Hello Mike.
I read a good portion of the article and frankly it is deceiving.
Here is a story of a Canadian couple who goes to Dubai, starts partying with all the money they made, get into debt, cannot declare personnal bamkrupcy, so decide to cash in the pay-off from leaving the job and take-off while leaving the creditors holding the bag.
Looks like the locals were not as fool as one might think.
Criticizing the local "laws of the land" is plain ridiculous.
When one goes to Dubai or any place out there, there is only one goal: MONEY. It is not about getting in debt, investments, etc.. make money and get out, period.
What happened to everyone sucked in by Dubai extravagance is nothing mnore than what happened to the people buying $600,000 homes here in the US with interest only loans and no down payment when they could not afford more that $200,000 home. Result, sub-prime troubles, foreclosures, etc.
Sheikh Mohammed is no different than lehmann Brothers, Bear Stearns, Enron, or AIG.
At least, we don't have to bail out any one in Dubai. Here, we got hosed by the banks (401K plans losing 50%) and we still bailing out the same vultures.
I cannot believe that people move and buy homes in Dubai for "lifestyle" as the article says.
What lifestyle? lifestyle in the desert? with 85 wet bulb temperature?
Sheikh Mohammed and Sheikh Zayed had one big vision which is to exploit the human GREED, and they succeeded. Who do you think owns all the villas on the Palm islands? Dubai Marina, etc? Brtish nationals of course.
Kelowna: Don't believe everything you read. No, I am not frightenned at all by the article, the article is plain ridiculous.
I cannot think of one US large corporation that is not in the UAE. Reason, one heck of a business climate, or else they wouldn't be there.