The United Arab Emirates are among the richest countries in the Middle East thanks to their oil reserves, their diversified economy and a particularly strong tourism sector. Despite the recent financial crisis and the drop in oil prices, the economy remains stable.

However, similarly to most modern countries, the UAE have their share of problems. They face common challenges such as a high cost of living, but also unusual problems, one of which is the high number of abandoned luxury cars. Why would one abandon a good looking sports car?

ACCORDING TO THE BBC, A $1 MILLION FERRARI ENZO WAS ABANDONED IN THE DUBAI AIRPORT PARKING LOT.

WHAT IS THE REASON FOR SUCH A WASTE? THE ANSWER IS QUITE SURPRISING: BAD DEBT.

Many laws in the United Arab Emirates are based on Sharia law. In Dubai, people who default on their debt can face a prison sentence.

And similarly, bouncing a cheque or not paying a bill can result in imprisonment or a fine. Non-residents who are convicted will stay in jail until the debt is either paid or waived.

This means that all these luxury cars full of dust were abandoned because their owners preferred to flee the country rather than to go to prison.

HOW DID THEY GET TO THIS POINT?

Many people purchased luxury cars through excessive borrowing and they were not able to pay their debts during the financial crisis.

AFTER SIX MONTHS, THE VEHICLES ARE AUCTIONED FOR SIGNIFICANTLY LESS THAN THEIR REAL VALUE.

Some people save a significant amount of money by purchasing luxurious cars at a pretty competitive price.

THIS TREND WILL SIMPLY NOT GO AWAY. ON AVERAGE, THE DUBAI POLICE FORCE DISCOVERED APPROXIMATELY 3000 ABANDONED CARS LAST YEAR.

Naija folks, are you thinking what I am thinking?

Source: AfriZap
More pics...http://www.sobolation.com/?p=14279

Before u think reach there, I don already dey wait for u..

more pics

Unlike Nigeria, riches in most developed countries are not measured by expensive cars simply because they are bought on credit.

Infact, very rich white folks in where I reside drive trashy cars. Na only us Wey dey manage dey wan show ourselves.

The other side of the story is that some of those abandoned cars where bought by tourists and it would cost a fortune to ship such exotic cars into their home country after the vacation, (and also concerns about tax issues) so it wiser to abandon it and take the sub back home.

Car dealer on Nl how we go do am now,any way to bring them to Nigeria? Car dealer on Nl how we go do am now,any way to bring them to Nigeria?: don't like seeing cars like that gather dust

ITbomb:
The other side of the story is that some of those abandoned cars where bought by tourists and it would cost a fortune to ship such exotic cars into their home country after the vacation, (and also concerns about tax issues) so it wiser to abandon it and take the sub back home.

For reals? Are cars that cheap in Dubai? What sort of fortune could it cost to bring the car to their countries? Could it cost more than the car itself? Just curious...