IslamicFinance.de

After years of strong economic growth, most of the economies of the six-member Gulf Cooperation Council (GCC) began to slow back in 2014. Major layoffs started soon after 2015, with major and minor employers shedding jobs. The cuts continued in 2016 and 2017, too. Most of those made redundant were non-natives and this has had an impact on the real estate sector. Dubai’s DAMAC announced this month that its second-quarter 2018 profits were down 46% year-on-year, while fellow developer Nakheel saw its profits dip 3.8% in the first six months of this year. Retail and tourism also felt the pinch, as the number of shoppers has dropped off. In Dubai there is a general fear in the emirate on speaking out about the economy, leading many to dub this the "silent crisis".