Dubai like other nations was definitely hit by the economic recession. But I would say the impact was much less and in fact Dubai has progressed well during the financial crisis.
The Dubai Metro is something all the residents are proud of. The sleek train moves without a sound and the train is always crowded. If there was a money crisis, would the train be running full at all hours?
The tallest man made tower “Burj Dubai” will be ready in approximately five weeks time. The famous “Dubai Mall”, one of the world’s biggest malls was opened to the public during recession.
Locals, expatriates and tourists are seen shopping in the malls and there does not seem to be any shortage of money. The cinema halls are crowded and the Dubai Metro is always full. Dubai is an attractive place in terms of money, jobs, malls, beaches and many other aspects. There is a tendency to view Dubai with a microscope and the slightest slip or stumble would be reported as a huge fall or disaster.
I have been residing in Dubai for a while now and I do not think that the common man was impacted by the recession or that Dubai was badly hit by the recession. The basic infrastructure is simply excellent and banks are pretty resilient. People are busy in their jobs and businesses and life is as normal as it could be.
Dubai is a very strong emirate and will overcome the small hiccups that come on the way without difficulty. Dubai as always is still the most sought after destination for jobs as well as shopping!