UBS says workers will flee the emirate as construction jobs fall 20% this year and 10% the next

A stalling economy is expected to see the number of people living in Dubai drop by 10% over the next two years.

Swiss bank UBS said that declining construction activity as a result of falling property demand and problems with financing major new commercial schemes could cause the number of residents in the emirate to drop by 8% this year and a further 2% next year.


Dubai Construction workers
Credit:
Construction workers in Dubai in happier times

Around half of Dubai's 1.5 million residents are estimated to be employed in construction and property. Expats account for up to 90% of the Gulf state's population.

UBS also said that the number of construction jobs in Dubai will fall 20% this year and 10% next year.

It added: 鈥淎necdotal evidence suggest 30-40% of new infrastructure launches in UAE have either been delayed or cancelled, with strict project and resource rationalisation under way.鈥�

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