Dubai: a leading global financial centre?

  • Thread starter Thread starter morganist
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Quote from fullblotter:

dubai is in a much worse situation than any of the western cities. they are by far the most indebted and they still refuse to let most of their real estate supply hit the open market.

singapore is the new financial centre.
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Isn't Dubai the place where if you stop paying your mortgage, they put you in jail?
 
Quote from peilthetraveler:

Isn't Dubai the place where if you stop paying your mortgage, they put you in jail?
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it is. they have debtors prisons. extremely ironic...

it's quite an intricate system too. if you lose your job, your bank account gets frozen I believe to keep you from fleeing the country...
 
Quote from fullblotter:
it's quite an intricate system too. if you lose your job, your bank account gets frozen I believe to keep you from fleeing the country...
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The banks must be super-unhappy about it, if it's true - clearly most people would keep their money in cash and only deposit enough to cover current bills; as an alternative, you would keep money in an off-shore account.
 
It's a banking center for people hiding black money, sanctions evaders, crooks, conmen, etc. Otherwise, not so much.

They don't have a reliable, transparent legal system. Legal judgments obtained there are not enforceable in the western world. If you get in a commercial dispute with a local, you could find your ability to leave the country compromised or your assets seized.

There is also the security situation.
 
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