Lucman indicates the drastic changes faced by UAE
Lahore, 9th April: Where the pandemic is raising concerns in the health sector globally, the world will face the biggest economic depression owing to COVID-19.
According to the renowned anchor on Mubasher Lucman Official YouTube channel, Dubai is in thick soup these days and facing the economic crisis.
The economic backbone of the Gulf country was tourism which is closed and for the coming one year at least it shows a downward trend so the ruling elite is disturbed. It is the second time in the last ten years that the Gulf state is facing economic depression.
As stated by Mubasher, UAE has positioned itself with the Kingdom of Saudi Arabia and has tainted their relations with Iran who is a powerful neighbour. In the light of Iranian foreign relation, the Gulf state is trying to control its internal population and this highly controlled kingdom is scrutinizing its residents.
Any person with an Iranian background or link is being interrogated and contained or deported. An unconfirmed number states that approximately 70,000 individuals have been deported from the area of Ibn-i-Musa.
Lucman said that at present there are 12 influential families of the UAE are in a war to gain supremacy. The footprint of all these influential families are visible all over UAE with their names on different business may it be Al Futtaim, Al Tahir, or Al Ghurair.
This borrowing based economy is on the verge of collapse as the ruling state Abu Dhabi is not coming for the bailout like what was done in the past due to the ever low oil prices.
Presenting the dire situation in the UAE, the anchor states, that competition with Qatar, poor relations with Iran, the regional power struggle and now the corona threat has put a serious dent. The bubble has burst and the artificial wonderland is turning into a ghost town. Businesses are closing, big hotels, running restaurants and apartments are on sale at very low rates.
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Ten years back UAE witnessed a similar situation when people started abandoning the cars on the airport and property market crashed to rock bottom. It is a serious offence if a cheque bounces in UAE as immediately without any questioning the issuer is arrested and put behind bars but in the current situation, companies are asking for relief.
As per the analyst Lucman, in the coming days things will get further difficult, Emirates the cash cow and the tourism industry will be under tremendous pressure as the world is in lockdown for another two months and this makes tourism a low priority.
The west is changing its opinion about sheikh Muhammad after the tabloid stories of his wife and daughters’ escape. Reserves are low, neighbours are hostile and the foreign relations are also not very conducive so going will get even more difficult for the United Arab Emirates.
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