Construction is an important part of the development process of the economy of any nation and same is the case with UAE in the last decade the world has witnessed a substantial increase in the number of construction process in the gulf and this increases all the more visible in UAE. Due to this substantial boom there is a lot of importance that is being given to the construction law in UAE so that the investors have a transparent system to work in. Dubai has always been a city that has witnessed growth, but the recent growth in Dubai is absolutely mind boggling.
The main reason why there is an up spurt of construction job in Dubai in particular and the UAE in general is that the construction work gets completed quite early here. The reason is that Dubai construction companies hire more laborers than what the western companies hire. In Dubai there is no dearth of human capital, you can easily find laborers, engineers and architects.
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A different economy, different parameters, and a different scenario altogether, recession is here and apparently it’s here to stay. If you are an aged fellow, you’d know that these calamities come and go, but if you are relatively young (or someone affected by it), you’d be feeling like a deer caught in the headlights while listening to the news of economic crisis sprawling all over the world. A recession like situation in US was always on radar when the credit crunch began, and the aftermaths were supposed to be seen in other economies as well. But some economies were considered resilient enough to pass through this phase unaffected. One of these “thought-to-be” solid economies was UAE, which thrives on its oil reserves, real estate and tourism.
Not that the earlier estimates were wrong, and UAE economy is deemed to go down with the recession, but then we are living in a global village and you can’t just detach an economy from those who are having trouble. All things considered, UAE may well be able to put up with the ongoing recession, but this economic unrest will definitely weaken the economy pillars.
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Even as Dubai’s rising expatriate population is being projected as a measure of its association with the outside world, many historians, media experts and political observers are looking at the same phenomenon with some concern these days. Very recently, an editorial in the Gulf News stated how eight out of every ten people living in the UAE were born abroad. This was expected to reach up to nine out of every ten by the year 2015. This scenario might become even more imbalanced by the year 2025, when the expatriate community will almost score ten out of every ten native citizens counted. This analysis is however hypothetical in kind, and there are factors overlooked by the author, which might actually decide a totally different demographic scenario in the years to follow.
First of all, the current crop of construction projects are expected to be over in the next 5 to 10 years, which will force up to 50% of the UAE’s expatriates to go back to their homelands. The expatriate population will still continue to remain quite significant though, as the properties being developed now will mostly by bought by the offshore clients later. The projected scenario of the Gulf News article can only arise, if the authorities kept announcing more and more new projects in the years to come. This could again be called a distant possibility, as no nation can ever dream of having an endless growth.
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