Due to the collapsing global economy, many expatriates in the United Arab Emirates are losing their jobs, but, in addition to losing those jobs, they're quickly losing the right to remain in the UAE. The United Arab Emirates cancels the visas of those who lose their jobs and give the unemployed a month to leave the country. With a population that is 90% foreign workers, those whose visas have been canceled are abandoning property and vehicles as they leave, fearing debtors prison or worse. The New York Times has the fascinating story.
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Comments
Indeed it is a fascinating story. Surreal. 90% foreigners, upside down real estate and 3,000 abandoned cars at the airport? With no visible means of support Dubai now looks like a giant Ponzi scheme.
The pace at which Dubai was developing was too good to last for any prolonged period of time. Even without the world recession – they would have run into problems as all ponzi schemes do.
Hi Matt,
I really enjoy getting your newsletter. However, please remember that ‘lose’ and ‘loose’ are not interchangeable spellings but rather two different words.
Ha Ddennis, I was about to say the same, loose/lose, drives me up the wall as much as ‘could of’ !!!