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Recession looming at "Recession Proof" economies �C A UAE Perspective
A differenteconomy, different parameters,[link widoczny dla zalogowanych], and a different scenario altogether, recessionis here and apparently it's here to stay. If you are an aged fellow, you'd knowthat these calamities come and go, but if you are relatively young (or someoneaffected by it), you'd be feeling like a deer caught in the headlights while listeningto the news of economic crisis sprawling all over the world. A recession likesituation in US was always on radar when the credit crunch began, and theaftermaths were supposed to be seen in other economies as well. But someeconomies were considered resilient enough to pass through this phaseunaffected. One of these "thought-to-be" solid economies was UAE, which thrives on its oil reserves, real estate and tourism. Not that theearlier estimates were wrong,[link widoczny dla zalogowanych], and UAE economy is deemed to go down with therecession, but then we are living in a global village and you can't just detachan economy from those who are having trouble. All things considered, UAE maywell be able to put up with the ongoing recession, but this economic unrestwill definitely weaken the economy pillars. Real Estate & Construction: In past threeyears, we saw magnificent growth in Dubaireal estate market. Properties were sold like hot cakes; mega projectsannounced one after another,[link widoczny dla zalogowanych], land reclamation projects, world's tallestbuildings, huge shopping malls and what not. Is it over? You'd ask. Well, certainlynot, however the things (e. g. propertyflipping) are going to calm down to some extent. Construction will not come toa halt anytime soon but will surely drop (you'd have been reading a lot aboutthose 25 percent of world total cranes operating in Dubai, a few of these giantmachines can have a break now). Same is the case with real estate prices, theywill continue to rise but not at that maddening speed. Financial Market: Hardly anyonewould have suspected it to reach UAE, but the financial crisis that startedfrom US has been spreading like jungle fire. Even now, the situation in UAE isnot that dismal by any means, and it's unlikely to get that worse (oil exportswill keep bringing in the much needed capital, particularly in Abu Dhabi). But the banks and otherconventional lenders are already panicked, which has resulted in high interestrates. Unavailability of finance will most likely be a problem that Dubai government has to sort out (Dubaihas recently got a huge financial aid from Abu Dhabi). Tourism: It's not muchof a brainteaser for anybody to realize that recession will have a negativeaffect on tourism industry, especially when most of the tourists coming to theEmirates are from regions that are believed to be the most affected ones (UK, Americaor Europe). Instead of spending on traveling,[link widoczny dla zalogowanych], people will be looking to save more for tough times ahead. Among all Emirates, Dubai will be hardest hitby this plunge in tourism. Generallyspeaking, the picture may not be that rosy in UAE but it will look a lothealthier when judged against the wobbling economies of US or Europe. William King is the director of UAE & Dubai Real Estate & Property Portal, Karachi Real Estate & Karachi Property. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.Topics related articles：

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