‘Debt despair’ for Dubai expats
Britons living in Dubai may find themselves increasingly in trouble as the emirate appears to be succumbing to debts reaching £48 billion.
According to the Daily Mail, the region has been experiencing difficulties since property prices fell and the stock market collapsed, which saw residents’ investments drop by over 70 per cent.
As a result of this, many expats may find themselves in deeper financial difficulties as the state has strict rules regarding debt.
With bounced cheques and credit card arrears potentially meaning time in prison, thousands are currently behind bars due to debt problems, more than 20 of whom are Britons.
Furthermore, the news source notes, over a quarter of expats have been compelled to leave Dubai due to jobs being lost and money disappearing.
These revelations come amid stock market concerns regarding Dubai, as the “spectre of a debt default … [looms] large”.
Urgent selling took place, with investors reducing their shares and the FTSE 100 falling to 3.2 per cent.
By Sarah Adie
December 9th, 2009 at 10:39 pm
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