Dubai: exodus from the kingdom of bling

Dubai's days of crazed spending look to be coming to an end as the tourism-and-expatriate-dependent emirate heads towards bankruptcy.

There is a "regular astonishing sight" at Dubai's international airport, says Mark Hollingsworth in ES Magazine: dozens of luxury cars Mercedes, Porsches, BMWs, etc abandoned with their keys still in the ignition. In some cases, notes of apology are taped to the windscreens.

The owners of these vehicles are mainly British expatriates, who have left in a hurry because they faced "crippling debts" as a result of Dubai's financial meltdown and their own profligate behaviour. Many of them, says Hollingsworth, have defaulted on loans; rather than risk arrest and jail, they drove at top speed to the airport where they jumped on the first flight to London.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.