Investing in UAE / Dubai / Abu Dhabi
This is mostly a rant rather than my views about investing in Dubai.
I have seen a lot of news on how UAE is booming, especially its real estate. It appears that the biggest, most expensive, and most crazy real estate properties are coming up in Dubai. I think those of you who are thinking of investing in Dubai, it would make good sense to invest for 10 years time frame.
The problem I have with Dubai is that it is built out of slave labor. Hundreds of thousands of laborers are brought to Dubai in the pretext of good jobs (they pay thousands in their home country), and once they come to Dubai, their passports and everything are taken, and they are forced to work like slaves, and without pay. In fact, from what I have read, laborers there are protesting to get their wages paid, and are deported if they do so or raise their voice.
Below: Labor Protesters in Dubai Being Deported
I don't know if I can live in a place where I know that the gleaming skyscraper I am living in was built by slaves, who had their lives and dreams destroyed trying to make someone else's. Besides, how would these cities be viable in the first place? The indigenous population of the city states is nowhere equipped to run the city. The gleaming skyscrapers are built by migrants, the real estate is being sold to foreigners, but you can NEVER become a citizen of Dubai, so over a very long time horizon, I wouldn't bet on Dubai. Dubai can spend all of the money it can, but I think it will never be a London, or New York, and will more or less be eclipsed by financial districts of emerging nations who will leave it to dust.
Keys:
Dubai Real Estate
Dubai Recruitment
Dubai World
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