 3 years, yet the housing fee remained the same. I doubt you would pop along to DEWA and tell them this haha Not a chance :biggrin: But it does make you wonder by which instrument DEWA housing fee is connected to the actual rent.

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Posts

EW NEWBIE

Latest post on 11 February 2016 - 17:30

i will love to have a nicer landlord and lower rents !!!

1430

Posts

EW OLDHAND

Latest post on 11 February 2016 - 17:16

We're on the move this year due to living closer to DH's work, our villa is out for rent at nearly 20k more than we pay, same villas up for rent at the higher price and they're being snapped up at that price! Where were moving to are 15-20k more than last year too. In the 7 years we've been here our housing and school allowance is the same .... surely somethings got to burst?

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Posts

EW NEWBIE

Latest post on 11 February 2016 - 16:07

yup ..definitely a downturn ...i can see whats happening around ..our family business is buying and selling oil and we have suffered tremendously

8965

Posts

EW MASTER

Latest post on 11 February 2016 - 13:03

My neighbor's landlord refused to drop the rent so she moved across the street - same house - for 25k less. I also wondered if the rents did drop and you remained in the same property could you go to DEWA and adjust the housing fee as that is set against your annual rent I was pondering this earlier Our rent has increased over the last 3 years, yet the housing fee remained the same. I doubt you would pop along to DEWA and tell them this haha

2287

Posts

EW EXPERT

Latest post on 11 February 2016 - 12:23

My neighbor's landlord refused to drop the rent so she moved across the street - same house - for 25k less. I also wondered if the rents did drop and you remained in the same property could you go to DEWA and adjust the housing fee as that is set against your annual rent I was pondering this earlier Our rent has increased over the last 3 years, yet the housing fee remained the same.

8965

Posts

EW MASTER

Latest post on 11 February 2016 - 12:01

My neighbor's landlord refused to drop the rent so she moved across the street - same house - for 25k less. I also wondered if the rents did drop and you remained in the same property could you go to DEWA and adjust the housing fee as that is set against your annual rent I was pondering this earlier

2287

Posts

EW EXPERT

Latest post on 11 February 2016 - 11:33

Anyone's rent actually went down? I am still to meet a person whose rent was decreased. For rents to drop the rent calculator should be adjusted downward. I doubt that's going to happen anytime soon. As for things being on the downturn in Dubai, sure they are, but they're like that on most continents. Whereas last year there were slightly positive prognoses in many places, they've been nothing but prognoses which are now being taken back. We'll just have to sit tight and make it through.

62

Posts

EW NEWBIE

Latest post on 11 February 2016 - 11:16

We will definitely see clearer picture right after summer, when business is dry, cash flow is an issue to most companies and school term comes to a close. That might break the silence. Some banks are laying off people by the hundreds. Some are preparing now by cutting costs to prepare for the summer. The residue of high seasons are still around. That won't be there after summer.

27

Posts

EW NEWBIE

Latest post on 11 February 2016 - 09:23

My neighbor's landlord refused to drop the rent so she moved across the street - same house - for 25k less. Oh wow. That's a huge difference.

sheikhandbake108829

409

Posts

EW EXPLORER

Latest post on 11 February 2016 - 09:22

My neighbor's landlord refused to drop the rent so she moved across the street - same house - for 25k less.

8965

Posts

EW MASTER

Latest post on 11 February 2016 - 08:56

Anyone's rent actually went down? I am still to meet a person whose rent was decreased. No mine is the same as last year, 2009-2012 our apartment was 20-30k a year cheaper than it is now and they are still being rented for the higher prices.

654

Posts

EW GURU

Latest post on 11 February 2016 - 08:51

We lived through the last crash, and right now feels like December-January of 2008-09. The layoffs had started but hadn't accelerated yet. The talk was of trimming some of the excesses but that there wouldn't be a proper crash, just a slight slowdown and levelling off. People were saying how Dubai was different from the rest of the global economy and meltdowns elsewhere. Then the whole balloon went up. Oil prices are very low. And this is not good for the UAE economy. I know Dubai has "diversified" somewhat but most of the big industries here are still dependent or heavily exposed to oil prices. Real estate speculation and investment largely comes from people with oil wealth, much of tourism is from other oil rich countries. High spending retail is largely driven by visitors from Saudi or the central Asian republics, not expats or middle class tourists from Europe on their way to India or Australia. The government has drastically cut budgets across most ministries. Banking is not in a good shape either. It could very well be that we're in a carefully managed and gradual slowdown, which would certainly be preferable to the alternative. But it's anyone's guess as to what Dubai or the UAE will be like in six month's time.

62

Posts

EW NEWBIE

Latest post on 11 February 2016 - 07:36

The funny thing is, staff are getting terminated by the hundreds, sales are very slow and stores are cramming to get business as much as they can but this time, it's just SILENCE. The seven year cycle. It's bad. How bad it could get is still a question.

3376

Posts

EW MASTER

Latest post on 10 February 2016 - 20:00

Forget a saturated oil market...just wait until more countries in this region become net exporters of gas. That will be interesting.

29

Posts

EW NEWBIE

Latest post on 10 February 2016 - 16:35

people are hiring !! i have just seen 10 construction jobs advertised but business wise - people are affected !!

sheikhandbake108829

409

Posts

EW EXPLORER

Latest post on 10 February 2016 - 16:24

The economic crisis actually began in 2007 when Northern Rock went under ... "Trust, the ultimate glue of all financial systems, began to dissolve in 2007—a year before Lehman’s bankruptcy—as banks started questioning the viability of their counterparties. They and other sources of wholesale funding began to withhold short-term credit, causing those most reliant on it to founder. Northern Rock, a British mortgage lender, was an early casualty in the autumn of 2007." Anyways perhaps he meant 2008 or 2009. I always associate the financial crisis with 2007 - the year we moved to Dubai.

44

Posts

EW NEWBIE

Latest post on 10 February 2016 - 16:16

Why would people of been glum in 2007? Business here was booming as I joined my present company in late 2006 and it was hectic . It wasn't until the end of 2008 beginning of 2009 that the global financial crisis affected the UAE I feel that back then people couldn't and didn't want to believe that the financial crisis would hit the UAE as there so much construction and recruitment going on I remember people saying the UAE would never be affected and then it was. Things are a little slower here however I feel people are being cautious as a result of what happened back then however the government is still spending ( which is some positive news) as they have to get ready for 20/20. I don't think this downturn will be anything like the one back in 2009 I would like to know though where all the rush hour traffic comes from though as SZR etc is gridlocked in the morning :biggrin: Sarahlou, I'm with you on that! I feel that the traffic has just increased for some odd reason since January. May not be true, but the routes I frequent just seem more congested to me. :lol: Also, economic downturn was at its peak in the mid of 2009 as you rightly pointed. Its exactly when I graduated, oh the struggles to find jobs! :cry:

101

Posts

EW NEWBIE

Latest post on 10 February 2016 - 16:09

Anyone's rent actually went down? I am still to meet a person whose rent was decreased.

8965

Posts

EW MASTER

Latest post on 10 February 2016 - 13:59

Why would people of been glum in 2007? Business here was booming as I joined my present company in late 2006 and it was hectic . It wasn't until the end of 2008 beginning of 2009 that the global financial crisis affected the UAE I feel that back then people couldn't and didn't want to believe that the financial crisis would hit the UAE as there so much construction and recruitment going on I remember people saying the UAE would never be affected and then it was. Things are a little slower here however I feel people are being cautious as a result of what happened back then however the government is still spending ( which is some positive news) as they have to get ready for 20/20. I don't think this downturn will be anything like the one back in 2009 I would like to know though where all the rush hour traffic comes from though as SZR etc is gridlocked in the morning :biggrin:

sheikhandbake108829

409

Posts

EW EXPLORER

Latest post on 10 February 2016 - 13:05

I heard from an 'expert' at Davos that he'd never seen so many people so glum and bearish on the economy. He said even in 2007, people weren't so negative ...

44

Posts

EW NEWBIE

Latest post on 10 February 2016 - 13:01

well...too many non-experts saying the same thing got to have a point. ;) From what I understand reading financial times and by looking around, it is quite bad! And many of us are going thru a bad time! :|

81

Posts

EW NEWBIE

Latest post on 10 February 2016 - 08:08

Ha Ha - even a lot of the "experts" aren't experts. Sometimes experts are overrated. Look at the markets right now , the experts have no clue whats going on - oil going up, oil going down; recession in US, no recession. Also look at some of the posters' experience with the "expert" financial advisors here.

458

Posts

EW EXPLORER

Latest post on 10 February 2016 - 07:59

What this thread needs....is an expert :)

81

Posts

EW NEWBIE

Latest post on 10 February 2016 - 07:56

I am no expert either but I think there are a lot of other factors at play in the slowdown here, like the high dollar, the slowdown in China, tightening in US etc. I don't think the slowdown is just a regional phenonmenon.

767

Posts

EW GURU

Latest post on 10 February 2016 - 07:55

Definitely the downturn has started, rent and house prices are drop. Paycuts and people getting laid off. There are still jobs out there, but the competition is getting harder. Good luck with your move I'm definitely worried as we were going through the last downturn in Dubai, the experts don't think it will be as bad as last time....we will see. I hope you're right :) I'm no expert at all, not even in the slightest, but do have a question out of interest. Wasn't the last downturn, the Dubai specific part, rather a perfect storm of factors specific to this area? And the current situation is more about the oil price world wide rather than a basket of factors? I am certainly no expert ??? All I know is that oil and gas are strongly affected, but even businesses like construction are slowing down.

458

Posts

EW EXPLORER

Latest post on 10 February 2016 - 07:44

Definitely the downturn has started, rent and house prices are drop. Paycuts and people getting laid off. There are still jobs out there, but the competition is getting harder. Good luck with your move I'm definitely worried as we were going through the last downturn in Dubai, the experts don't think it will be as bad as last time....we will see. I hope you're right :) I'm no expert at all, not even in the slightest, but do have a question out of interest. Wasn't the last downturn, the Dubai specific part, rather a perfect storm of factors specific to this area? And the current situation is more about the oil price world wide rather than a basket of factors?

767

Posts

EW GURU

Latest post on 10 February 2016 - 06:16

Definitely the downturn has started, rent and house prices are drop. Paycuts and people getting laid off. There are still jobs out there, but the competition is getting harder. Good luck with your move I'm definitely worried as we were going through the last downturn in Dubai, the experts don't think it will be as bad as last time....we will see.

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