Debt crisis may affect 'mini-Dubai' in State

Debt crisis may affect  'mini-Dubai' in State

A majority of the people, especially belonging to the Nawayat Muslim community, in Bhatkal are employed in health, construction and various other sectors in Dubai. More than 5,000 people from Bhatkal alone are working in the gulf countries. Workers in Bhatkal would even pledge their gold jewellery to go to their dream destination - Dubai, to get lucrative job.

Besides, they would invest their earnings back in Bhatkal. Consequently, for the past several decades, there was steady increase in land price, change in lifestyle of members of all communities in the communally sensitive Bhaktal which sports luxury residences and posh buildings like Dubai.  

Co-operative banks in Bhatkal mostly are dependent on money deposited by remittances from Dubai. Thousands of employees in these banks will be in the lurch due to the economic crisis in Dubai World. Several education institutions, run by Muslims here are funded by the non-resident Indians of Dubai. Altaf Haji Phakki, who worked at a government hospital in Dubai for years, said, “Those who have gone ten years ago would be rich. But those who have gone there recently, pledging their valuables, may face the heat.” The workers in real estate, construction industries and other companies have already been bailed out.

Many of them who have come back to celebrate Bakrid, would be forced to stay back in Bhatkal, regretted Abdul Rakhib, who was employed in a money exchange firm at Abu Dhabi till recently.

Liked the story?

  • 0

  • 0

  • 0

  • 0

  • 0