With Dubaiâ€™s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield. The government says the real number is much lower. But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai â€” once hailed as the economic superpower of the Middle East â€” looking like a ghost town. [source]
I wonder, is the romantic tale of Dubai really over? Can it survive the global recession? Can it be revived? Or will it become an abandoned amusement park with cobwebs on the ferris wheel? Will it end up sinking and becoming a mythological city like Atlantis?
More importantly [for us], will Dubai’s loss end up being Jordan’s gain? Even just a little?