Recession in Dubai
02.06.10
Dubai, a place that flourished with immense job opportunities is now cutting 1500 visas everyday due to the global financial crisis. Dubai, the hub of many International companies is facing severe recession. According to sources from the Ministry of Labor, Dubai, everyday 1500 work visas applications are rejected and it rises up to 2000 or more on some days. Each day, due to the wake of global financial crisis, layoffs continues to hit the Dubai economy. The numbers are expected to rise if this kind situation prevails. Thousands of Labor complaints are being lodged in the Ministry of Labor regarding non payment of salary, forced to take unpaid leave and being fired and not paid the dues. Main stalwart companies give a notice of a few months and ask their employees to leave, and some give a grace time of 3 months to search for another job. But this too is useless as all major companies are freezing their recruitments. Over 50% the local and International population in Dubai fear over their loss of jobs, because the worst affected industries are the banking/finance and real estate/construction where the major layoffs took place. Even a lavish spender cuts down his frequent outside dining, switching brands according to economic needs and tightening belts for cautious spending. Though the term ‘layoffs’ particularly deals with higher and medium level jobs, many thousands from the worker, labor, electrician, civil draughtsman, and many more from the lower category are the grater victims of this financial slump. It has become a dream of each and every individual that this deadly recession must end soon.
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