Posted on 11/27/2009 7:06:06 PM PST by Orange1998
Published: February 11, 2009
DUBAI, United Arab Emirates — Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.
An abandoned car in a parking garage in Dubai. One report said 3,000 cars were sitting abandoned at the Dubai Airport.
Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.
“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”
With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.
The government says the real number is much lower. But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.
(Excerpt) Read more at nytimes.com ...
That's what the so-called Palestinians have been saying for decades.
This is actually not good news. UAE, along with Turkey, was one of the few prosperous Muslim countries that didn't have either a petrol or narco based economy. The ruler there (name escapes me), is fairly progressive as far as Muslims go. It would have been nice to actually have a country in that region that had an economy based on tourism, trade and retirement living. It's too bad that it appears it was a house built entirely of smoke and mirrors.
2 blocks from where I was leasing a townhouse.
LMAO
Hey, I'd much rather have the muzzies building big-ass buildings dripping with pomposity and hubris, than have them sink ever single dollar into weapons of mass destruction.
Sure, the entire country was built with what could be described as slave laborers or indentured servants, but they were also building a middle class as well.
Babel.
Was this an article about debtors prisons in the middle East or Dubai or just an article about the debt default? I couldn’t get the link to work.
Good point.
So, it’s get out of Dubai quick or get thrown into debtor’s prison.
And the NY Times story was written partly by someone in Dubai, but they’re not naming him because they don’t want HIM thrown in jail.
Nice. And this is supposed to be one of the more civilized Muslim countries.
Yeah...and you need an Exit Visa to leave.....
If you boss (owner) gives you back your passport.
I dunno about you but since everybody wants us to close down Gitmo maybe this would be a great place to build a new Detainee Prison. LOL
Lady who in their right mind would want to live there.
And still, not even a story about the mass slavery going on in that country. Look up “Slavery Dubai” on Google.
Wait till prices hit rock bottom, then pick stuff up-—cheap.
Do they have any coastal storms there?
What’s the elevation, 4 inches?
The man is a butt sorry actor.
I’m astounded that so many would go into debt without knowing the laws of the country. Crazy people!
Yah, but you wouldn't be in God's own country -- Dubai.
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