Friday 13th March 2009

The Times Online has published this article which describes how quickly riches can turn to rags in expat communities.

Dubai has been very badly hit by the credit crunch and over the last few months, cars have been abandoned, debts have been walked out on and people who cannot afford to live their anymore have returned home.

Default on payment is illegal in Dubai with something as simple as having a cheque bounce being cause for imprisonment.

Instead of facing a jail sentence, expats who have run up debt they can no longer afford are simply running away. How will these actions effect the economic situation in the Middle East? Only time will tell.

Read the full article: http://business.timesonline.co.uk/tol/business/markets/the_gulf/article5663618.ece

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