Look on the bright side, is the word from Dubai Government as the UAE prepares to weather the global economic downturn.
In an announcement yesterday, Major General Mohammad Ahmad Al Merri, Director-General of the Dubai Naturalisation and Residency Department (DNRD) told a gathering of foreign businessmen that the rumour that Dubai is collapsing is just that.
"Those who keep searching for the dark spots and walk in darkness will stumble and fall one day." said Al Merri. "What I can say at this moment is that the DNRD has cancelled the residency visas of about 44,000 people during February and issued more than 66,000 residency visas in the same month.
The same rate in the past months suggests that people coming to stay in Dubai outnumber those who are leaving the country by 50 per cent. He also said the government is reviewing its policy regarding the 30-day grace period granted for residents whose work contracts are terminated before they have to leave the country.
"The objective of the revision is to extend the 30-day period for people who have lost their jobs for reasons beyond their control in order to allow them extra time to look for work assignments with other companies, but no decision has been formed yet," Al Merri concluded.