Quote:
Originally Posted by Steve_A
Hi Northern Boy,
Dubai doesn't have any oil, it is built on a series of man made islands and is basically a millionaires' condo.
There are two main private businesses that are wanting these debts to be suspended for a few months.
Although this does not involve the local government as such, it does tend to bring the value of the properties down and this could lead to a domino effect on the other private construction companies out there and make the place less attractive for other millionaires to invest.
I imagine there will be more Mercedes left in the airport car parks soon. Once the dust settles, i could be a good start up place for a new strain of millionaire to buy up something 'cheap'.
Best regards,
Steve
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I can confirm the things said by Steve_A, they literally left all the unfinished buildings after the fall of 2008, thousands of workers from Sri Lanka, Pakistan, Philippines, were sent to home. The parking lot of the airport was full of abandoned cars, (but not Mercedes! Is not their like brand) because there is a law in the Emirate, that if you do not pay your debt, you will be jailed, so as people cannot pay their cars and apartments, trying to avoid jail, they flee away. This is a sad story, indeed, for persons who know how awesome is Dubai, (though personally I prefer Abu Dhabi, which is more quiet) What I believe, is that they were played and pushed into this by trickery. I hope that the oil revenue Emirate, that of Abu Dhabi will help out the commercial and tourism hub, that is Dubai - an unique city in the world.