Getting Back to NormalPosted on the 27 January 2011 by Seabee
Then the global financial crisis hit.
When it did, the general reaction in Dubai was the same as it was in much of the rest of the world. Hit the PANIC! button.
Construction in particular stopped overnight. Companies fired people who they'd need in the near future to maintain the business. Construction sites were abandoned and became derelict. Creditors whistled for their money.
Over the year or so since the panic set in, the city, especially New Dubai, has looked increasingly very much the worse for wear. Sand and rubbish gathered and weeds started growing on the abandoned sites, the fences and barriers deteriorated.
It looked unattractive when work was happening but since it stopped it's really been ugly.
But the panic subsided, then companies 'restructured and negotiated with creditors'. (That is, they re-arranged their gigantic loans and told creditors that if they wanted to get anything at all they had to take less than was due).
So work on various developments has been re-started, people are being re-hired, the sites are being cleaned up.
Probably because I pass it every day the tram project was in my eyes one of the worst, most untidy looking.
But it looks as though the negotiations with creditors have been successful because for the past few days the project is a hive of activity.
It's a big project, it'll be years before it's finished but it's a relief to see that work's under way once again.
These articles might interest you :
Everyone has this problem. You go to the mailbox only to find a handful of junk including advertisements, credit card offers, and other unwanted junk mail. Read moreBy Badmoneyblog
I was talking with a co-worker the other day about teaching kids about money. She mentioned that she had problems getting her child to save money. In her... Read moreBy Finance4youth
BUSINESS, FINANCE, SCHOOLING
The Internet is more than a way to look up Web pages of suppliers, travel agents, and retailers. It has become a whole new way to further education, both... Read moreBy Combi31
BUSINESS, ECONOMICS, SOCIAL MEDIA, TECH
Ever heard of free money? Of course not, it doesn’t exist. In my world however, it did. This ‘free money’ came in the form of a cute little card that fit... Read moreBy Ncrimaldi
BUSINESS, CAREER, FINANCE
Sometimes it's not what we intend - it's what the other person is going through that mixes the messages. Read moreBy Shawnaschuh
BUSINESS, LIFE COACH, LIFESTYLE
By, Kate Manning With national as well as global economics taking a recent turn for the worse, many question the necessity (or the even possibility of) higher... Read moreBy Ncrimaldi
BUSINESS, CAREER, SCHOOLING
1. How do I figure out my price range? You probably already have a pretty good idea of what monthly payment you feel you can handle, and most online sites have... Read moreBy Homesmsp
BUSINESS, HOME, HOME IMPROVEMENT, REAL ESTATE
MOST POPULAR FROM BUSINESS
- The most viewed post all time on TheDomains.com by Worldwide
- 9 Transaction Models Shape Your Customer Experience by Martin Zwilling
- The good, the bad and the ugly – Sedo by Worldwide
- 7 Keys To Making Staff Meetings An Asset vs Expense by Martin Zwilling
MOST RECOMMENDED IN BUSINESS
- 5 Color Insights for Better SMB Signage by Marketingtango
- Ryder Supports #GivingTuesday for the Fifth Year in a Row by Ryderexchange
- 7 Poor Leadership Habits You Must Avoid At All Cost by Martin Zwilling
- Lawsuit filed on CostaRica.com by Worldwide