Laid-Off Foreigners Flee as Dubai Spirals Down - NYTimes.com - http://www.nytimes.com/2009...
Feb 12, 2009
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"Before, so many of us were living a good life here,” Mr. Thiab said. “Now we cannot pay our loans. We are all just sleeping, smoking, drinking coffee and having headaches because of the situation."
- InPerpetualMotion(Gina k)
The funny thing is that in the business schools, students as soon as last fall were thinking dubai would be the next big thing for business, to compete with China and Russia.
- InPerpetualMotion(Gina k)
Dubai could not sustain their growth with $45 a barrel oil, just as China cannot sustain their growth (I've heard data that suggests that China's economy had ZERO growth last quarter of 2008) without demand of products from foreign consumers.
- Scoble, Alex Scoble
@ Alex As of 2007 Dubai only derived about 3-4 percent of its GDP from oil. I'm not sure of more recent numbers, but I can't imagine it's grown significantly.
- Jonathon
@ Chris good point.
- Jonathon