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While Dubai has been known for a massive boom in recent years, since the global economic crisis, Icarus may just have flown too high on borrowed wings.
In addition to not getting the QE2, a delay on the Burj Dubai, and a reduction of taxes, Dubai has had a tough time.
But things may just be tougher for Dubai’s criminals. According to a United Press International report, nearly 20 percent of all people (most of them foreigners) in Dubai’s jails are there because of bounced checks.
UPI adds:
By official count, 544,196 checks bounced in the country from January through April. RAK Bank said 2,500 workers leave Dubai each month with bills unpaid or by settling accounts with checks that bounce.
While many flee unpaid bills, “many of the British expatriates in particular tried to hang on as long as possible to life there and sadly many have ended up writing bounced checks, having their passports confiscated so they cannot leave the country and really living in appalling conditions in bedsits shared with maids, or even in cars parked in car parks,” [Ghanem Nuseibeh, a senior analyst at Political Capital] said. said.
