Published: March 23 2009 17:05 | Last updated: March 23 2009 17:05
In the United Arab Emirates, a deluge of foreign professionals has underpinned rapid economic growth. But as job cuts mount, analysts warn that the federation’s open and flexible labour market could backfire.
A swathe of job losses in real estate, financial services and tourism is leading to an exodus. The UAE’s labour and immigration laws allow for easy corporate cuts, but force expatriates who lose their jobs to find new employment within a month – or leave.
This has turned unemployment into emigration, and economists say the population of the UAE – one of the most lopsided and expatriate-driven economies in the world – could decline over the next two years. . .
The UAE has quickly passed regulation to prevent private-sector companies firing local workers due to “economic conditions” but has yet to extend the visa grace period for expatriates to allow them to search for new jobs despite several officials saying they are looking into ways to halt emigration.
Different source, same story. No bias Qatari.
Heero_yuy2 - This is what I found on a quick search. I am it is the same here too, or will be. Maybe not in the same numbers, but no country that is plugged into the global economy is immune to the current state of affairs.
UAE may rue its exodus of expatriates
By Robin Wigglesworth
Published: March 23 2009 17:05 | Last updated: March 23 2009 17:05
In the United Arab Emirates, a deluge of foreign professionals has underpinned rapid economic growth. But as job cuts mount, analysts warn that the federation’s open and flexible labour market could backfire.
A swathe of job losses in real estate, financial services and tourism is leading to an exodus. The UAE’s labour and immigration laws allow for easy corporate cuts, but force expatriates who lose their jobs to find new employment within a month – or leave.
This has turned unemployment into emigration, and economists say the population of the UAE – one of the most lopsided and expatriate-driven economies in the world – could decline over the next two years. . .
The UAE has quickly passed regulation to prevent private-sector companies firing local workers due to “economic conditions” but has yet to extend the visa grace period for expatriates to allow them to search for new jobs despite several officials saying they are looking into ways to halt emigration.
Different source, same story. No bias Qatari.
Heero_yuy2 - This is what I found on a quick search. I am it is the same here too, or will be. Maybe not in the same numbers, but no country that is plugged into the global economy is immune to the current state of affairs.
Follow link for whole story:
http://www.ft.com/cms/s/0/238b3d84-17ca-11de-8c9d-0000779fd2ac.html
A fool and his money are soon parted.
-Thomas Tusser