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Over the past few months the prices of used cars and electronic goods have risen as the Dubai world financial situation gets worse. This has a spiraled effect on other economies like Kenya which depends heavily on this rich Arab nation. For instance the increase in price of second hand cars from Dubai means less Kenyans can afford this leading to un-utilized capacity. It has been estimated that close to ten thousand Kenyans live and work in the UAE. Trade relations between the two countries have increased over the years with a lot of Kenyans now regularly traveling to UAE to buy household items, automobile spare parts and office appliances.
Also another party taking a keen interest in the latest financial woes of Dubai is British Airways. It is reported that British Airways have cut down flights to Dubai. Also there could be an inflation of oil prices because of the economic crisis. The Central Bank of UAE has in recent times offered bail outs to the local and foreign banks in the country. However, there have been shock waves in the world markets as even the Dubai World conglomerate is pleading with its creditors to give it a six-month expansion in paying its $60m debts. Dubai World which is the governments investment flagship and popularly known for its slogan – ‘the sun never sets on Dubai world’ has been engulfed in a serious debt crisis.
Fears have been raised from countries like the USA and China about the fact that the economic meltdown in the Gulf can distract the recovery from the world’s financial crisis which could eventually spill over into the financial sector. The Dubai World Financial situation is also sending shivers the spines of banks in the UK. A lot of the commercial banks are vulnerable to the UAE’s financial crisis.
Because of this situation some financial analysts have raised doubts about a recovery as there seems to be a lack of details on the crisis situation. Some have gone as far as saying that this is financial meltdown part 2. It has lead to the down rating of a lot of state-owned related institutions.
Dubai which is just one of the small emirates has in recent years transformed its economy characterized by very tall buildings with the huge presence of foreign workers. Experts have therefore purported that it is a disintegration of asset bubbles.