UAE expats doing a runner due to debts.

tomstickland

http://business.timesonline.co.uk/tol/business/markets/the_gulf/article5663618.ece

Now, faced with crippling debts as a result of their high living and Dubai’s fading fortunes, many expatriates are abandoning their cars at the airport and fleeing home rather than risk jail for defaulting on loans.
Police have found more than 3,000 cars outside Dubai’s international airport in recent months. Most of the cars – four-wheel drives, saloons and “a few” Mercedes – had keys left in the ignition.

See signature for details.

baileysbattlebus

Life's hard.............

Zagu

I think it'll be interesting to see what happens in Dubai in the next couple of years. Piers Morgan had a programme about it last week, and he claimed that you could buy a house on their 'palm' for £700k in 2001, and they are now selling, or 'asking' probably, for £15.5m.

silvercar

Most of the cars – four-wheel drives, saloons and “a few” Mercedes – had keys left in the ignition.

I'm sure the indigenous population can find a use for them.

globalds

Some very rich people are going to end up losing a shed load in Dubai.
I can't think of who will want to live their long term.
Maybe it will end up full of Gulf Arabs who want a pad that they can skip off to for a weekends decadence.It has been harder for the more traditionally dressed Arabs to holiday in Europe and the west in recent times ,so this could end up being the perfect little honeymoon or family holiday spot.
I can't see it becoming a financial capital ,No manufacturing or R&D .
Tourism or retirement that seems all, and I personally could think of far more enjoyable places to spend my twilight years.

zedyy

Does Dubai have an extradition treaty with the UK?

chivers1977

found out today our friend has lost his job in dubai in construction. Has more debt than redundancy and house here is let out. they won't be allowed to leave the country apparently

silvercar

chivers1977 wrote: »

found out today our friend has lost his job in dubai in construction. Has more debt than redundancy and house here is let out. they won't be allowed to leave the country apparently

Why does he have more debt than redundancy? Unless he started with an even bigger debt. Isn't the whole point of working in these sort of places to earn mega dosh, nothing to spend it on, bring home lots of £££££ ?

"House here is let", so he rents himself until he can give tenant notice.

"Won't be allowed to leave the country." British passport? British Embassy in Dubai? Should be sorted.

blakester

silvercar wrote: »

Why does he have more debt than redundancy? Unless he started with an even bigger debt. Isn't the whole point of working in these sort of places to earn mega dosh, nothing to spend it on, bring home lots of £££££ ?

"House here is let", so he rents himself until he can give tenant notice.

"Won't be allowed to leave the country." British passport? British Embassy in Dubai? Should be sorted.

Having read the link added by the OP, it mentions in there about Sharia (law?) and how bouncing a cheque could lead to jail. Would these expats be barred from leaving the country under this law? If the authorities had some way of knowing that the person mentioned had more debt than redundancy, could they demand he stay until one balances t'other?

silvercar

blakester wrote: »

Having read the link added by the OP, it mentions in there about Sharia (law?) and how bouncing a cheque could lead to jail. Would these expats be barred from leaving the country under this law? If the authorities had some way of knowing that the person mentioned had more debt than redundancy, could they demand he stay until one balances t'other?

Without employment, how is one going to balance the other?

If it is debt incurred in Dubai, what the hell has he been doing with his money?

olly300

silvercar wrote: »

Without employment, how is one going to balance the other?

If it is debt incurred in Dubai, what the hell has he been doing with his money?

:think: Gambling? Shopping?