The United Arab Emirates are among the richest countries in the
Middle East thanks to their oil reserves, their diversified economy and a
particularly strong tourism sector. Despite the recent financial crisis
and the drop in oil prices, the economy remains stable.
However, similarly to most modern countries, the UAE have their share of problems. They face common challenges such as a high cost of living, but also unusual problems, one of which is the high number of abandoned luxury cars. Why would one abandon a good looking sports car? When you find out why, you will realize that this choice was justified.
You will find all types of exotic cars like Maserati, Bmw, Roll Royce and even maybach.According to the BBC, a $1 million Ferrari Enzo was abandoned in the Dubai airport parking lot.
What is the reason for such a waste? The answer is quite surprising: bad debt.
Many laws in the United Arab Emirates are based on Sharia law. In
Dubai, people who default on their debt can face a prison sentence.And similarly, bouncing a cheque or not paying a bill can result in
imprisonment or a fine. Non-residents who are convicted will stay in
jail until the debt is either paid or waived.This means that all these luxury cars full of dust were abandoned
because their owners preferred to flee the country rather than to go to
prison.How did they get to this point? Many people purchased luxury cars through excessive borrowing and they were not able to pay their debts during the financial crisis. Foreigners were not the only ones to abandon their cars.
Some of them left the car keys in the vehicles. Some car owners removed their licence plates by fear of being identified.
Whenever police officers find a car, they seize it unless the owner shows up within 15 days.
After six months, the vehicles are auctioned for significantly less than their real value. This trend will simply not go away. On average, the Dubai Police Force discovered approximately 3000 abandoned cars last year.
No comments:
Post a Comment