November 29, 2009

Dubai Financial Crisis- Families of Dubai NRIs in Jalandhar Worried

No body expected that there could happen a financial crisis in Dubai. Dubai was considered to be very rich .Just when the world economy was being widely thought to be emerging from recession Dubai State owned corporations Dubai World and Nakheel have disclosed huge debts ( collectively over 3,50,000 crore INR )

Many families in Jalandhar have their young men working in Dubai especially in construction sector. There is a nagging fear that construction activity in Dubai and also in nearby countries may slow down considerably.

Indian workers would be the first to be rendered jobless.

Let us hope the Governments in UAE do not let investors'confidence suffer and work out rescue packages. Indian Govt. , especially the Indian Consulate in Dubai should be instructed to safe guard Indian workers' interest to the maximun extent possible.

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