While the media in Dubai (and UAE) follows strict protocol of not revealing information that might harm the reputation of “glowing economy” of UAE, some bits and pieces of “real” news slip out of the net.
Khaleej Times referred to a recent incidents where scores of expats dumped their vehicles in Dubai and flew back home to escape from credit card, bank loans and other financial liabilities, in the wake of recent job cuts in Dubai.
It is also reported that Sharjah Police has beefed up security, especially in labour camps, to prevent crimes that could take place as a result of current and expected job losses.
Moreover, the names of people who owe money to the banks are listed in the system and they wouldn’t be able to leave the country until they settle their debts. Their names will remain in the system until the banks request removal of their names from the blacklist. In order to tackle such issues, police patrols have been increased and undercover policemen have been deployed.
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ya me too
What happens too the dumped cars I want too buy one
Any ideas
Thanks for the pointers.
Dubai is going to be in deep trouble unless the government starts thinking on its feet. There has to be strict fiscal controls along with relaxed terms for the expats. It was the banks who presuaded individuals for easy-money and now makin hell out of their lives.
There are turbulent times ahead so speculation should be curbed and facts should be accumulated and shared with public.
It’s difficult to filter out the facts from the noise in press reports, and coffee shop conversations. It’s clear that the growth in Dubai has come to a grinding halt, but what happens from here is not easy to predict. A couple of discussions relevant to your blog post are here 🙂