Dubai news |
MAY 2009 |
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Dubai is seen as a thriving business hub, faring well in the economic crisis, suggests Mark Beer, chairman of the British Business Group (BBG) for the UAE as he revealed that the number of UK nationals seeking employment and businesses exploring opportunities in Dubai has increased by 20 per cent since the onset of the global economic slowdown.
“The number has increased both in terms of enquiries and number of people and businesses coming to the country,” said Mr Beer who estimated the total number of UK nationals residing in the UAE at around 120,000.
He added: “Crumbling markets and a lack of jobs back home have made individuals in the UK look towards the Middle East, Beer said. The UAE, and especially Dubai, with its strategic location, good infrastructure and industries remains attractive to UK nationals.”
Dubai has the most competitive economy in the Middle East and ranks higher for its competitiveness than Japan, Germany, France or New Zealand, said a recent survey.
Out of 65 economies surveyed in the National Competitiveness Report 2009, published by the Institute for Industrial Policy Studies of the National University of Seoul in South Korea Dubai ranked 16th with the US ranking No.1. Dubai strengths included its achievements in health and environment, intellectual property rights, corporate governance, government business strategy, and attracting foreign investment.
British newspapers have been doing Dubai no favours with their slanderous stories on the emirate’s financial position.
The lack of facts and evidence behind these stories has been highlighted by the fact that the British government has distanced itself from such accusations.
British Foreign Office Spokesman John Wilkes described the criticism waged by the British press as “over exaggerated”.
“The British government has a great confidence in the huge potentials of the UAE and other GCC countries. The GCC countries possess large financial reserves that would enable them to deal with the global financial crisis.”
Weathering the financial storm
Whilst the world’s economic crisis continues to rumble on the various cultural and economic events that have taken place in Dubai at the start of 2009 have helped the emirate in remaining a hub of commerce.
This is predominantly thanks to the close relationship that the UAE has with the US and Europe. The UAE is a rarity in this region, as it brings together people from all over the world to live and Dubai, with its infrastructure, seaports, airports, cash and asset reserves, is way ahead of any other city in the Middle East.
Construction has just got a whole lot cheaper in Dubai as according to Sami Abdullah Gargash, Executive Director of Mohammed bin Rashid Housing Establishment, costs have dropped by 66%, taking them from an average of £93 per square feet to £55 making it the perfect time for investors to build in the emirate.
