The objective of this individual assignment is to use ones social imaginative skills to analyze and interpret two events, a global event and personal event and then give our social perspective of both the events.
For the global event I have decided to write about the global economic crisis and my social perspective of its causes and effects in Dubai. In order to do this let me first give you a small description of UAE and Dubai.
It was in 1975 “the crucial states of Persian gulf had transformed into United Arab Emirates under the rule of Sheikh Zayed Bin Sultan Al Nahiyan as its first president. The seven Emirates joined together under the visionary leadership of Sheikh Zayed and Sheikh Rashid Al Maktoom, ruler of Dubai. While Abu Dhabi tapped its rich oil reserves Dubai concentrated on providing first class business environment. Even though Dubai is producing 240,000 barrels of petrol every day it has the treat of its oil reserves being depleted in another 20 years. So Dubai started to make itself as a business and tourist destination in the world. Soon Dubai became “The New York of middle east” offering the best sea port, airport, transportation and communication infrastructure, financial services and a reliable government with a slogan, “what is good for business is good for Dubai”. Dubai attracted most of the fortune 500 companies to open its regional Middle East hub in Dubai.
The DNATA, Dubai national air travel agency having the experience of managing Dubai airport and many airlines started its own airline “Emirates” which soon became the best airline in the world winning consecutive awards of the aviation industry. With this strength Dubai started its ambitious tourism development plan creating a network first class hotels, tour operators and local events such as Dubai shopping festival, Dubai summer surprises, international exhibitions at the Dubai world trade centre along with a peaceful society and comfortable living environment.
In 2001 my dad decided to start a business of his own actually our grandfather encouraged start a real estate company so that we could lease our family properties in the lucrative Dubai market. The time was very right for him to do that and he had good contacts within the Dubai municipality, land department, local banks and our local business community. The need for many Arabs who wanted to relocate their investments from the western countries after 9/11 crisis was a boom to the Dubai real estate property market which was opened for foreign investment with very attractive terms and conditions by the rulers of Dubai. Such foreign investors were looking for a reliable local partner who can locate, purchase land, build and sell new properties for them. My dad’s real estate company within a span on five years became one of the largest property management companies in Dubai.
The visionary projects like the Palm, the World, Dubai land etc had given a lot of opportunities for investors to own their dream properties. The property value in Dubai doubled in every year and the construction industry boomed to record heights to compete with the top cities of the world. As the construction industry boomed so boomed every industry attached with it. This lead to a lot of workers from other countries being brought to Dubai and building had to finished as quickly as possible. The builders used to subcontract projects and these sub contractors used to sub contract again and the chain went one and many people made money just by sub contracting.
Not only was the employment in the construction industry booming but even in the other private sectors. As the western businesses fled to the Dubai market job seekers from Asia and other parts of the world came to Dubai. These new comers for jobs had to find place to stay and they brought their families along, hence there was great demand for properties. This increased the value of the properties. Thus, the real...
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