"Taxi drivers complain their customers are gone. State-run companies, which drive much of the local economy, have slashed jobs and pared back expansion plans. Work on some construction sites has stopped altogether. “Dubai has done a good job of diversifying its economy away from oil. The problem is it's diversified into highly cyclical sectors, like real estate, tourism, financial services and trade. All of these sectors are now being impacted by the global economic crisis,” Mr. Cooper
said."