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Sample Essay

Dubai’s stock market had given a forewarning of this drop in the Real Estate sector in a sense. It stood at one time at a seventy percent low during the high time of the credit crunch. Once the effect trickled over to the Real Estate market, some mortgage firms like Tamweel had to be nationalized to bring some element of control to the declining sector (Black).

One of the reasons that the situation in Dubai can be said to be worse off is the absence of automatic stabilizers in the economy. Whereas in many countries once economic decline in experienced, people lose jobs and start spending the money they get through welfare programs to replace that lost through jobs, in Dubai the trend is precipitated as the outflow of the foreign migrants with lost jobs means that this population is no longer available to spend in the region which makes a turn back even more difficult (Dubai A new World). What is generally needed in a time of decline as the one experienced by the emirate is some reconstruction of the faith in borrowing. This is what has been primarily addressed by Dubai in response to the decline in the Real Estate sector and development in the economy.

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