Over 16,350 people lost their jobs in Qatar and Saudi in the last few weeks.
In May 2017, Murray and Roberts from South Africa left from Middle East after building some of the most iconic projects in the Gulf.
In July 2017, Carillion UK left from Middle East before going bankrupt in 2018 in UK while thousands lost their jobs across Middle East over the last 2 years.
One of the largest contractors out of Abu Dhabi was Al Jaber who was owner of ALEC. ALEC and Al Jaber had debts in excess of AED 4.5bn. They could not pay.
If Dubai's Royal Family did not take over this company for an undisclosed amount (assume zero), it would have been the default of the decade!
Another major UK contractor quit from UAE and across the Gulf in 2017 after several decades and after being part of some of the most iconic projects in the Gulf especially in the UAE.
Last year, the Saudi company since 1978, owned by Lebanese President, Hariri, fell apart and over 50,000 employees lost their jobs in Saudi.
Almost all international contractors have quit from the UAE and Middle East so one wonders why are they doing so?
Majority of American and British oil companies have also left and have allowed oil concessions to be handed over to the Chinese.
Same is the case of majority of American and European banks, many have shrunk, several have shut and now some are shifting to Saudi or Qatar due to more business out there due to the carrot of Aramco IPO which will never happen.
If major banks, oil companies and contractors are leaving all of whom had thousands upon thousands of employees, it begs the question: Why are all of them leaving in the last half a decade when they came to the Middle East several decades ago?
Why now and why are all of them in a hurry to leave within a short few years?
The answer is simple, worse days in the Middle East are yet to come, Americans and Europeans are just preparing for major collapses and selling what they can and exiting with what they can get.
Good times in the Gulf have ended just like the price of oil refuses to go back up and has seen a continuous 6 week decline and a rapid 13 day decline.
As we said in our last post, this is all due to American policy to crush the Middle East.
Now the Economist confirms the same.
"That was the longest uninterrupted decline in over three decades. American crude futures have plunged by 20% from their recent peak."
Just like the major banks, contractors and western oil companies have done over the last few years, it's time to pack up and leave.
Else be ready to pay the price. A very heavy price for staying in the Gulf.
Like a Kuwaiti lawmaker very clearly stated in the Kuwait Parliament 3 weeks ago that all expats must be charged for the "air they breathe" and we concur.
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