Interesting article. Thank you for posting it.
The article made mention of a financial crash in 2012. Was it one that was localized to the Gulf area because I don’t remember one here.
What were these expats doing in the UAE? Was it banking, shipping, oil, etc?
I also wonder what recourse the banks have for getting the expats to repay their loans.
Dubai has debtors prison. When the market crashed, a lot of these guys left their Ferraris in the airport parking lot and got the hell outta town.