Dubai recession will not affect Mangalore

Dubai recession will not affect Mangalore

Mangalore Today News Network

Mangalore, December 10: Market analysts and entrepreneurs are confident that the recession in Dubai will not affect the people of Mangalore.

Cashew exporters and florists report that their sales have not gone down because of the recession in Dubai. What’s more, the builders and developers of Mangalore are happy, especially after the government approved MUDA’s Comprehensive Development Plan (CDP) for the city, because they expect the Mangalore real estate industry to boom. 

Srinivas S Kamath, the president of the Kanara Chamber of Commerce and Industry (KCCI) said that, thanks to a very healthy GDP, the impact of the recession in Dubai on the economy of Mangalore will be less than 1 percent. An estimated 3.5 lakh people out of the 10 lakh employed in Dubai might lose their jobs. Since most of them are unskilled workers, the impact on the economy will be almost nil, he said. 

Captain Ganesh Karnik, the deputy chairman of the Karnataka NRI Forum, said that Mangalore will not have an economic collapse because of the crisis in Dubai, especially because the forum has submitted an appeal to the Embassy to re-employ the workers in other companies. He said that a similar thing happened after the Gulf War, but the people who lost their jobs because of the war simply found jobs once again in Kuwait. He even said that the state government will not have to chalk out rehabilitation plans for the jobless people of DK in Dubai.