otokx:

Is this not the same dubai that SOLUDO said he wanted to emulate?

I wonder whats the revenue allocation set-up in UAE, and why their fellow kwantrymen like Sharjar and [b]Abu-Dhab[/b]i no fit bail them out.

Absolute capitalism has reached its natural end and the real state of equilibrium is applying now.

SEFAGO:

absolute capitalism will never end mate. It will come back booming in 20 years, people have short memories, and hard lessons are easily forgotten in a day

MrCrackles:

Dubai is a mess i swear. . .
The company i work for recently announced we had to write off about 50million pounds worth of debt owed for services delivered by our Dubai offices!
Public sector services mainly, highways and utilities mainly
There has also been staff redundancies in our offices outhere as a result. . .
It is real crazy!

For many expatriate workers in Dubai it was the ultimate symbol of their tax-free wealth: a luxurious car that few could have afforded on the money they earned at home.

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.

Some had used-to-the-limit credit cards in the glove box. Others had notes of apology attached to the windscreen.

“Every day we find more and more cars,” said one senior airport security official, who did not want to be named. “Christmas was the worst – we found more than two dozen on a single day.”

When the market collapsed and the emirate’s once-booming economy started to slow down, many expatriates were left owning several homes and unable to pay the mortgages without credit.

“There were a lot of people living the high life, investing in real estate and a lifestyle they couldn’t afford,” one senior banker said.

Under Sharia, which prevails in Dubai, the punishment for defaulting on a debt is severe. Bouncing a check, for example, is punishable with jail. Those who flee the emirate are known as skips.

The abandoned cars underscore a worrying trend. Five years ago the Emir, Sheikh Mohammed bin Rashid Al Maktoum, embarked on an ambitious plan to transform Dubai into a hub for business and tourism. A building boom fuelled double-digit growth, with thousands of Westerners arriving every day, eager to cash in on the emirate’s promise of easy living and wealth.

Many Westerners invested in Dubai’s skyrocketing real estate market, buying and reselling homes before building was even complete. But, as the recession took effect, property and financial companies made thousands of workers redundant and banks tightened lending. Construction companies have delayed or cancelled projects and tourism is slowing.

There are increasing signs that the foreigners who once flocked to Dubai are leaving. “There is no way of tracking actual numbers, but the anecdotal evidence is overwhelming. Dubai is emptying out,” said a Western diplomat.

International schools are having to be flexible on fees as expatriate parents run out of cash. Louise, a single mother from Britain, said that her son’s school had allowed her to pay a partial fee until she found a new job after her redundancy in December. “According to the headmaster, a lot of people had come into the school saying they had lost their jobs so the school was trying to be a bit more flexible,” she said.

Most of the emirate’s banks are not affiliated with British financial institutions, so those who flee do not have to worry about creditors. Their abandoned cars are eventually sold off by the banks at weekly auctions. Those recently advertised include BMWs, Porsches and Mercedes.

Simon Goldsmith, a spokesman for the British Embassy in Dubai, said that that there were approximately 100,000 Britons living in Dubai last year. However, the embassy has no way of tracking how many have fled back to the UK. “We’ve heard stories, but when somebody makes that kind of decision, they generally keep it to themselves,” he said.

Police have issued warrants against owners of the deserted cars. Those who return risk arrest at the airport.

Heading home

3.62 million expatriates in Dubai

864,000 nationals

8% population decline predicted this year, as expatriates leave

1,500 visas cancelled every day in Dubai

62% of homes occupied by expatriates 60% fall in property values predicted

50% slump in the price of luxury apartments on Palm Jumeirah

25% reduction in luxury spending among UAE expatriates

redsun:

What we use to know as booming economy is changing,it's no more about ostentatious,opulence and unnecessary greed and acquisition but about redistribution and spreading out of wealth,resources and knowhow to meet the needs of suffering majority of the world population.

Absolute capitalism has reached its natural end and the real state of equilibrium is applying now.

SEFAGO:

Infact Abu Dhabi recently bailed out four of the major government owned companies by giving them 20 billion dollars with no strings attached (supposedly)

redsun:

You must be joking,you must be out of sight of what is going on.You think anything is going to change in the west?it is going to get worst,people will have learn to curtail their excesses and live minimal.The time of psychoanalytic economy is gone,this is the time of realistic economy,where people will have to learn to be content with necessities not being fooled into wanting what they don't need just to make the rich richer and leave the consumers in an unending vicious circle of debt and agony at the expense of the depleting natural resources.We don't need to be taught these things,it is instinctive,it is glaring.It is a road to nowhere.

The only glaring change will be in the developing world,where people will begin to meet up their basic needs through basic industrial and agricultural developments.

9jaganja:

You really are good at imagining things. was your post above analysis or assumption? World's economy is too wide for just one person to analyze it in the manner you just did and that of course is if you think your post above is an analysis. I pray developing nations rise high above but such sentiments doesn't solve anything.

Is this not the same dubai that SOLUDO said he wanted to emulate?

A lesson for Nigeria: Foreign Investor(opportunist) will run away as they already did when Capital Market Collapsed

redsun:

Analysis,sentiments,assumptions are all english words named by english man,i see beyond that.Most of you constantly live in a subjective world but i live in a dynamic world that is constantly on the move,every second is different.

Emi-Ghana:

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