What's going to happen?
Dubai is going crazy... With everything happening at the same time.. this city can't curb its appetite without eating its very own.. What's happening? how did an AED 3 sandwich less than 2 years ago... reach AED 6 now? How come an apartment leased for AED 40,000 2 years ago is touching the roof of AED 70,000 now! And what about the fuel prices? I used to fill up my car for AED 65 two months ago.. now I'm filling it up for a little over 100 Dirhams!! and guess what? if we do a small calculation... by March 1st 2006 I'm going to have to pay almost AED 120 with the next increase of AED 1 per gallon to the current AED 5.75 per gallon. On the other hand... there's no serious increase in salaries to compensate for the high prices!... And they say that the inflation rate is normal and stable? is it really!? or are we just looking at the inflation rate of the whole UAE? and not Dubai in particular?.. I've seen families leave the country... because of how expensive it is getting year after year.. people who lived here for 20 if not more years, just left! why is this happening? shouldn't they do something about it? we know it's all supply and demand.. but the flood of foreign money into the tiny emirate is just going to drown it's very own people, who will find themselves one day in the middle of nowhere.. I just wanted to quote Hussain Sajwani, Chairman of DAMAC Properties when he said that "living conditions here will be like those in cities like London, Los Angeles, Hong Kong and Singapore in the next five years where the middle and lower classes live on the outskirts and commute by bus or train." And then he added that "Dubai now is a top-end quality product. You compare Dubai with London, Los Angeles, Singapore and Hong Kong and we are still 40 per cent cheaper," But how can one judge that it's 40% cheaper? Based on what exactly? and from a Zawya article: Land prices trebled in the past four years, rising to Dh300 per square foot in Jumeirah from Dh100 in 2001 and to Dh1,200 per square foot in Barsha from Dh300. With all that, isn't it about time to have something done to the economical strategies? |
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