It can be said that this decline in the Real Estate sector was something to be expected. The bubble had continued to grow and it had been supported artificially. With the economy built on a few defining features, having relied on oil generated money to finance its growth had to blow off at some time. The arrival of the credit crunch took its toll on the way borrowed money was being used by the emirate to provide for its development. The debt of the emirate’s government as well as the state owned companies is now said to sit at $80 billion. Nearly $11 billion of this is scheduled to be due this year which includes its interest payments (Black).
This has led to rapid restructuring effort by some of the master builder companies that the holding companies in Dubai boated of. Nakheel, Dubai Holdings and Emaar are all scheduled to lay off workers in the years where some already have been (Black). This bodes more bad omens for the emirate as its means that many of the foreign immigrant workers, primarily from the west, would be without jobs.
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