The average person wouldn’t recognize most of the cars that roam the busy streets in Dubai. They wouldn’t recognize them unless they’d seen them in a magazine or online.
Dubai is one of the wealthiest cities in the world! Until 2009… With the stock market crash, things changed for a lot of people, even many of the aristocratic citizens of Dubai. Prior to the stock market crash, financing was easy to get, money flowed in this city like water.
When you live and work in one of the world’s richest cities, it will cost you to keep up with the Joneses’. Luxury penthouses and exotic cars have all been a part of the culture of Dubai and some of the rich oil producing countries in the Middle East. It has created a strange phenomenon. All over Dubai and quite frequently at the airport, people are leaving some of the world’s most expensive sports / luxury cars with the keys in them as they flee the country!
BMWs, Mercedes, Ferraris, Porsches, Jaguars, and Rolls Royces; some worth more than a million dollars, many are hundreds of thousands of dollars. There was a Ferrari Enzo that valued at 1.65 million dollars that was abandoned! The police report that they had over 3,000 abandoned cars in Dubai last year. They are left to sit around covered in dust, looking like they are worthless. It drives car enthusiasts crazy! People often leave the loan papers or maxed out credit cards in the cars with a note of apology.
The reason they are abandoning them, is because in the United Arab Emirates, there is Sharia law. If you miss a payment or bounce a check or can’t pay your loan, it could mean prison time for you. There is no such thing as bankruptcy in countries that have Sharia law.
People have been kept from leaving the country if they have unpaid debt. Thus, the solution for many is to get out of the country before they are in trouble.
Many are unhappy because these cars are taking up good parking places in the airport parking lot! When no one claims a car, it eventually gets auctioned off by the police. Now, THERE’S an auction!! You could score one of the best deals on that new Bentley you are looking to get, but take your cash!! I’m not sure you can get a loan for these purchases anymore!