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02-23-2009, 04:40 AM
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#1 | | y'all better put some respeck on my name
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| Driven out by debt: Over 3,000 abandoned cars found at Dubai airport
The good times are over.... Quote:
February 5, 2009
Driven down by debt, Dubai expats give new meaning to long-stay car park
Police have found more than 3,000 cars outside Dubai's international airport in recent months
For many expatriate workers in Dubai it was the ultimate symbol of their tax-free wealth: a luxurious car that few could have afforded on the money they earned at home.
Now, faced with crippling debts as a result of their high living and Dubai’s fading fortunes, many expatriates are abandoning their cars at the airport and fleeing home rather than risk jail for defaulting on loans.
Police have found more than 3,000 cars outside Dubai’s international airport in recent months. Most of the cars – four-wheel drives, saloons and “a few” Mercedes – had keys left in the ignition.
Some had used-to-the-limit credit cards in the glove box. Others had notes of apology attached to the windscreen.
“Every day we find more and more cars,” said one senior airport security official, who did not want to be named. “Christmas was the worst – we found more than two dozen on a single day.”
When the market collapsed and the emirate’s once-booming economy started to slow down, many expatriates were left owning several homes and unable to pay the mortgages without credit.
“There were a lot of people living the high life, investing in real estate and a lifestyle they couldn’t afford,” one senior banker said.
Under Sharia, which prevails in Dubai, the punishment for defaulting on a debt is severe. Bouncing a check, for example, is punishable with jail. Those who flee the emirate are known as skips.
The abandoned cars underscore a worrying trend. Five years ago the Emir, Sheikh Mohammed bin Rashid Al Maktoum, embarked on an ambitious plan to transform Dubai into a hub for business and tourism. A building boom fuelled double-digit growth, with thousands of Westerners arriving every day, eager to cash in on the emirate’s promise of easy living and wealth.
Many Westerners invested in Dubai’s skyrocketing real estate market, buying and reselling homes before building was even complete. But, as the recession took effect, property and financial companies made thousands of workers redundant and banks tightened lending. Construction companies have delayed or cancelled projects and tourism is slowing.
There are increasing signs that the foreigners who once flocked to Dubai are leaving. “There is no way of tracking actual numbers, but the anecdotal evidence is overwhelming. Dubai is emptying out,” said a Western diplomat.
International schools are having to be flexible on fees as expatriate parents run out of cash. Louise, a single mother from Britain, said that her son’s school had allowed her to pay a partial fee until she found a new job after her redundancy in December.
“According to the headmaster, a lot of people had come into the school saying they had lost their jobs so the school was trying to be a bit more flexible,” she said.
Most of the emirate’s banks are not affiliated with British financial institutions, so those who flee do not have to worry about creditors. Their abandoned cars are eventually sold off by the banks at weekly auctions. Those recently advertised include BMWs, Porsches and Mercedes.
Simon Goldsmith, a spokesman for the British Embassy in Dubai, said that that there were approximately 100,000 Britons living in Dubai last year. However, the embassy has no way of tracking how many have fled back to the UK. “We’ve heard stories, but when somebody makes that kind of decision, they generally keep it to themselves,” he said.
Police have issued warrants against owners of the deserted cars. Those who return risk arrest at the airport.
Heading home
3.62 million expatriates in Dubai
864,000 nationals
8% population decline predicted this year, as expatriates leave
1,500 visas cancelled every day in Dubai
62% of homes occupied by expatriates 60% fall in property values predicted
50% slump in the price of luxury apartments on Palm Jumeirah
25% reduction in luxury spending among UAE expatriates
Sources: arabbusiness.com ; Times database
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02-23-2009, 05:03 AM
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#2 | | 2010 RS Top Food Critic Winner
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When things in Dubai go bad.. you know it's bad.
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02-23-2009, 05:48 AM
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#3 | | I WANT MY 10 YEARS BACK FROM RS.net!
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| Quote:
Most of the cars – four-wheel drives, saloons and “a few” Mercedes – had keys left in the ignition.
| NO SHIT...I am packing up, free rental cars or maybe I can do dubai 360 drifting with these cars
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02-23-2009, 08:25 AM
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#4 | | RS Veteran
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Hey, sounds like...Vancouver! 
__________________ Quote:
Originally Posted by BIC_BAWS  I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | | 
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02-23-2009, 08:57 AM
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#5 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Mar 2004 Location: Richmond
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we have house walk-outs they have car drop-offs.
nice.
__________________ ⇐ If I bothered replying, that's the face I made while I typed.
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02-23-2009, 10:48 AM
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#6 | | RS.net, where our google ads make absolutely no sense!
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My company WAS working on a bunch of luxury condos on islands 6 months ago, and then all of the sudden, they stopped work. Well, now I know why.
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02-23-2009, 01:30 PM
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#7 | | I contribute to threads in the offtopic forum
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saw this comming..... but damn, that sucks for them, such a beautiful city too.
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Originally Posted by strykn Comparing A&B with deadmau5? Really? I should fucking slap you | 2007 Acura TL 2005 Acura TL....RIP 2003 Honda Accord Coupe V6....RIP | |
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02-23-2009, 02:46 PM
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#8 | | Banned By Establishment
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they also maxed out their credit cards, and the cars arn't some highend cars, its ford focus's, civics etc.... it's mostly cheap labour that they (dubai nationals) exploited, and have fled back to india, pakistan etc...
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02-23-2009, 02:50 PM
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#9 | | Rider
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Wow that must suck...  | |
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02-23-2009, 04:11 PM
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#10 | | I answer every Emotion with an emoticon
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lol, i guess wut goes up must come down eventually. It's good in a way that it sends home the message that ppl should live within their means. Not everyone can afford a flashy lifestyle.
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02-23-2009, 04:24 PM
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#11 | | The RS Freebie guru
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So... you can just go to the airport parking lot, look for a car with keys in the ignition and drive it away, and no one will be the wiser for weeks or even months?
Obviously the owner won't be reporting it stolen, since they fled the country already... and while the banks or whatever are trying to track the person down, they wouldn't know where the car is... and it'll probably be weeks before they know that the car is even missing or stolen.  | |
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02-23-2009, 04:33 PM
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#12 | | Banned (ABWS)
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time to drive away a mercedes..
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02-23-2009, 04:48 PM
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#13 | | Corny FTW!! MOD
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| Quote:
Originally Posted by orange7 time to drive away a mercedes.. | Yeah if you get caught they'll probably cut off your testicle. Good plan though! 
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02-23-2009, 06:53 PM
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#14 | | Willing to sell body for a few minutes on RS
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wow, that's shitty man
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02-23-2009, 07:44 PM
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#15 | | WOAH! i think Vtec just kicked in!
Join Date: Sep 2008 Location: Van
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I like your DP , FeistyBearH22a.
Everything has downturns, it's like would it be able to recover or not
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02-23-2009, 08:10 PM
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#16 | | OMGWTFBBQ is a common word I say everyday
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dubai went down!??? omg that means we are truely in recession
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02-23-2009, 08:38 PM
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#17 | | Everyone wants a piece of R S...
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My dad is an ex patriot working there right now on large yachts. Hope it doesn't bite him for it. | |
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02-23-2009, 09:06 PM
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#18 | | WOAH! i think Vtec just kicked in!
Join Date: Oct 2005 Location: Vancouver
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why is this surprising? Dubai's real estate market crashed just like any other cities around the world, and now foreigner investors are pulling all their money out.
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02-24-2009, 06:45 AM
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#19 | | Witness protection
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| Quote:
Originally Posted by heleu My company WAS working on a bunch of luxury condos on islands 6 months ago, and then all of the sudden, they stopped work. Well, now I know why. | same here. a year back one of our senior planners quit his position at work to manage a hotel construction in dubai... but just last month he shows up at the office asking if he can get his old job back  | |
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