“Victime de sa folie des grandeurs, la capitale de la démesure est en proie à de graves problèmes financiers. Conséquence directe : jeudi, les places boursières européennes étaient dans le rouge.”
So begins an article I found on the net. Everything starts yesterday, rumors of insolvency are true, Dubai is in the red. Unthinkable, surprising, predictable? And next ... Saudi risky or not?
The enormity of this state of the Emirates has always been legendary, larger, higher, more beautiful. He always said that Dubai was intelligent and wanted to take over the post-oil, by implying that there was a prior oil. The bias is tourism, luxury and business. So grow the best in Dubai hotels, the finest resorts, shopping malls ... Dubai starts in 4 to bring companies, playing on taxes in particular, by creating a free zone imports and it has become so important in a few months the new gateway sending food to other continents.
So yes you will soon feel cramped in Dubai, even with a good job (my first offer was in Dubai), invoices are heavy, gasoline is expensive, exorbitant rents, traffic unbearable burdens increased annually disproportionately (+40% for electricity).
Dubai was also the theme parks projects wildest, the biggest airport in the world, supposed to host ... the largest fleet of Airbus A380 in the world, .. but also the F1 circuit best wish ...! Is it not Abu Dhabi has achieved?
Another point that has always been "war" between these states so that testosterone has the most beautiful projects.
And this game, The other Emirates state is not playing in the same court, because it has oil, almost in its majority, he has money where Dubai has been much speculation. But nothing new, the danger was already there, as usual, was to leave to do that was dangerous. Thus, the sale of apartments in the Burj Dubai, tallest building in the world are sold several times each .. .. before being delivered as a product of speculation. It seems that expatriates start from now .. if money is hard to travel, salaries and probably also in Dubai, the only thing that my friends and I went there was work, without .. work!
My old office in Dubai is still there and still struggles along, but the activity will change for the good news is that DMS was acquired last month by an American ACXIOM.
And Saudi?
Saudi Arabia may she be affected? We now talk on BFM TV status in bankruptcy. This can happen in Jeddah, Riyadh? No surely not, in any case given the current budget management. The state budget is one of the few in the world to EXCESS! He has too much money and plays easily on the social side with more awkwardness than we have in Europe. Saudi remains the largest producer of oil the world, far behind Dubai .. and is especially ... less extravagant. Nevertheless, there are gargantuan projects especially in the north of Dubai, but Saudi Arabia is more reserved than the UAE, less wealthy and more cautious. The projects come in dropper, besides they do not always flow freely in 2009 in Saudi Arabia. Saudi Arabia is do not forget to state governance .. religious, not economic. Values are not the same as in Dubai where we looked for a growing exponentially, and let's not biting, there's much we found.
So no crisis is not imminent Jeddah, also a shock has already occurred in 2007, the stock market, while creating markets for individuals. All have swept through speculation and scalp all their savings, and what needed to happen happened, some still pay their debts to relatives to whom they are borrowed money.
This 'state bankruptcy' is a very sad news especially in view of the face of this state today, but will also support Arabic still there and nothing says that the 'enemies' will become not the friends of tomorrow (Abu Dhabi and Dubai), also the geo political standpoint, the two are still together better. It is a crisis that will surely leave traces as I could observe in Bangkok in 2000 with dozens of towers and empty of occupants abandoned. Economically the return will also be difficult, and here I think particularly the thousands of expats if they return en masse, will create quite a stir on their local labor markets, let us recall mainly British and Indian.
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