Dubai live: How the glittering city suffers and thrives
Dear Insider,
Dubai has come to a standstill. The hum of business, the underlying sound of this glittering city, has faded away. The Dubai Mall, the motorways, hotels and swimming pools – there are vast stretches that are completely deserted. Sarah Douag has brought lots of photos with her: She was there last week. She met with Henk Meyknecht, CEO of the private equity firm SAH, Duncan O'Rourke, Accor’s CEO for MEA & APAC, Joachim Hafner, General Manager of the Mandarin Oriental Downtown, and consultant Hans Peter Betz, and reports on the industry’s severe downturn, the cash flow of hotels, the decline in property values and how staff are being managed.
One evening at 6 pm, a taxi driver picked Sarah up: She was his second passenger that day. Someone else suggested they have lunch at the Burj Khalifa the next day: It now costs just €28 there.
Despite everything though: Both Emiratis and expats remain optimistic. Dubai will bounce back (soon). Why? Everyone believes in this city’s vision; the success of recent decades is literally set in stone, in buildings that reach up to the sky… Once again, they are grateful to their Emir, who allayed the population's fears during the first days of the attack – through clear announcements and messages sent via smartphone. Do take the time to read this eight-page, insightful report by Sarah. You can't get any more first-hand live updates from this crisis-hit region at the moment. ... More
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