THE GULF DOOM!
March 5, 2009 by Muhammad Haidar
Filed under Muhammad Haidar, Other - Business & Finance, Politics, Renting & Real Estate
Is it the end of the Gulf Boom? Is it time to write the obit of the Gulf Boom? By all available indications, yes! A regular stream of expatriates is returning to India and other countries of the Third World, with broken dreams in their suitcases.
The lucky ones are those that have already made their pot of gold, and have to look for a job in their country, more for an occupation than for subsistence. The unlucky ones are those that had borrowed money to chase their dreams, and have now to go back to their places and face the moneylenders. It is a tragedy being played out across the Indian subcontinent, and some other countries in the less developed world.
So how do we rationalise this tragedy? Who do we hold responsible for this unfolding tragedy? The Government, the Citizens, fate, circumstances? On balance, it would appear that the Governments and their citizens are responsible in almost equal measure, with the scale tilting slightly towards the Government.
One of the simple and abiding truths of life is, when you depend on others for anything, you are risking your own interests, and putting yourselves at the sweet mercies of the others. The overdependence of countries like India on overseas jobs to take care of their unemployed millions has now boomeranged on them, and it may be only a matter of months before the deluge of returning for good expatriates delivers a body blow to their already wobbling economies.
It is an undeniable fact that Governments in many of the less developed countries like India, Pakistan, Philippines, etc., have taken the easy way out to deal with the unemployment problem by encouraging their citizens to migarate to the Gulf and other prosperous destinations, instead of making concerted efforts to fulfil their basic responsibilities towards their citizens. What’s more they get cheap foreign exchange by way of remittances from the expatriates. On their part, the citizens of these countries have also not bothered to fight for their rights in their own land. Rather, they have taken the easy way out by taking up jobs abroad, than traverse the rough road of activism to bring about responsible governance in their own countries.
So long as the going was good, neither the Governments, nor their citizens bothered about the implications of their respective actions or inaction. But all good things have to come to an end. And so it is with the Gulf Boom.
What now? Increase in unemployment, social tensions, religious strife, political instability, economic chaos, crimes etc., etc. We are in for some pretty tough times ahead. It is a scary scenario alright!
On the brighter side, this situation offers both the Governments and the citizens of the affected countries, to ponder over their past mindless conduct, and their penchant to skirt chronic problems, and to finally put their collective heads together and find solutions for the exploding problem of the Gulf Doom. And if that happens, there may yet be a chance to escape the worst consequences of this developing tragedy.
Views expressed above are the personal ones of the author.
What companies provide financing for a mobile home?
February 25, 2009 by admin
Filed under Renting & Real Estate
I live in a 1987 doublewide mobile home – its made out of wood not tin. I own it 100% and its valued at $40K+ but it needs work – like new windows and I would love to remodel the kitchen but have yet to find any companies that offer financing.
Per the county thats what its valued at – please don’t answer if you are ignorant.
Its in a park – I was told by my bank they would finance moving it and a piece of land. I just want an improvement loan.
How does financing work on a residential lot?
February 21, 2009 by admin
Filed under Renting & Real Estate
There are 2 residential lots in this neighborhood that is up and coming. I want to buy the two lots but sit on them for about a year or so. How would the financing work? Do you finance something like that as you would a 30 yr mortgage?
dubai real estate – Silicong gate?
February 18, 2009 by admin
Filed under Renting & Real Estate
guys, what do you think about investing in the silicon oasis (buying a freehold stodio or one bed room). I have to make up my mind today. prices are in the range of 320,000 AED to 390,000 …..I’m concerned about the location. it seems far from being develped anytime soon. near the internatinal city!!…any hints?
guys guys guys…first of all, there is no king there. 2nd, Dubai in 2000 has nothign to do with Dubai of 2007 (let alone 1989) the future is there. Read about it..I’m not asking about whether Dubai is a good place to invest or not, i’m asking if this specific area is a good area or not. I’ve been to Dubai so many times and it’s becoming the place where every great designer showcase their talents. There are clear laws, and since I’m a GCC national, I don’t have to worry whether I can own the apartment or not. I’m planning to rent it out, the developer of the porperty does that and give you the net. (rent – 5% fees). There are no tax in Dubai, and utlities shall be paid by the renter.
What construction financing is available if I have vacant land and an offer to buy a house on that land?
February 1, 2009 by admin
Filed under Renting & Real Estate
I live in an urban area and just found a vacant plot of land between two townhouses. I am interested in building a house with a cutting edge/modern design and eco friendly features. If I buy the land and hire an architect/engineer to design the structure, I have a few people interested in buying the house before it’s built. If I have an offer from them to buy the house, what are my financing options for the construction of the project?
What banks do financing on the wholesale side for spec homes?
January 25, 2009 by admin
Filed under Renting & Real Estate
I have a friend who is a builder and would like to use me for his mortgage broker. I have no problem finding banks who will do financing for owner occupied builder programs, but nothing for spec homes. A lot of the banks offer spec programs on the retail side, but I’m having trouble finding it wholesale. Thanks!
I do know what a spec home is
My rep at Indymac said that they only do owner occupied construction, but maybe there is another dept she’s unfamiliarr with? I’ll ask her again. Thanks!






