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Recession in UAE cannot be ruled out - analysts
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 7 January 2009
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Results 1 to 12 of 12
Posted on Thursday, 8 January 2009
Recession go haywire
Posted by Thayyib Ahmed at 13:01 UAE time
The so called "progress" done by the entire world for the last 5 years, now unwinding itself due to economic downturn.
We are all paying the price for the few greedy and stingy CEOs of the corporate world, who are doing their unfair practices for all these years to grab whatever they could from the downtrodden poor masses of the world.
One way it is a triumph for the poor, who can at least expect some major changes in the near future to survive with less hardship, if these things continues for the better.
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Economy & Recession
Posted by Maqsood Siddiqui at 12:31 UAE time
The economy is one of our greatest excuses and crutches. It is really easy to blame the economy when our business is down. We often hear business owners say, "I am really having a bad year because of the economy." I am willing to bet that you have seldom heard a business person say, "I am having a great year and it is all due to the economy. It has nothing to do with me."
Anyone who is in business should study economic cycles. They should know that the economy always has a recession after a boom period. Yes, I know that the current recession is worse than usual. However, as a business person you should have been prepared. No, I didn't know when it would start or how bad it would be and I don't expect you to know either. But being prepared is an important part of running a business. I have an umbrella in my car 365 days per year. I don't know when it is going to rain. However, when it does, I have my umbrella with me. As a business owner, you can't just plan based on the current economic cycle. That is like the defense of a football team planning for every play to be a run just because the first play of the game was a running play.
Don't sit and complain. No matter what industry you are in there will be opportunities in 2009. If you haven't adjusted your business plan because of the recession, DO IT NOW! If you don't know what the opportunities are, get help. Have a special meeting with your board or advisory committee. Have a brainstorming session with your employees, friends, family and any one else who will help you. Meet with other business owners and exchange ideas. Hire a marketing consultant. TAKE CONTROL!!
I have taken numerous steps to adjust my business for 2009. I expect 2009 to be a better year for me than 2008. How about you? Will your business be better or worse? It is under your control.
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Recession in the UAE
Posted by paul at 11:32 UAE time
I would disagree with the premise that the recession in the gulf will be less severe than that in the US, UK or Europe. I think it will be several times worse.
The problem is that the booms in all these countries over the last few years have been driven by credit and speculation on real estate. In the US, UK and Europe, this proportion of the economy is relatively small.
In the UAE, construction and real estate *is* the economy. It has created most of the growth, especially in terms of population, over the past few years. Now unlike the UK, US and Europe, the credit tap has not just been turned down, it has been completely and utterly turned off.
To expect some residual growth from the recent boom to cushion a total collapse in real estate, construction and tourism is really wishful thinking.
Remember that just a few months ago we were being told that the UAE is immune to the global crunch. Then we were told that real estate falls would not affect the wider economy and recession was not possible. Fast forward 3 months and you can see where this is heading.
I have noticed that TV recently has been airing some rather upbeat propaganda films showing all the impressive things in Dubai. This is a very worrying sign of how bad things must be.
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Take out recession from your mind
Posted by Pradeep Naik at 09:22 UAE time
Everyone need to focus on their goals & aims in life. War,economy,going bust in business, are all created by a few people & some media to sell their products.
FEAR creators are scared themselves.
Just do your work, have faith in whatever your religion you are, hold on to your available resources, be more honest to yourself. You will handle a so called recession very easily.
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Recession - lets not be blinded
Posted by Bella at 09:07 UAE time
Almost all countries are affected by recession... so lets not rule-out UAE,. YES! it is definitely affected by this whole economic crisis... let's not be blinded by our individual status and comment that it is impossible for UAE to get affected...
In this article it says something about "Tourism".. it will definitely slow down.. UAE Gov't should come across with a definite/stable VISA Law... not change it weekly/mothly...
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Posted on Wednesday, 7 January 2009
Recession
Posted by ColonialB at 17:21 UAE time
Analysts are always behind the curve, just like ratings agencies only downgrade once it is too late. Why anybody listens to these people is beyond me.
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?
Posted by x at 17:17 UAE time
The premise for the article is based on the opinions of one analyst. How about actually doing a bit of work?
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Ahmed Pull Your Head out of the Sand
Posted by Charles David at 17:08 UAE time
Ahmed,
The whole globe is on a financial meltdown. WAKE UP and read about it. Do not allow the sugar coated, non transparent newspapers in the Gulf fool you into believing otherwise.
granted, it will not be as deep a recession here in the Middle east as it will be in the US and EuroZone, but be assured it will hit this region very hard. The more the residents of the Gulf region keep their collective heads buried in the sand, the harder it will hit when they come up for air.
2009 will be a very bad year globally. 2010 and beyond are still in doubt. "To be fore-warned, is to be fore-armed"........
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did I read this correctly?
Posted by hank at 16:08 UAE time
So just to be clear, the UAE is not CURRENTLY in a recession... no. Contractors are not going bust, many have not lost their jobs (that's why it's not mentioned in the papers because it's not news), banks are not losing money, investors are still throwing their money into the country.
I think these analysts are just buying some time.. see, by saying that the UAE is not currently in a recession somehow guarantees that they will keep their jobs a little longer. And in that time they will most likely take their nice salaries and plan something good to do with it - like investing in real estate (haha) - then when they have set themselves up nicely, they'll analyze again somewhere in the midddle of 2009 and say 'UAE is in a recession' and then get fired because the economy will suddenly realize it's in a recession because some analysts said it is.
Seriously, where do you get these people from?? The collapse in Dubai has been imminent for the longest time, it was only when 'analysts' started piping up in September saying that it will all crash that things started to crash, badly. But when these same analysts were saying that everyine was just dandy, investors were throwing their money here. I say don't listen to investors, and just do what your gut tells you. The UAE is in recession, let's not play the George Bush game.
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Dubai recession cats are out of coporates sack
Posted by Shafeek at 14:41 UAE time
True facts are started to come out .................
Very soon more firms and agencies will not be feared to disclose thier real pictures and forecastings.
Lets waits for some time
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hardly surprising
Posted by paul at 12:24 UAE time
In fact, given that all the major drivers of growth are struggling, the only surprise to me is that recession is not now assumed as certain.
Where is the growth going to come from, other than from government spending?
If the USD does not crash again soon, there will be no choice but a hefty devaluation of the AED, maybe 5 AED/USD. That would make AED prices more attractive to foreigners and hide losses in real estate and other sectors (real estate will still suffer hefty losses, but they would look less severe in AED terms).
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recession
Posted by ahmed at 11:45 UAE time
i think the banks are over reacting...how can there be a recession in UAE???...impossible
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