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Dubai fearing another recession after the arrest of Indian terrorists

29, Aug 2013 By Sandeep Kadian

Dubai, UAE. The gulf emirate of Dubai fears another recession in the emirate after the arrests of several high profile Indian terrorists. Dubai had earlier faced a severe recession in 2008-2009 and was only just starting to recover.

This fear has arisen due to the arrest of quite a few Indian dons and terrorists this year, like Nikhil Shetty, Abdul Karim Tunda and Yasin Bhatkal. Death of Iqbal Mirchi has also reduced the number of investors in Dubai. Black money from India is a vital component of Dubai economy and if this source closes down then the emirate may face severe economic difficulties.

Dubai’s economy is dependent on many interesting and external factors

Speaking to Faking News, a local businessman, Ahmed Al Ansari said, “These are bad times, really bad times for our economy. First, your Finance Minister tells Indians to stop buying Gold. If they stop doing it completely then what will we do with all the Gold souks we have? Then, you increase the import duty for televisions. Every Indian returning to India used to take a TV with him, which will stop after this duty. Now, you want to cut off the source of funding for so many projects as well by arresting dons and terrorists? Not ok my friend.”

Not only locals but the Indian expatriates living in Dubai are also concerned with the developments. An Indian expat, Liju Thomas speaking to us said, “First Dawood bhai left Dubai and started investing more in Pakistan. Iqbal Mirchi bhai died and now, these other terrorists and dons are getting arrested, how will things work this way?”

“Dubai doesn’t have much oil either to fall back on, maybe they will have to borrow from Abu Dhabi again as they did in 2009. I hope they do else I will have to return to Kerala if jobs dry up here”, Liju added.

Many Indians like Liju are contemplating a return to India after they were rendered unemployed once match fixing and betting rings were broken by Indian police, and arrest of these terrorists is further reducing the employment opportunities for them in Dubai.

Meanwhile, a Ministry of External Affairs spokesman has tried to allay the fears of Dubai residents. He said “UAE is a good friend of India and we will ensure that our actions don’t end up harming the Dubai economy. In fact, we are planning to shift the capital of Kerala to Dubai to boost the development in the region.”

When we asked how Dubai can be the capital of Kerala, he said “When Seemandhra can have a capital outside its state borders then why Kerala can’t? Anyway, more Keralites live in Dubai than Emiratis, it will be perfect.”