Thursday, 7 January 2010

Dubai Downturn Sends Ripples Throughout Arab World - NYTimes.com

Mahmoud Tamimi's friends call it the ''Dubai syndrome'' -- the insatiable longing for a city he loves but was forced to leave. Back in Dubai, the 31-year-old had a good job, nice apartment and a $3,700 monthly salary, dozens of times what he'd ever made before.

Then, early last year, the Jordanian of Palestinian origin was laid off as Dubai's economy plunged. With his residency permit tied to his job, he couldn't stay. He now squeezes into a two-bedroom apartment with his wife, daughter and seven other family members in a poor neighborhood of Jordan's capital, vainly looking for work.

Dubai's downfall is not only hurting the city-state and the financiers who bet big on its promises.

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