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Laid-Off Foreigners Flee as Dubai Spirals Down
http://www.nytimes.com/2009/02/12/world/middleeast/12dubai.html?_r=1 ^

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 ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; News/Current Events
KEYWORDS: dubai; globaleconomy; layoffs; sourcetitlenoturl
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To: Mad_Tom_Rackham
"Can’t their “brothers” in Saudi Arabia spare a dime?"

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.

21 posted on 11/27/2009 7:33:35 PM PST by OldDeckHand (Obamacare - So bad, even Joe Lieberman isn't going to vote for it.)
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To: lmr

22 posted on 11/27/2009 7:35:12 PM PST by Liberty Valance (Keep a simple manner for a happy life :o)
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To: Huskrrrr
I remember when he sold his house in Las Vegas.

2 blocks from where I was leasing a townhouse.

LMAO

23 posted on 11/27/2009 7:35:32 PM PST by shadowcat
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To: lmr
"I can't help but feel some schadenfreude... "

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.

24 posted on 11/27/2009 7:36:23 PM PST by OldDeckHand (Obamacare - So bad, even Joe Lieberman isn't going to vote for it.)
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To: lmr

Babel.


25 posted on 11/27/2009 7:36:47 PM PST by Westlander (Unleash the Neutron Bomb)
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To: Orange1998
Sounds like a place ripe for Muslim Radicals to move in. Ask all these infidels to return to Mecca and strap on the virgin belts.
26 posted on 11/27/2009 7:41:13 PM PST by BallyBill (Serial Hit-N-Run poster)
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To: JDoutrider

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.


27 posted on 11/27/2009 7:43:29 PM PST by garyhope (It's World War IV, right here, right now, courtesy of Islam.)
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To: Psalm 144

Good point.


28 posted on 11/27/2009 7:44:12 PM PST by garyhope (It's World War IV, right here, right now, courtesy of Islam.)
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To: Orange1998

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.


29 posted on 11/27/2009 7:45:51 PM PST by Cicero (Marcus Tullius)
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To: Frantzie
"But if you get into debt in a Muslim country you go to jail?"

Yeah...and you need an Exit Visa to leave.....

If you boss (owner) gives you back your passport.

30 posted on 11/27/2009 7:46:43 PM PST by spokeshave (Albore can uninvent the internet about as well as 0bama can unjump the shark)
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To: Orange1998

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


31 posted on 11/27/2009 7:50:40 PM PST by R_Kangel (`.`)
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To: Orange1998

Lady who in their right mind would want to live there.


32 posted on 11/27/2009 7:53:38 PM PST by org.whodat
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To: Orange1998
http://www.freerepublic.com/focus/f-news/2184212/posts
33 posted on 11/27/2009 7:53:50 PM PST by wideminded
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To: Orange1998

And still, not even a story about the mass slavery going on in that country. Look up “Slavery Dubai” on Google.


34 posted on 11/27/2009 7:54:00 PM PST by BobL (Real Men don't use Tag Lines)
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To: Orange1998

Wait till prices hit rock bottom, then pick stuff up-—cheap.


35 posted on 11/27/2009 7:54:20 PM PST by rbg81 (DRAIN THE SWAMP!!)
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To: libh8er

Do they have any coastal storms there?

What’s the elevation, 4 inches?


36 posted on 11/27/2009 7:54:43 PM PST by headstamp 2
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To: lmr
Come to think of it if we sent all of our illegals there they could help fill up all of those empty half built buildings.
37 posted on 11/27/2009 7:55:37 PM PST by org.whodat
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To: Huskrrrr
Reminds me a little of Nicolas Cage’s excessive spending like there is no tomorrow.

The man is a butt sorry actor.

38 posted on 11/27/2009 7:57:36 PM PST by org.whodat
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To: Orange1998

I’m astounded that so many would go into debt without knowing the laws of the country. Crazy people!


39 posted on 11/27/2009 8:00:07 PM PST by chris_bdba
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To: Viking2002
An apartment for $300,000 with a 15-year mortgage? I'd have 20 prime mountain acres with a trout stream and a 3BR log chalet you wouldn't believe..............!

Yah, but you wouldn't be in God's own country -- Dubai.

40 posted on 11/27/2009 8:04:19 PM PST by sionnsar (IranAzadi|5yst3m 0wn3d-it's N0t Y0ur5:SONY|Remember Neda Agha-Soltan|TV--it's NOT news you can trust)
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