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Trowers first to fall prey to Middle East downturn

Balanced? I have to say that such black and white articles like this are poor "sensationalist" journalism. Dubai is not "dead" - the international banking sector is struggling globally, not just in Dubai. The local banks are in decent shape (backed by the Central Bank) and vital infrastructure projects and other sectors in Dubai (and the UAE generally) still remain relatively strong, compared to other global centres. they will continue to grow as the market matures. Trowers laying off 7 people out of close to 100 in the region, no doubt partly due to a performance management process in tougher times, hardly suggests Dubai (or other areas of the Middle East) are crashing down. The whole world is affected at the moment but the fundamentals, which are much stronger than almost anywhere in the world apart from China, means Dubai and the wider Middle East will rapidly reap the benefits of the demise of the debt ridden UK and US. That is why so many law firms are here Luke....and with some proper reporting you would know that.

23-Feb-2009

10:18 am