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Guardian TV report on Dubai
Posted on 18 February 2009 with no comments from readers
This is almost a balanced report from the Guardian which has been among the more vociferous Dubai knockers of recent weeks. You can feel sympathy for the construction workers deprived of their jobs, now going back to unemployment in their villages. But the Guardian would still have to take a deep breath to reach the obvious conclusion, that the capitalist dynamic of Dubai has been of enormous benefit to the Third World. Let us hope those cranes are soon swinging over Dubai again!
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From The National yesterday, changes to visa rules would certainly help Dubai property recover:
17 February 2009
ABU DHABI – A federal law granting residency visas to owners of freehold property will be introduced within the year, a senior government official has disclosed.
The proposal, welcomed by property developers, will allow the owners to obtain a six-month renewable residency visa, regardless of their nationality or the size and value of the property, said Brig Gen Nasser al Minhali, the acting director general of the federal Department of Naturalisation and Residency (DNR).
Brig Gen Minhali said the aim was to create a unified visa system related to home purchases.
“It is a security organisational procedure,” he said.
“We do not want each emirate to develop procedures on its own, so we will unify it under the Ministry of Interior.”
Residency visas granted in the past would remain valid, he said. But it would not be possible to renew them until the federal law was implemented. He refused to reveal further details, as the law is still being studied.
Whatever the department’s stated aims, property market insiders said the introduction of a single property visa system for the whole country would benefit a housing market that has recently been less buoyant after several years of growth.
Peter – check out this article
http://www.rgemonitor.com/economonitor-monitor/255602/how_worried_should_we_be_about_dubai
This article makes the interesting point that Dubai does not seem to have actually approach Abu Dhabi for money yet. I suppose there is always the possibility that Dubai has a bit more cash than people think, and therefore why take loans at high rates that are not needed or sell assets that are worth more? It is a giant game of poker and we are not able to see the hands that the players have been dealt.
I still believe Abu Dhabi bailed them out over Borse Dubai.. there is also talk about Dubai approaching other sources (read big neighbours) for finance packages.