Thursday, February 26, 2009

Expats dumping cars, flying back home to dodge credit crunch

For many expat 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.

Gee, that's strange. Who could've possibly seen that one coming? Does this mean we aren't going to get that refrigerated beach we were promised? Park and Fly just took on a whole new meaning.


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