Many construction projects have stopped and the workers are sent back. Price of real estate has dropped by 40% to 60%. Many investors have lost money. The projects under development have been shelved.
Hotel occupancy is down to 50% on most days (except where there is a major exhibition organised in Dubai. Although this is the peak season, the hotel rates reflect the off-peak season (about half of the peak season rate).
On my way to Dubai, I observed that Changi Airport is rather quiet and the SIA plane is half full. The stewardess said, "economy slow".
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