Are you okay?
The Dubai debt story has been portrayed in such a way by the international media, that people abroad actually call to ask if everything is fine.
December 8, 2009 2:34 by kippreport
Dubai announced a six-month debt “standstill” for two of its major companies – Dubai World and Nakheel on November 25. The news shocked the world and rapidly pulled down international stock markets. The global media plunged into the story, talking of a possible new financial crisis, and the demise of the glamorous and glitzy Dubai. TV channels told stories about the “hidden side” of Dubai.
Since then, markets have settled, and announcements about the restructuring of Dubai World have been made. But still, the stories of Dubai’s death persist.
Coffee and dinner conversations revolve around the fates of people’s bank accounts, their jobs, and whether Dubai will ever recover.
But what is most surprising is that, thanks to the picture portrayed by the media, many people abroad actually believe that the city has witnessed apocalypse. “Are you okay,” a friend of Kipp living outside the country recently asked us. “Is everything fine?”
Yes, we are all fine, still living, still working and still having fun.
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3 Comments
Still busy rearranging deck chairs on the TItantic.
“markets have settled” … what? DFM fell 5.8% on Mon, 6.1% on Tue, and 6.4% on Wed this week. With many stocks 10% limit down every day. Or did you mean settled into free fall …
Yup we are still fine. But financially no..you should try and ask a lot of expatriates out there who’s working in blue collared jobs. Who gets only an average of 4000 Dhs as salary.. we are not ok and we will not be..