Laid-Off Foreigners Flee as Dubai Spirals Down

[Purveyor]

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.

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.

MORE...

NYTIMES: http://www.nytimes.com/2009/02/12/world/middleeast/12dubai.html?_r=1&hp

[begin_within]

1. so they won't finish the world's tallest building?

[Hello_Kitty]

2. Debtor's prison. Always a capital idea. eom

[roguevalley]

7. she better run now then. fast.

[rpannier]

9. Better not say it too loud

The republikkans will want to attach it to the stimulus bill

[Blaze Diem]

11. Oh Great. Now we have to bailout Dubai also.

Just effing great.

[aquart]

3. The monument to greed crumbles? Pity.

[Bolo Boffin]

4. you ain't kidding.

The place is more American than America in that way.

[Hello_Kitty]

12. Yeah, but the poor people who are stuck there facing debtor's prison don't deserve it. eom

[sasquatch]

5. Idiots, that's what happens when you look for economic prospects in places like Dubai

[boomerbust]

6. These people

Almost took control of our ports, remember?

[Urban Prairie]

13. Yeah, the US may have dodged a bullet back then

"Brushing aside objections from Republicans and Democrats alike, President Bush endorsed the takeover of shipping operations at six major U.S. seaports by a state-owned business in the United Arab Emirates. He pledged to veto any bill Congress might approve to block the agreement"

http://www.msnbc.msn.com/id/11474440/

King Midas, Chimpy was not.

[MADem]

Cursed double click...!

[MADem]

8. Hmmm.

“Before, so many of us were living a good life here,” Mr. Thiab said. “Now we cannot pay our loans. We are all just sleeping, smoking, drinking coffee and having headaches because of the situation.”

Join the club...!

[anonymous171]

10. Dubai is/was a Capitalist Dystopia. I'm glad it's crashing down. nt

[Diclotican]

14. Purveyor

Purveyor

A higher you build your dream, you faster you hit the ground... And it looks like in Dubai, they have build the dream BIG... And therefore,when the economy is going in the crapper - like it have been doing for the last couple of year if you have followed some of the news, then you might have understand that you don't lend yourself 300.000 dollar home and now can't pay all the bills...

Sorry to say it, but I do not at all feel sorry for this person.. If you wont to travel, work and live in a country, where you know you can be put into debt prison, if you do not pay your bills, then you "Might" had home then?. Dubai is nothing more than a mirage in the dessert.. A big mirage, a pretty one, but still a mirage. And if this is true that more then 3000 cars are sitting abandoned in the parking lot at Dubai Airport - abandoned by many who have not seeing any other way out of the problem. Then they who are behind might se them self in some really big problems.. The Government of Dubai, can if everything goes really bad close down the airport, and arrest everyone who have a home in Dubai... It will say the same as a run for everyone who is smart enough to manage to get out. And for the rest, to face the music.. Off course the people with the right connection would always survive but for the rest... I would not have a address in Dubai..

Diclotican

Sorry my bad english, not my native language.