...whatever dreams you have in reviving your avaitions careers will be short lived when you come to the middle east. sooner than later, the region will implode!
It is correct to say that the global economic bubble has burst. However, visions of global doom and the middle east's financial demise are likely far exaggerated. Due to the explosive growth of several middle eastern nations and the shear infinite wealth when compared to most industrialized or G1 nations, it is perhaps more accurate to talk about a long overdue
financial self-correction, particularly in Dubai. Real estate value, as admitted by most experts, rose unproportionaly and in fact needed to be brought back under control. The fall from economic grace
appears more dramatic than that of other nations simply because countries like the UAE, until now, seemed immune to market fluctuations. Put another way: we are simply not used to negative financial data from oil-rich middle east and and such news is much amplified but perhaps not accurate. The loss of $100.000 is not the same to Warren Buffet as it is to your average retiree. When we look at the meteoric succuss of Dubai, as evidenced by the massive building boom and the explosive yet calculated growth of EK, it was almost obscene considering that many economies and most established carriers are struggling just to stay afloat. This is not just wishful thinking of a delusional dreamer. Yes, EK has a problem and the financial interdependency between it and Dubai is one. But fact is that when you look in detail at all the reports that have come out since the news about financial difficulties made the rounds, we are talking about reduced growth not losses. EK for instance incurred in terms of percentage points a large loss, yet is still profitable. The housing market has not nearly bottomed out but has merely slowed. Tourism experts agree that Dubai has to undertake a temporary shift in its marketing to still attract customers and be profitable. Emirates and Etihad are very well respected, solid airlines with elaborate and profitable networks in an era were world travel is only increasing. Both carriers are geostrategically located and air travel will not decrease. With regard to Abu Dhabi, let's not forget that it too is experiencing the pinch of the economic crisis. It's oil reserves alone won't be enough and it lags far behind DXB in its urban and tourist development.