Crisis in Dubai? – VisualPolitik EN

Crisis in Dubai? – VisualPolitik EN

This video is made possible by Blinkist. The first 100 people to go to
are going to get unlimited access for 1 week to try it out. You’ll also get 25% off if you want the
full membership. More about that later, for now, let’s get
on with it shall we? Dubai is a very different place from any other
in the Persian Gulf. Its economy isn’t based on oil, natural
gas or any other raw material, but instead, mainly on tourism, transport, trade and finance. But despite not being rich in natural resources,
in the last four decades, Dubai became one of the most prosperous cities in history. Since the first towers began to emerge in
the desert, this city’s growth has been nonstop. The tallest building in the world, the largest
shopping mall, the largest airport, the most luxurious hotel. You can find everything here. And, well, we could say that this city is
made by and for money. Everything, absolutely everything in this
enclave is shaped by the money flowing in-to and out-of it. However, 2018 hasn’t exactly been this emirate’s
happiest year. In the last 12 months, the Dubai stock market
has plummeted by almost 25%, new business licenses have decreased, and for the first
time ever, employment has also fallen. Today more and more analysts are wondering
whether Dubai is about to undergo a huge crisis. And this is, precisely, the main question. Will Dubai be losing its shine? Listen up. (SIGNS AND SHADOWS) While much of the Arab world is facing a great
deal of chaos, economic crises, political crises, violence… Dubai is very busy developing 3D printers,
theme parks, air taxi services and even working to send a probe to Mars within just 3 years. But, as I was saying, 2018 hasn’t been a
very good year. Look, even though more than 90% of Dubai’s
population is foreign, schools for expatriates are closing or losing students. Moving companies show one clear trend: more
people are leaving than arriving. And although the construction pace is still
in full swing, it’s becoming increasingly clear that many of these new buildings are
half empty Apartments, offices, hotels, shopping centers… Obtaining official statistics isn’t easy,
but what happens when there’s more supply than demand? Prices drop, right? Well that’s precisely what’s happening. And not only that, Emaar Properties’ stocks
– the company that built the Burj Khalifa – and those of other large developers listed
on the Dubai stock exchange have suffered a collapse of almost 40% in the last year. Want more? Well, DXB Entertainments, the company that
owns most of the theme parks that have opened in Dubai in recent years, such as Legoland
Dubai, MotionGate, and Bollywood Park, is negotiating with banks to restructure more
than one billion dollars in debt, simply because the number of visitors is much lower than
expected. You can see that it isn’t exactly time to
celebrate. Now the question we can ask ourselves here,
on VisualPolitik is “what the hell is happening”? Why is Dubai facing this possible crisis? Is this the end of the emirate that has broken
every Middle Eastern mold? Let’s see. (THE STORM) Dubai is facing a completely new scenario. In this case, the origin of its problem may
lie far beyond its rulers’ competence. Allow me to explain: Dubai is perhaps the most famous emirate in
the United Arab Emirates, but it’s Abu Dhabi that has the oil, money and power. In fact, even though Sheikh Mohammed bin Rashid
governs Dubai, it’s this man here, Muhammad bin Zayed, the crown prince of Abu Dhabi,
who de facto rules all the United Arab Emirates. Well, the key to Dubai’s huge success was
becoming something like the Switzerland of the Middle East: the freest space, with the
most legal security, and the one most open to the rest of the planet. And, of course, low taxes. However, now some of these things are being
questioned. In the last two to three years, the United
Arab Emirates government has adopted a very active foreign policy. Prince Mohammad bin Zayed has completely aligned
himself with the Saudi Crown Prince Mohammed bin Salman, especially on two fronts: Qatar
and Iran. Check this out. On the one hand both countries have led the
blockade against Qatar, a country that had very close ties with Dubai. In fact many international companies settled
in Dubai and their executives traveled to and from Doha; And Jebel Ali, Dubai’s great port, was also
Qatar’s most important supply center. Now that’s all over. With the blockade, the UAE ordered all Qatari
citizens to leave the country, most flights were suspended, and freight traffic was interrupted. Now Qatar is directly provisioned by or through
Oman, but no longer through Jebel Ali. With the blockade Dubai has lost a very important
commercial partner. In addition to all this, many companies and
many investors have noticed that legal security and maneuverability weren’t as strong as
they previously thought, because, as you can see, Dubai ultimately depends on decisions
made in Abu Dhabi. But that’s not all. Dubai also had very important relations with
Iran. In fact, thanks to its proximity, Dubai became
something of an escape route, a place for many Iranian leaders and entrepreneurs to
stay for a few days, have fun and spend some money. And not only that, every year their commercial
business transactions with Iran surpassed 20 billion dollars. But now, because of US sanctions and the growing
diplomatic conflict between Riyadh and Tehran, this trade is shrinking by leaps and bounds. The ships that used to send goods every week
now go once a month. In other words, in just over a year, Dubai
has lost two of its largest trading partners, due to decisions made in Abu Dhabi. And, do you think that’s all? Well… It’s definitely not. Just as Dubai became a sort of playground
and second safe zone for Iranians, the same thing happened with Saudi citizens and businessmen. Of course! Given all the restrictions that Saudi Arabia
has, for the Saudis, Dubai is an oasis of freedom and safety. Well, when the Saudi prince, Mohammed Bin
Salman unleashed his war against “corruption” – or a move to consolidate his power – and
locked up or kidnapped dozens of Saudi businessmen and senior officials, the Arab Emirates Central
Bank demanded all banks operating in the country to give Riyadh all the information they had
on the detainees’ accounts. And they delivered all this information even
when they hadn’t been charged; information that, of course, Riyadh used to get money
from all the businessmen who had to buy their freedom with their checkbooks. That way, the Saudi businessmen who thought
that Dubai was the true Switzerland of the Middle East realized that this wasn’t quite
so. Yes, in Dubai there’s legal security and
your savings are safe, but not the information with which the autocratic Saudi government
can extort you. Do you see where the problem is? Well, due to these reasons, and others, the
Dubai financial industry is also suffering. But no, we haven’t yet reached the end of
the list, the headaches don’t stop here. The dropping oil prices in recent years have
affected the purchasing power of many of the people who spend their money in Dubai. A lower oil price means less income and that,
as we’ve seen here on VisualPolitik, has meant that some countries like Saudi Arabia
have had to make many, many cuts. And, finally, there’s another factor that
depends on Dubai itself: in a certain way, the city runs the risk of becoming a victim
of its own success. Yes, you heard that right. Thanks to Dubai’s huge success, its prices
have skyrocketed, especially real estate prices. And Dubai has very low taxes, but the state
gets many resources through building licenses… which hasn’t helped either. If to all of this, we add the fact that many
Middle Eastern countries, to reduce their dependence on oil, have launched plans to
copy this city by giving many advantages to their investors… the result is that Dubai
has lost its appeal to international companies in recent years. Anyway, as you now see, these are the roots
of the problem: Abu Dhabi
Qatar Iran
And the cost of its own success has decreased this emirate city’s attractive oasis status. But what many of you may be wondering is,
what now? Listen up. (PERSPECTIVES) Even though its economy is expected to grow
by just over 2% in 2019, as you can see, Dubai isn’t going through the best of times. But, just a second, this doesn’t mean everything
is lost, not at all. In spite of everything, this city-emirate
continues to be an oasis in the desert and its government seems to have a clear idea
of the keys to its success. Therefore, what Sheikh Mohammed bin Rashid’s
government is doing now, is trying to make Dubai’s economy even more competitive with
its neighbors: to do so, they are making it easier to obtain a VISA, they’re ensuring
that expatriates who lose their jobs have an easier time staying, and they are decreasing
the obstacles of foreign business owners outside the special economic zones. In other words, they want to connect Dubai
even more to the rest of the world. In fact, local authorities have high hopes
for the arrival of Chinese investors. (“This is a market cycle that we have to
accept. The government is doing what it did in past
slumps, sitting down with business to figure out solutions”. Fahad Al Gergawi, head of investment agency
Dubai FDI.) (“When the upturn does arrive, Dubai’s companies
will emerge leaner and more competitive”. Khatija Haque, head of regional research at
local lender Emirates NBD) Folks, this is what’s happening in this
city-state that has had such a positive influence on the entire Middle East. Yes, in Dubai, a lot of unfortunate things
may be reported, but opening up to the world has been a breath of fresh air for one of
the most hostile areas on the planet in terms of human rights. In Dubai, not only can you drink alcohol,
eat pork, and pray at a Catholic church, now you can even go to a Synagogue and eat Kosher
food. Yes, you heard that right. ( “As the Gulf Warms Up to Israel, a Synagogue
Grows in Dubai”. Bloomberg) Anyway, only the future will be able to tell
if this city-state’s frenetic growth pace will continue or if instead Dubai is doomed
to suffer a huge crisis and lose its shine. So far, the party continues: (A Dubai company will build the largest sports
shopping center in the world, The Gulf Post) So I hope you enjoyed that video, this one
was made possibly by Blinkist. Do you manage to read all the books you want
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Posts created 34379

100 thoughts on “Crisis in Dubai? – VisualPolitik EN

  1. Dubai is a shithole.

    One of the key economic indicators is the number of Prostitutes arriving in Dubai.
    After working there for 3 years, I can say again and again, its a shit hole
    Can never understand why tourists would flock there… Just about everything is more expensive in Dubai, and that utter bullshit about being tax free…..

  2. How about some basic human rights and fair treat of the foreign workers whom, thanks to their hands, brought all those projects up? A bad reputation is hard to be erased.
    Besides, not all that glitters is gold.

  3. I cannot verify this but many claim that while it has the tallest building, the biggest mall and most luxurious hotel it is a dysfunctional and a catastrophe with regards to city planning.
    Kind of what you would expect when a city grows so fast and you have investors with very deep pockets.

  4. the problem with dubai is that too many infidels are coming into our country 🙁

  5. crisis in dubai?????? aka satan cave???? yes wife run away, toke 56 millions with her, jajajajajajajaja that is a crisis for sure jajajajajajaja …. a rich guy with half inch dic? , come on, now that is a crisis, a big one. I want to be poor and have a huge dic? jajajajajajaajaj. and don't worry about her , she is been taking care very well, o yeah, jajajajajajja


  7. Long live Dubai. Long live Sheikh Mohammad and your family and the people of Dubai. God bless you all amen.🙏🙏🙏🙏

  8. Dubai is not ponzi scheme but the biggest problem is expats have lost faith in government. What they announce in never implemented. They have always taken expats for ride, but now expats never ever believe the Govt.

  9. Dubai will survive .Our His Highness Sheikh Mohammed has to survive.. We all people in Dubai with him Insha Allah. Our dha also with him..

  10. The amount of hatred and hatred for us is terrible, thank you for sharing this post that made us distinguish you and thank god you that you are not in our country

  11. Imagine wearing curtains bedsheets napkins picnic blankets and table cloths and feeling royalty and superior

  12. Looks like the Bubble is bust. Many Companies are closing or moving out. The reason is pure greed. Exploit the expat and build

  13. Even the post office will charge you VAT for the smallest item you buy from ebay. The cost of living has sky rocketed literally making it impossible to survive.

  14. because arab countries take the parts of the muslim religion that would benefit their economy the most and throw it out of the window, and then take the parts that would damage them the most and treat it like the holy fucking grail

  15. This Shows what Happens when a Country have no Middle Class and Freedom, They are going to be Stripped Clean Like Sharks Feeding on a Chum Bag,

  16. When they learn how to treat women normally, than we will trust them.As long as they torture own female children and wifes, there will be no trust! Sharia is such evil and sick system, made for the man to survive and woman to die…just look at Saudi Arabia and how many women are trying to escape from there.We saw Haya escaped from her husband.There is something very wrong there in way of treating women.Sick people

  17. A price drop in Dubai is what I need to move there. Number one reason I don’t live there is cost of living.

  18. You are bought by Qataris , plus you have a video defending Qatar !!

    Please next video is about Qatar problems

    Ps : u have a lot of shit wrong in ur video..

  19. Dubai is a rip off, 10 English pounds for 3 coned ice cream's in the shopping centre directly below the highest hotel called the burj, not only that it's too hot for my liking every where you go……

  20. This fucking faked royal family in Arab Eremites is nothing else than criminals!!!The country is a shithole!!!

  21. If you have dark skin, you'll have a bad time in Dubai

    If you are Indian/Pakistani/Bangladeshi/Sri Lankan, have dark skin, you'll have double bad time in Dubai

    If you are Indian/Pakistani/Bangladeshi/Sri Lankan, have dark skin, and is poor, you DON'T want to go to Dubai

  22. Tourism ? who goes there ? people ignorant of any human rights ? people who have dirty laundry they want to " wash " ? people who are not afraid to be arrested for just being free human beings ? holding hands with someone ? kissing in public ? having a glass of wine ? not tolerating Sharia ? Thank you but I would pass on that fake place. Imagine staying in one of their high rise and your electricity goes out. Good luck.

  23. This country is not gonna survive. people left in 2019 and people are keep leaving this country.

    I have feelings dubai will be a state india soon.

  24. It really irks when I see men, wearing bed sheets with dish cloths on theirs heads, that are fabulously rich for doing nothing. All because the West developed the internal combustion engine .

  25. I like Dubai as a tourist. Safe, family friendly. Great beaches. Excellent sea. Malls. Entertainment. But it is expensive. Wish Dubai best! Stay family frienly.

  26. Hey VisualPolitik, u forget to mention Princess Latifa Al Maktoum's escape. It has raised critics from all over the world that UAE actually is lack of freedom n establishment of human right basic principle..

  27. I would have thought the recent cases of western visitors arrested under Islamic blasphemy and modesty laws is also having an impact. Also alot of the publicity around the disappeared princesses is also a negative drag.

  28. If you rise fast then fall even faster. They can't even make a pen and only good for ZIONIST even the ZIONIST stealing ARAB land the land of Palestine. MAY UAE fall soon, with ZIONIST SAUDI.

  29. The gulfs Switzerland that’s hilarious.
    There is no income tax at the moment there is the VAT tax and the import duty tariff. I am not sure why people assume it’s some sort of tax heaven how can it be ?

  30. Not so far from now. Oil be gone. So? All these assholes will go fishing again ? Probably not ,we are depleting all fish around world…will be no fish to catch !

  31. Whore Capital of the World. Shameful that its ruler is giving Butcher Modi highest Civilian Medal to a Hindu who is an enemy of Muslim World. Using cheap labour of the South Asian labourers and most discrimination labour policy and paying a higher salary it's WHITE Masters higher salary.No background as these losers used to work in India as fruit sellers and security guards till oil wealth start pouring into the tiny kingdom.

  32. Dubai increasingly attracts not desperately poor 🇮🇳ns but the filthy rich ones, who buy gold in 🇮🇳, take it to Dubai, sell it there and then send the money back to 🇮🇳, banks in Dubai ask little to no questions while receiving deposits.

  33. الإمارات العربية المتحدة والمملكة العربية السعودية تقريبًا جميع الدول العربية فاسدة ومجنونة لممارسة الجنس ، وتطلب دائمًا مساعدة عسكرية من باكستان ولا تساعد أبدًا على وعود زائفة تمنح جوائز لقاتل المسلمين. عرب اسوأ امة على وجه الارض. الأوباش سوبر.

  34. yes my friend I did take it "all in" the only downside was your facial expressions and video cuts. So I listened instead..

  35. Dubai's sundown? is definitely a pretty interesting video! I truly did appreciate it so much. Thanks a lot for sharing! Keep it up!

  36. OUIoui They need OPEN BACK UP KING can ADD pressure ON IRAN 🇮🇷 end IT HATE be CASH 💰 COW KING send GAGNON BUCKS 100%. KING with ME ? DID you say SIN GOD ?< is that JEW ? PEOPLE well behaved we KICK USA middle class and MEXICains THIER Evan FRENCH We all need MONTH VACATIONS ,to DUBIA

  37. Correction. Dubai's economy is firmly based on crime. It really is that simple. Much as with Singapore, the rest: tourism, logistics, sports, etc., is just a smoke and mirrors PR job. Hot, corrupt money is what oils the Dubai 'machine', pure and simple. I know you can't say this as the UK's insane libel laws prohibit such candour. Thankfully, living as I do in SE Asia and relative anonymity means however, that I can point out the bleeding obvious.

  38. All his white robes have uncountable black spots.
    I feel sorry that many people don't know and ignore the fact, that there are still hundred of thousands foreign labours are abused and treated same slaves!!!
    Please!!!! Help to spread the truth.


  40. My friend why are you are jealous on them ?
    I don’t like Arab but the way they done I think I can give them 5 stars 🌟
    You need to be honest once make videos

  41. I was in the UAE for five years and had a really good job. But… it is on the way down, Abu Dhabi is much nicer I think. Anyway, nice people in the Emirates and good opportunities still there but for how long is only a guess.

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