Laid-Off Foreigners Flee as Dubai Spirals Down
Join Date: Mar 2004
Location: UK
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My 10 cents worth.
Good interest rates in HSBC but you don't get that without risk. As the banks look shaky others with exactly your concerns will run to pull the money out. You are not the only person with reservations at the moment and could get caught in the rush to get out.
Why should banks look shaky. Well same as the US - High mortgage rates will lead to default will lead to property declines leading to more defaults etc. etc. You have seen the movie...
Gold holding companies ok provided they back up your account with physical holdings. Try Perth Mint or Goldmoney for starters.
For the record HSBC in Jersey claim that Dubai is nothing to do with them or their regulations despite the UAE version being Jersey registered. As you say these things are not what they seem. I have had the debate with them and assure you that you will not get anywhere with this when the blood is spilt.
No empty roads here yet but definitely quieter. Jobs being lost at an amazing rate so even quieter they will become.
Not too many building sites operating either. Lots of stationary cranes. Draw your own conclusions.
As for property - Well I can sell you one. Are you interested?
Good interest rates in HSBC but you don't get that without risk. As the banks look shaky others with exactly your concerns will run to pull the money out. You are not the only person with reservations at the moment and could get caught in the rush to get out.
Why should banks look shaky. Well same as the US - High mortgage rates will lead to default will lead to property declines leading to more defaults etc. etc. You have seen the movie...
Gold holding companies ok provided they back up your account with physical holdings. Try Perth Mint or Goldmoney for starters.
For the record HSBC in Jersey claim that Dubai is nothing to do with them or their regulations despite the UAE version being Jersey registered. As you say these things are not what they seem. I have had the debate with them and assure you that you will not get anywhere with this when the blood is spilt.
No empty roads here yet but definitely quieter. Jobs being lost at an amazing rate so even quieter they will become.
Not too many building sites operating either. Lots of stationary cranes. Draw your own conclusions.
As for property - Well I can sell you one. Are you interested?
Join Date: Apr 1999
Location: South of North
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The banks in the ME are seperate entities to their foreign masters - legally. The main corp. does not guarantee anything and they follow the local laws.
To be honest I simply do not trust them to that high a level and so my savings leave the country - I trust the Channel Islands more than I do the local regulations.
To be honest I simply do not trust them to that high a level and so my savings leave the country - I trust the Channel Islands more than I do the local regulations.
