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The Rise and Fall of Dubai
Way back in 1985 on my very first visit to thisEmirate Dubai collectively known as United ArabEmirates comprising of 7 Emirates and with AbuDhabi as its Capital I had visualized its growth. Thedesert was slowly being converted into a concreteOasis.I very well remember the stretch of road connecting Dubai and Sharjah having barrendesert on either side with the exception of twooutlets , one the world famous KFC and another a petrol pump on the right hand side after traversinga small distance from Dubai towards Sharjah .Over the years UAE specially Dubai saw a massivegrowth and development with people from all walks of life from around the globe flocking for travel and conduction of business. Dubai becamethe Hub of business with its liberal policies, simplevisa procedures, friendly atmosphere and its
 
location acting as a Transshipment point inconnecting the entire Gulf with South Asia and Far East countries. Businesses, industries and tourismblossomed and the government succeeded in portraying Dubai as a travelers delight by bringingto its land the best of both East and West, Dubai became a second home for the Asians especially Indians and Pakistanis.In this span of 25 years Dubai became synonymwith luxury, tourism and multinational businesses.The construction Industry was the most prosperingbusiness, growing and developing four folds incomparison to the entire world as everyonewanted a property in Dubai. The Constructionbigwigs saw this as a big opportunity whicheventually led to heavy competition amongst themas they started acquiring real estate at exorbitant  prices thereby escalating real estate to asuperficial level.Dubai which was a destination for an averagetraveler became viable only for the ultra rich,
 
along with real estate all other amenities and necessities skyrocketed.Now, the last quarter of 2008 brought in the world recession which indeed is a difficult time for thewhole world but more so for Dubai as it was placed in a superficial arena and main source of incomefor the government was from tourism which wasinadvertently affected as wise persons curtailed their expenses and bid adieu to luxuries.Now hundreds of accommodations, apartmentsand buildings are lying idle with no takers in sight in spite of rock bottom offers and baits beingoffered by the real estate developers. The industry is reeling under heavy losses and interests burden.Even the government is feeling the pinch astourism is on decline and their coffers are rapidly draining and are in no position to bail out theconstruction Industry. This has also affected other industries and businesses which have shown signsof panic and are deporting and marginalizing their workforce to sail over these bad times.
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