Cakap-cakap di koridor raya, sekurang-kurangnya 10,000 ekspatriat akan kehilangan pekerjaan di UAE.
Dari gosip di pejabat, syarikat kami juga sedang membuat perhitungan untuk mengurangkan pekerja terutama bahagian 'development' kerana banyak projek yang belum dilancarkan akan dihentikan dan yang sudah dilancarkan, sama ada ditangguhkan atau dijalankan secara berperingkat.
Dubai can and will meet all its debt obligations, which currently stand at $80 billion, the chairman of Emaar Properties said on Monday.
Mohamed Ali Alabbar, also a member of Dubai’s Executive Council, said Dubai’s sovereign debt obligations currently stood at $10 billion, while the total debt obligations of state-affiliate companies was $70 billion.
"Let me state categorically the government can and will meet all its obligations going forward," Alabbar said, speaking at a conference in Dubai.
"This city as a part of one strong nation will continue to grow and triumph."
Alabbar said Dubai held $90 billion in government assets and $260 billion in assets belonging to state-affiliated companies, he added.The global financial crisis and tightening credit markets have made it much more expensive and difficult to borrow in recent months, focusing attention on companies' ability to refinance outstanding debt.
Particular attention has fallen on Dubai, where many state-owned companies are highly leveraged and there are not large oil reserves.Industry estimates have put Dubai's external debt to be around $70 billion, more than double its annual GDP.
Asked how Dubai would meet its debt obligations, Alabbar said: "All I can tell you is that we have no issue in financing, and if we have any issue in financing that is not a challenge for the government of Dubai."
Alabbar said Dubai was looking at expenses and consolidating its activities in the face of the global financial crisis. “Times are changing,” he said.
Alabbar also said the government would step in and help distressed companies. “We will not spare any effort to secure our future,” he said.
Alabbar said the creation of Emirates Development Bank would facilitate lending and more liquidity into the system.
State-owned banks the Emirates Industrial Bank (EIB) and Real Estate Bank, under which Islamic mortgage lenders Amlak Finance and Tamweel are to merge, are to combine to create the UAE’s biggest home finance company.
Alabbar said Emaar, Nakheel and Dubai Properties were working with the new committee set up last week to tackle the impact of the global financial crisis on Dubai’s economy, including real estate and banks.
He said that after years of fierce competition “now it is time to unite”.
Alabbar said the committee and developers, which control 70 percent of the Dubai real estate market, were working together to control supply so that it met demand.
"We are making sure we control supply into the market, the three of us," he said.
The global financial crisis has hit demand for real estate in Dubai from foreign investors, which make up a large percentage of buyers, while tightening liquidity has made home financing more difficult.HSBC said in a report earlier this month property prices in Dubai fell four percent between September and October, with the price of villas tumbling 19 percent.
Dubai-based developer will do whatever is in best interest of shareholders, chairman says.