The objective of this individual assignment is to use ones social imaginative skills to analyze and interpret two events, a global event and personal event and then give our social perspective of both the events. Global event For the global event I have decided to write about the global economic crisis and my social perspective of its causes and effects in Dubbed. In order to do this let me first give you a small description of AAU and Dubbed. It was in 1 975 “the crucial states of Persian gulf had transformed into United Arab Emirates under the rule of Sheikh Gazed Bin Sultan AH Mahayana as TTS first president.
The Seven Emirates joined together under the visionary leadership of Sheikh Gazed and Sheikh Rasher AH Maxtor, ruler of Dubbed. While ABA Dhabi tapped its rich oil reserves Dubbed concentrated on providing first class business environment. Even though Dubbed is producing 240,000 barrels of petrol every day it has the treat of its oil reserves being depleted in another 20 years. So Dubbed started to make itself as a business and tourist destination in the world.
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Soon Dubbed became “The New York of middle east” offering the best sea port, airport, transportation and communication infrastructure, financial services and a reliable government with a slogan, “what is good for business is good for Dubbed”. Dubbed attracted most of the fortune 500 companies to open its regional Middle East hub in Dubbed. The DANNA, Dubbed national air travel agency having the experience of managing Dubbed airport and many airlines started its own airline “Emirates” which soon became the best airline in the world winning consecutive awards of the aviation industry.
With this strength Dubbed started its ambitious tourism development plan creating a network first class hotels, tour operators and local events such as Dubbed shopping festival, Dubbed summer surprises, international exhibitions at the Dubbed world trade centre along with a peaceful society and comfortable living environment. In 2001 my dad decided to start a business of his own actually our grandfather encouraged start a real estate company so that we could lease our family properties in the lucrative Dubbed market.
The time was very right for him to do that and he had good contacts within the Dubbed municipality, land department, local banks and our local business community. The need for many Arabs who wanted to relocate their investments from the western Mounties after 9/1 1 crisis was a boom to the Dubbed real estate property market which was opened for foreign investment with very attractive terms and conditions by the rulers of Dubbed. Such foreign investors were looking for a reliable local partner who can locate, purchase land, build and sell new properties for them.
My dad’s real estate company within a span on five years became one of the largest property management companies in Dubbed. The visionary projects like the palm, the World, Dubbed land etc had given a lot of opportunities for investors to own their dream properties. The property alee in Dubbed doubled in every year and the construction industry boomed to record heights to compete with the top cities of the world. As the construction industry boomed so boomed every industry attached with it. This lead to a lot of workers from other countries being brought to Dubbed and building had to finished as quickly as possible.
The builders used to subcontract projects and these sub contractors used to sub contract again and the chain went one and many people made money just by sub contracting. Not Only was the employment in the construction industry booming but even in the other private sectors. As the western businesses fled to the Dubbed market job seekers from Asia and other parts of the world came to Dubbed. These new comers for jobs had to find place to stay and they brought their families along, hence there was great demand for properties. This increased the value of the properties. Thus, the real estate inflation began.
As the jobs were increasing and people were getting good salaries the dream of investments came into their minds hence the demand for loans were on the rise and the banks began offering loans. The inflation had slowly started to hit every part of the market and by now he cost Of living in Dubbed also was very high and at one point it was the fifth costliest city to live in the world, along with the opening up of stock exchange market in Dubbed. The common people also started investing in the property market by buying shares of Mar, Naked etc. This created a spontaneous cash flow in the property market.
This excess cash was used by companies like MR. to acquire properties outside AAU in other Arab and western countries. At this point Dubbed became over confident and thought that “the bubble cannot burst”. But in the western developed countries the real estate market was going to rust due to various reasons. The collapse of Leman Brothers was a shock to the world and it was followed by the crash of the global financial market. The value of the investments made by the local Dubbed companies in the western market crashed considerably and the cash flow Of the Dubbed property was sucked out.
By the end of last year most of the real estate investment companies in Dubbed faced terrible cash shortage. The confidence of the individual investors got affected. And people started to take back their investments. Local banks who landed heavily to this also got into cash heritage. As most constructions were also based on banking finance the Construction industry got affected and several projects were shelled. Due to which many employees were sacked. Statistics show that at least 1 0,000 families left Dubbed last year due to the crisis. People who were offered big salaries were asked to step down or take lower salaries.
Companies started to sack unwanted employees and the ones that were remaining had to work more efficiently. The HRS manager of all the companies had very tough time on deciding to choose the people they should have to let go. As many projects ere with held many construction workers had to work and their wages were not paid to them for months and the others who couldn’t wait for their wages had to leave. The tourism industry got affected adversely to people around the western countries lost jobs and the ones that had were holding on to tightly. Thus lead to expenses being cut down by every family.
Hence most of them canceled of their vacation plans which resulted in as a major blow to the tourism industry in the entire world. The banking sector that had given loans to many people was even more at risk. The people who lost jobs and owed banks money aniseed from the country. Many cases like this were seen they even left their vehicles at the airports and left. The values of most real estate properties feel to at least a minimum of 25% price loss. Hence people who bought properties were at great lose. My social perspective about the crisis it that the worst is over and Dubbed will recover soon.
I say so due to the following reasons, the economy of Dubbed is mostly based on its Oil revenues Dubbed is confident that this economic recession is not going to last very long. As the saying goes ‘tough times never last but tough people ad. The market is now currently recovering and the people who had survived the crisis are comfortable. The companies that had started business after the worst impacts of the crisis are doing fairly well now. The people have money and that they were holding on to it during the crisis and now it is slowly being injected into the market.
People who are currently in the market are the ones who skilled and professional as these are the only people that are surviving in the crisis. The Sheikh recently declared that it is always dark before the dawn and Dubbed has already got over the worst of the crisis and it will recover soon. And I strongly believe in his statement. Personal event Might and I were of the same age and started going to the school to school together till the 5th grade. It was in January 2000 Mastitis dad (my uncle) started working as a medical attach with the LILA embassy in London at Harley Street.
So Might and his mom started living in London with uncle. While I was doing my schooling here in Dubbed. But uncle invited me to spend the summer vacations in London with Might. Slowly our contact widened and we spoke less. During each vacation noticed each of us was developing different perceptions due to over schooling in different social environments. Might who grew up there started to blend to the London way of life losing his Arab identity. While I over here was comfortable as whom was here in Dubbed. He often said that it is difficult to blend in to the crowd without being like them.
I believe this belief system was injected into him by his peer groups. Because I am here studying with a varied crowd to while I didn’t have to portray myself to be any different to socialize. The first time I went to London was in my tenth grade. My social imagination portrayed London to be like heaven. A place of beautiful climate with awesome neat city and great life style this Was the image that had achieved from my conversations with my cousin. He used to always exaggerate that life over there was way better and tried to per sway me to come to London. Fortunately my parents did let me go.
The first time landed there I noticed the airport to be nothing likes that of Dubbed. My uncle picked me from the airport and took me to their house. In my first visit I only had the experiences of the wonderful and luxurious life of London. But in the second visit I had the opportunity to personally experience London. The people over there arena that social and polite. London is one city that eave seen in which people socialize very less in. I read ones in a London newspaper that if a person dies in an apartment nobody will know and the milk man will come to find it as his would be curious about his customer.
People are very independent. And they socialize very rarely. There is a lot of racism and it is very tough for people to mingle with people of other races and ethnicity. One day during my holidays my aunt requested me to buy her some groceries. I dressed up as used to dress up here in Dubbed in a Kandahar and I stepped out. In London people have the habit of using the public rainspout more than using a cab as it cost more. The weather was pleasant and hence I decided to walk to Careful. When was walking along the way I saw so many people staring at me and few Of them were murmuring to themselves that ‘he looks like a terrorist.
That same day I in the eve when was out a police man saw me in these clothes and asked me to show some id as he had doubts on me. Back here in Dubbed whoever I meet I first greet them ‘Slams mum Valuing’ no matter what his religion may be. But there I greeted one person he looked at me as if I offended him. Islam is the official language of the AJAX. And Christianity the language that people follow in the London but still the churches is mostly empty even on the Sundays. Here religion is a part of one’s life and it is our way of living.
Another incident happened this was the most rude of them all. I was using the train and wasn’t sure on which stop should get off on. So decided to get so help. The compartment had only few people there was a group of UK citizens on the train and thought they would have more knowledge on the locality so I thought of taking their help. When went up to them and approached for help they just ignored me completely. I was right in front of hem yet they acted as if I didn’t exist. Even though they were of the age group late ass they still ignored me this gave me a very bad feeling.
Another experience was with my cousin brother we were walking on this abandoned street and we saw this school kid being beaten up. By the time we went to his rescue he was beaten up and they ran away went asked him why he was beaten he said that I refused to give them his lunch and so they beat him up. Form most these experiences my image on London as a heavenly city was lost. Now I came to understand that why my brother transformed why he had to give away his local life style. If he were to do so it would have been very difficult for him to blend into the society without getting harassed or mistreated.
But there was this one awesome quality I found in the people of London. If the there was five counters for tickets the people would themselves arrange in one single line rather than five separate lines without any argument. These people are very organized. Most of them spent their money wisely and they never mingle with strangers. Mejia who had left I-JAW to come back to Dubbed as his family shifted back to Dubbed. Even though he had spent few years of his life in Dubbed he was experiencing culture shock when he reached here. To him everything was new the life style here was completely different from that of London.
It took him few months to get adjusted with the life style here. Once things days started moving on he became more comfortable. And he now likes life in Dubbed more than the one in London. He was shocked to see the number of people living in Dubbed. It has loads of people Of various nationalities living together in peace and harmony. Dubbed has sound police system that ensure the least crime hence Dubbed is able to tourism. Once I and my brother were on our way to international city and on he way we got lost. We reached the AH Quoi industrial area and had no idea where we were of too.
We stopped by a grocery store and went up to him and asked him for directions there were around four people in the grocery they all came up to us and was so kind to explains us the route. There was another experience that had I was driving on the Sheikh Gazed road and unfortunately my petrol got over. Was in the center lane of the road and my car broke down. Was literally scared got down and opened my bonnet and displayed the caution sign. Vehicles were zooming past me at speeds of 100 o 1 20 kilometers an hour. One man was kind enough to stop the vehicle and he took out some petrol he had as reserve and gave it to me that instance.
From that day on me and him have been in good contacts. And we became good friends. Another experience I had was with the Dubbed police due to my careless driving the police had caught me I tried talking to the police and he justifying myself right. Along with me few others were caught too. Out of this there was one Indian man who had a very bad day and was in a foul mood. The police told me that what I had done was wrong and there is no point talking to him he police said that if leave you know this man will think am lenient and if am giving him a fine then so shall you receive too.