Dubai: a leading global financial centre?

Discussion in 'Economics' started by morganist, Aug 8, 2012.

  1. Isn't Dubai the place where if you stop paying your mortgage, they put you in jail?
  2. 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...
  3. sle


    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.
  4. zdreg


  5. In 2011. In 2012 it was 6th.
  6. 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.
    #10     Aug 10, 2012