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The Dubai Debt Trap

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281–290 of 356 posts

Re: The Dubai Debt Trap

#282

Wait a second, just a few hours ago these comments were made by this user: [redacted] Now all the down-voted ones are supposedly by: https://news.ycombinator.com/user?id=_hhkg @dang, care to explain what transpired here? Are you protecting someone's account from down-votes?

When people email us with privacy concerns, we try to take care of them. This happens every day.

We try not to delete posts that got replies, because doing so would be unfair to the other commenters in the thread. At the same time, we don't want anyone to get in trouble from anything they posted to HN, so we help people who ask for help. We just try to do it with more precise tools than wholesale deletion.

This is in the FAQ: https://news.ycombinator.com/newsfaq.html.

Re: The Dubai Debt Trap

#284

For everyone talking about the poor South Asian migrant workers in slave-like conditions there, note that most such workers would much rather be working in developed places like the US or Europe, but the immigration policies of those countries deny them that chance. Dubai is one of the few places in the region (and the world) that makes it very easy for anyone to come there and work, regardless of their race or natio…

Quoted post unavailable.

You can't post slurs or do nationalistic flamewar on HN. No more of this, please.

https://news.ycombinator.com/newsguidelines.html

Re: The Dubai Debt Trap

#285
post #138

Earlier quoted context omitted.

Dubai's much more honest about what it is; an absolutely monarchy that doesn't pretend to be a democracy. As long as you don't piss off the king or the locals, you're pretty much free to mind your own business and do whatever you want, especially if you're indirectly contributing to the king's real estate portfolio/the city's development. Singapore on the other hand is run by hall monitor types who believe they shoul…

Fwiw, a high-school friend of mine had a t-shirt that said "Singapore: It's a Fine City!" and underneath, it listed various legal offenses (like gum-chewing) and their fines.

IIRC you can chew gum in singapore, you just can't buy or sell it (similar to weed laws in certain U.S. states).

Re: The Dubai Debt Trap

#286
post #188

Earlier quoted context omitted.

Did you see Petra? How was it?

Yes, it was great. We were free to roam around inside and saw most of it, up to the monastery, and then up to another viewpoint ("the best view in the world"). I think we walked about 20km that day. It was worth it. We bought tickets for the Petra by night show, and while it was good, we felt it was a bit expensive for what it was. The martian landscapes of Wadi Rum were equally as good.

I was quite saddened by the number of people who go to petra and only factor in a few hours, never going much further than the treasury. I appreciate not everyone has a lot of time in their itinerary, but that seems to be one part you should make the time for.

We had two full days there and it was such an extraordinary site to look around.

And I'm pretty sure there were about 5 "Best view in the world" :) Although all of them could make a pretty good claim to the title, it's a stunning area.

Re: The Dubai Debt Trap

#287

Earlier quoted context omitted.

For those who did not bother to read the article, it is about fraud during the financial crisis. I feel sad for Cornelius and wish he is set free. As a resident of Dubai for 30 years, I am always curious to learn things that I may have missed about 'my city', yet this article is misleading in many ways, its few first paragraph where it states that Ryan Cornelius 'thought the authorities had simply made a mistake;' Re…

It is less about fraud and more about the existence of draconian laws (imprisoning debtors) in a place that professes modernity and manipulation of or utter disregard for said laws by those in high places. All parties including the main lender knew about the irregularities you cited, yet they agreed to restructure the loan. The man's fraud charge normally carries a 3 year sentence but he's still in prison 13 years la…

I think the worst part is that the British courts supported the UAE ones, I dont understand why at all.

Re: The Dubai Debt Trap

#288
post #277

Earlier quoted context omitted.

This whole thread is ridiculous. The "I've never heard..." statements are merely statements about the diversity (or lack thereof) sources people get their information from. I've lived in the Middle East. I know plenty of people who live there, or lived there, and love it. Even those who were forced to leave. I know plenty of others who work very hard to get a good white collar job there, and most who succeed did not…

>I know lots of people who would have been stuck in extremely low social mobility situations in their home countries, and who only managed to go up in social class by moving to one of these Middle Eastern countries, and earning good money and by doing honest work - the last of which wasn't an option in their own countries. Honestly, I think this is a really difficult topic to discuss on the internet. It's too easy to…

Your example is a good one. However, I must emphasize that there are a lot of examples that are not in the extremes. People who are not as "low" as laborers but, say, school teachers. Their pay can be well enough that it makes a major improvement to the opportunities their kids have as opposed to had they been a school teacher in their own countries.

It's hard to get a visa to move to the US and teach at an elementary school. Yet you can do that in the Middle East.

Re: The Dubai Debt Trap

#289
post #193

Earlier quoted context omitted.

I went to Egypt a few months ago and was met with incredibly warm people, with perhaps even an excess of hospitality. Yes, you do get charged extra for being a tourist at the tourist spots. But that's only a small part of the country. That said, I am Indian and was met as an Egyptian most of the time (people would start speaking to me in Arabic 70% of the time), so I had the benefit of fitting in well. The delicious…

I am an Egyptian, thanks for your comment. The last time I visited Dahab (a very simple yet beautiful place in Sinai, not sure if you know it or not), I saw an Arab man, from his accent it was clear he is not an Egyptian, maybe he is a Saudi or Kuwaiti, he was having a discussion with the Hotel's reception about being charged more just because he is not an Egyptian. This is just something stupid they do to get more m…

if it's ok for employers to pay you less for the same job because you live in egypt, it's ok for a shop to charge you more because you don't live in egypt

Re: The Dubai Debt Trap

#290
post #262

Earlier quoted context omitted.

For those who did not bother to read the article, it is about fraud during the financial crisis. I feel sad for Cornelius and wish he is set free. As a resident of Dubai for 30 years, I am always curious to learn things that I may have missed about 'my city', yet this article is misleading in many ways, its few first paragraph where it states that Ryan Cornelius 'thought the authorities had simply made a mistake;' Re…

If you read long enough, they start a section with "Cornelius undoubtedly committed fraud." I think the bigger takeaway is the lack of the rule of law. The crime he committed only carried a three-year jail term. This was later increased by trumping up the charge to 'fraud against the government' (because the government owned a minority stake in the bank) and then he was held in prison even beyond that term because he…

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