Back from Dubai with an idea to bridge trade gulf

Sep 3 2009 by Andrew Mernin, The Journal

When Mr Redshaw left Dubai earlier this year, he witnessed an expat population in turmoil, with many non-natives who had been made redundant forced to flee the country for fear of imprisonment.

The UAE’s expat community is built on a culture of debt as landlords require rent paid up front on an annual basis, meaning residents are often forced to take out large loans and then pay the bank back on a monthly basis.

Many people who lost their jobs were given a period of just 60 days to pay their debts, find new employment, or see their passports blacklisted by their banks as they faced a jail term.

This led to a widely reported spate of Western workers abandoning their cars at the airport as they fled for the safety of home.

“The problem with Dubai was that large companies were making people redundant but people were still living the lavish lifestyle, with some apartments costing £25,000-a-year in rent,” Mr Redshaw said.