Concern on inflation, not tourism
Until oil and gas can be traded in another currency, it would be wise for the UAE to remain having its currency linked to the US dollar (‘Rising cost of living means trouble for UAE’, Gulf News, June 20). The US dollar is still the most commonly traded currency, especially by tourists. Who are the major tourists? According to the article, Russians, Chinese, Indians and Koreans. Are any of these currencies stable? No, not for the short term or the long term.
So what are the alternatives? The euro? Although this may be a major global currency, this may also be a dying currency. At least if the UAE trades oil for dollars, it has dollars that are wanted by China, India, Korea, Japan and others in order to sell oil. This is good for trade.
The global economy has still not recovered from the 2008-2009 financial crisis and many people cannot afford holidays at all. But, with the wise vision of Dubai, travel – especially by air – continues to grow.
The only problem that the UAE has to face is to keep control of inflation. This is mostly for the benefit of the residents here and less focused on the competitive cost of exported goods. Many residents are struggling to keep pace with the spiralling costs, especially food, housing, services and education. And this, ultimately, will have an adverse affect on the economy. It’s more of a concern to keep the residents here to spend their money within the country than it is worrisome about the tourists who will still come as there are still plenty of wealthy people in the world.
From Mr David Woodward
UAE
Dependent on credit
The world has to unite against the US to stop printing cheap money! It is the only country that does not have collateral against currency being printed, yet they rule the world. The problem with the whole world is that everyone wants to live off credit and when the creditor asks for payment, you throw a fit and ask for more credit to bail yourself out!
The nations of the world swept the 2008 fiasco under the rug, but the bubble has to burst somehow. It’s not a question of the US dollar becoming stronger or the euro drowning. The scenario is far too complicated to blame two or three things. It’s far too devious and goes beyond the common man’s understanding.
From Mr Ajit Lamba
UAE
No economy is safe
The rising costs are indeed a matter of grave concern to the residents of the UAE. More inflation means less spending, which results in slowing down the economy. The primary driving factor for many expatriates to come to the UAE to work is that they can save some money, apart from the other incentives like good quality of life and a safe and secure environment. Therefore, if the savings dwindle for whatever reason, the expatriates tend to reassess the merits of their continuance.
For all expatriates, the weakening of the dollar means better exchange rates for their currency. To that extent, it is fine. But if that ‘small’ gain comes with a ‘big’ problem of higher cost of living here, then it is undesirable.
Tourism is a major contributor to the UAE’s economy. So, if because of the global recessionary trends, if the number of tourists visiting the UAE reduces or their purchasing power diminishes, then it is a matter of concern for the UAE as well. They may need to quickly think of alternative means of attracting tourists and enticing them to spend here.
The globalisation came with a lot of benefits and one serious drawback is that no economy is insulated in today’s world. The share markets tend to follow the other share markets than the fundamentals of their own country.
It makes one wonder whether the barter system of medieval ages was much more stable and reliable than today’s highly sensitive and wildly fluctuating financial markets!
From Mr Suhas Inamdar
UAE
Affordable housing will help
In the past, the flow of tourists was high in count and that boosted more revenue and people were spending money lavishly without checking the commodity price. Now, in my perception, there is a slight decline in that trend. One of the reasons is that most of the countries are selling foreign goods, which are the same to the ones available in the UAE.
Only those who are really interested to see a culture and place have not stopped and their flow is still there. Relatives of people who are employed are also coming. That will continue as long as they are here and employed. Rent increases every year and it is one of the major problems people find here. The prices of imported commodities are shooting up.
Some major supermarkets are still selling old stock items with the new arrivals and imported price. Customers cannot identify whether it is new or old. We not only find increase in rent and essential commodities, but also there is a sharp increase in utility bills. Many people are spending money on unwanted telephone calls, too. It will be good for the market if they utilise that money for the purchase. One solution is to build more affordable housing, which are enough for those who are in the middle income brackets. I do believe that it should be mandatory for every company to increase the salary of employees yearly. Salaries have been stagnant for years in many companies.
From Mr Thottikamath Balaraman
Dubai
Cheat and be cheated
This has become human nature nowadays to take shortcuts just to get anything done (‘Fake degree scam victim cries foul’, Gulf News, June 21). Obtaining a Masters or PhD degree is not that simple if you go by the right way. It takes a lot of time and effort. But, we are so lazy and don’t want to put the time in. This is why people are looking for some institutions online who are simply selling degrees. We should look at ourselves first before blaming those institutions, as we give them the opportunity to cheat us.
From Ms Noor Qadeem Khan
Abu Dhabi
Facebook comment
He’s not a victim
Please tell me that they are not expecting that the degrees they bought are legitimate? I don’t understand why he is considered a victim.
From Mr David Ojeda
Dubai
Facebook comment
Similar incident
This is very sad. I read this story and the same thing happened to me. Even I received my degree through courier services, but I told them that I want a clear stamp from the US embassy and in that case I would pay double. But, they were a fake establishment so they refused my request! I returned the degree through the courier.
From Mr Mohammad Mohsin
UAE
Facebook comment
Not acceptable
So hold on, he tried to fraud everyone with fake a degree, but got scammed? Oh dear! How could they do that to such an honourable man? What he did was unacceptable.
From Ms Mariia Manning
Dubai
Facebook comment
Happens to honest people
This is a much appreciated story to share. He has told his story to enlighten others and let it be a lesson for others. The audacity and scale of this fake company is mind boggling! They have been operating for many years with more than 5,000 employees! Imagine how many genuine people must have been duped by this fake certificate company. Every government should take serious measures to stop companies operating in their country and duping the innocent people globally!
From Mr Robin
UAE
Website comment
Losing hope
With regards to the fake degree scam, one of my friends fell prey and paid nearly Dh15,000 to get an online degree based upon his past experiences. When he wanted to study for a long duration and obtain the degree, he had been given this option saying it’s the latest way based on an individual’s experience. He received all the documents by a courier company in Dubai. He was even made to talk to a woman, who he was told was from the Ministry of Higher Education in Abu Dhabi. However, after receiving the documents, the so-called university chancellor had called him and demanded him to send more money for attestation, which he did. He received all these calls from a US number and the university website could be found online, until now, it appears. He was supposed to get the attested documents by February. However, so far no sign of documents and none of the university personnel can be contacted as their contact numbers are no longer in service.
From Mr A. M. Perera
UAE
Full name withheld on request
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