Dubai's going bust, big time. Remember how all the Westerners flocked to its high-paying jobs and dirt cheap luxury living? Hell, even I considered moving halfway around the world for that instant upgrade.
Well, now there are massive layoffs, which means foreigners lose their work visas. Which means they must leave the country within one month.
BUT - they have cars, mortgages. And they can't sell. So the story is that thousands of cars are just sitting in the Dubai airport lot, abandoned with maxed out credit cards inside. And what about the condos? Well, not paying your debt, aka mortgage, can land you in p-r-i-s-o-n.
AND - Dubai's a shroud of secrecy, and considering enacting a law that makes damaging its reputation or economy punishable by a fine of up to $272K - not exactly inspiration for fair & balanced reporting about what's really happening on the ground.
So, for today at least, let's breathe a collective sigh that things could be a whole lot worse.
Read the full article.
Posts
No comments:
Post a Comment