Thesis: Implications of Global Recession on Dubai

Sample Thesis Paper

Oil prices saw a significant drop and banks began to become hesitant in their lending operations (Shostak 2008). The oil profit based economy began to show some of its first signs of the implications of the global recession in the form of plummeting stocks in the Dubai stock market by June of 2008 (Worth 2008). As a direct result of the recession, Dubai began putting construction projects on hold while others were considered for cancellation in cases where funding had not already been lined up (Elliott and Stewart 2009).

This is because of the fact that expatriate and investor confidence began to drop and people began to pull out their money from the Dubai stock market, making development projects run out of financial resources (Singh 2009). Although the recession that hit Dubai is not one that can be considered to be the same in its severity as has been observed in the case of the United States and other European economies, it comes as a significant blow to the Dubai economy and the growth to which it had become accustomed to and known around the world for (Heyer 2009).

“In the U.S., the challenge is about keeping the banks going, [In Dubai] the economy has been overheated, a correction is needed, and it’s about making sure the slowdown happens in a smooth, orderly manner” (Worth 2008).

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