Looks like there is a dark side to Dubai's labor laws that could land foreigners in debtors prison if they lose their jobs and can't pay the mortgage on their homes. You see, Islamic laws are pretty strict when it comes to not paying your bills. The unwinding of the boom in Dubai is getting uglier by the month and details like these are sure to make westerners think twice about buying property there no matter how low the prices drop.
In addition anyone speaking out about the actual real estate situation in Dubai can land you in Jail, which makes blogging or reporting a bit risky. They consider telling the truth damaging to the welfare of the country and a crime deserving a huge fine.
Fortunately you don't have to worry about something like that happening in Panama. This is a Christian country where you can be forgiven just about anything, even telling the truth, I hope.
Excerpts from the New York Times: 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.
No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy.
Instead of moving toward greater transparency, the emirates seem to be moving in the other direction. A new draft media law would make it a crime to damage the country’s reputation or economy, punishable by fines of up to 1 million dirhams (about $272,000). Some say it is already having a chilling effect on reporting about the crisis.
Read the rest of this interesting story.
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