Laid-Off Foreigners Flee as Dubai Spirals Down

Above picture from NYT online: A prospective bidder examined a car on Wednesday at a Dubai auction. Debt-ridden foreigners are selling or abandoning cars.

Read full article from NYT "Laid-Off Foreigners Flee as Dubai Spirals Down"

Not sure about NYT, but I have often noticed that the Economist reporting on Singapore is not always on the mark from my perspective as someone living in Singapore before. When my States side friend sent me the above article, I couldn't wait to read and compare.

I think the article is fairly accurate for those who are left high and dry because their jobs are gone. I have also heard of debtors prisons and I wonder if I could send some people here into jail because they owe me money. It is more difficult for me though as they have found ways to protect themselves. They have home ground advantage and can arbitrage my ignorance. On the other hand, I am learning fast. Fortunately the sums involved are not large and I now know how to stop them from getting more from me. The unavoidable tuition fees some might say.

This NYT article describes Dubai as a Ghost Town, I am sure that is a gross exaggeration because I still get caught in traffic jams too often. Prices also are still high and in a ghost town, prices are zero. But to NYT credit, they just might be right after all but just ahead of the curve.

I took a friend to the airport the other night. The traffic was unusually light at Terminal 1. Now if there is an exodus out of Dubai, the airport should be jammed. I think the reason for the thin traffic is that there are fewer tourist arrivals compared to previously. There must be an increased in numbers of expats leaving here but the Big One isn't here yet.

Expect things to get worse here. Getting better is probably some years off.

No, unlike debtors' jail, there is no creditors' prison here. So should our time come, we should be OK to go. And I don't have a car to leave behind at the airport too. :-)

Singapore will welcome all of us home as their loyal second class citizens. Happy to leave, happy to return and even happier to tuck in some hainanese chicken rice, which is rarer than bird flu here.