DUBAI (& Emaar) fail miserably on investor confidence
NO, and here's why...
INVESTOR CONFIDENCE IN DUBAI PLUMMETTED FOR LACK OF TRUST. Dubai failed investor expectations with regard to trust. When you can't place trust the largest, most reputable developer to perform according to the contract that you signed, when your questions are repeatedly ignored by customer service representatives, when no banking institution is willing to back up your investment, when there is no legal recourse to enforce the conditions of the contract, and when no government entity willing to step up and do the right thing, then trust quickly erodes. Hard to believe, but its true. Regardless of the traffic, the smog of the city, the polluted waterfront, its quirky customs, its ever-changing stream of self-serving laws, its shallow legal system, misinformation by the media, exploitation of human lives (slavery),could you at least expect better from its development sector? As mature investors, we can deal with an investment gone sour -- that's inherent in the risk we take, and that's a healthy (and fun) part of investment. But when trust is violated, that's a biggie. Trust is a basic underlying assumption of today's investments -- to expect a high standard of trust in the honesty and integrity of the institutions involved in the process. And Dubai failed miserably on that count. I have to say, however, that I met many honest, kind, and good-hearted people while I was there (living in fear of losing their jobs if they said anything),so its too bad that the lack of integrity of the system has to ruin the reputation for the rest of the people in the country.