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 :
Crime Fiction4*s Computer hacking isn’t a subject I’d normally be drawn to as anything IT related is a turn-off as far as I’m concerned, but as I’d heard such... Read more17 hours, 27 minutes ago by Cleopatralovesbooks
My Skipper collection has grown over the past few weeks! This Skipper Highlight Reel post covers three new custom dolls that just arrived! The first two Skipper... Read more18 hours, 21 minutes ago by Ashley Brooke, Kewpie83
CULTURE, FAMILY, SELF EXPRESSION
Here is THE GOOGLE MAP for this weekend Friday It’s the start of Antwerpen Proeft a yearly foodie event, at Waagnatie (Eilandje). Read more18 hours, 40 minutes ago by Nessascityblog
In 1999 I had an abdominal surgery to rebuild my bladder out of colon. While I was in there, they removed my severely deformed and non-functioning uterus. Read more18 hours, 43 minutes ago by Eshwrites
DIARIES, SELF EXPRESSION
The Victoria Sponge is one of my absolute favourite of all the cakes. There is nothing fancy about it. It is just a plain simple sponge, which when mixed and... Read more19 hours, 27 minutes ago by Mariealicerayner
FOOD & DRINK, RECIPES
Awesome, Canadian Music Week, Country, country music, High Valley, Jess Moskaluke, Madeline Merlo, The Great Hall, Toronto Entertainment, Music, Reviews... Read more22 hours, 12 minutes ago by Phjoshua
LIFESTYLE, SELF EXPRESSION
When you think about the value of someone with a darker skin tone, usually they have also darker hair which makes their overall value down... Read more22 hours, 27 minutes ago by Imogenl
MOST POPULAR FROM BUSINESS
- Popular Types Of Websites You May Create Using WordPress Themes by Kharim Tomlinson
- Sedo weekly sales led by NativeMedia.com by Worldwide
- Democratic and Economic Development in the Digital Era by Center For International Private Enterprise
- West Knoxville House Hunters – Berkeley Park Homes For Sale Below $600,000 by Knoxvillehometeam
MOST RECOMMENDED IN BUSINESS
- Strengthening the Capacity of an Albanian Business Coalition in Policy Advocacy by Center For International Private Enterprise
- Color on The Web: Its Many Shades of Meaning by Marketingtango
- Smart Entrepreneurs Favor People-Centric Leadership by Martin Zwilling
- 4 Chasms And 5 Customer Types That Kill Entrepreneurs by Martin Zwilling