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Julianne Greco

BBC News - Dubai jails Indian pair for 'sexy texts' - 0 views

  • Steamy text messages have resulted in a three-month jail sentence for an Indian man and an Indian woman in Dubai.
  • Judges ruled that they had planned to "commit sin", a reference to an extramarital affair - which is illegal in the United Arab Emirates.
Ed Webb

Britain Summons Israeli Envoy in Dubai Murder Inquiry - NYTimes.com - 1 views

  • Britain and Ireland called on the Israeli ambassadors to their countries on Thursday to explain what they knew about the use last month of false British and Irish passports by the suspected assassins of a leading figure of Hamas in Dubai.

    France also said it was demanding an explanation from the Israeli Embassy in Paris about the use of a false French passport, suggesting that the diplomatic fallout from the incident was widening.

Morgan Mintz

Debt in Dubai Tests Laws Of Islamic Financing - NYTimes.com - 0 views

  • The debt crisis in Dubai is about to test one of the fastest-growing areas in banking, Islamic finance, and put the city-state’s opaque judicial system on trial, according to bankers and experts in finance.
  • because there have been few major defaults in this market, there is little precedent for arbitrating the unique terms of these instruments.
  • Shariah-compliant investments prohibit lenders from earning interest, and effectively place lenders and borrowers into a form of partnership. Yet there are no consistent rules about who gets repaid first if a company defaults on such debt
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  • bondholders could insist on being repaid before banks, upending the traditional bankruptcy hierarchy.
  • A default would also pose a major new test for Dubai’s courts, which have never handled a major bankruptcy of one of the government’s own companies, lawyers and bankers said.
Michael Fisher

Dubai Sovereign Fund Asks for Time to Reorganize Debts - NYTimes.com - 0 views

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    The bursting bubble...
Julianne Greco

Dubai clean-up drive nets cars - The National Newspaper - 0 views

  • DUBAI // Nearly 40 abandoned vehicles caked in dust were towed away in the first two days of a municipality-led clean-up that has targeted everything from washing machines to furniture.

    The vehicles were seized as “a symbolic gesture to drive home the message of a clean and green city”, Hassan Makki, the director of waste management, said yesterday.
  • The local campaign runs later than in the rest of the world because of Dubai’s weather conditions.

    Mr Makki said it was aimed at raising awareness about the significance of environmental protection.
Julianne Greco

For a Bounced Check in Dubai, the Penalty Can Be Years in Jail - NYTimes.com - 0 views

  • For more than a year, prosecutors have been cracking down on the corruption and kickbacks that thrived during the boom years in this Persian Gulf city-state
  • But alongside the con artists and crooks, a rising number of businesspeople have been sent to jail for going into debt. Bouncing a check is a criminal offense here. That fact has begun raising questions about the fairness of Dubai’s laws, especially among the foreigners who make up about 90 percent of the population.
  • he criminalization of debt has put a formidable weapon in the hands of landlords, banks and other creditors, who can send someone to jail with a single document showing a check has been returned for insufficient funds. It has also complicated Dubai’s efforts to recover from the financial crisis by sending many legitimate but struggling businesspeople to jail, where they find it even harder to repay their debts.
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  • many expatriates to flee when they are in financial trouble rather than filing for bankruptcy and setting out a repayment schedule
  • Some financial analysts say the risk of arrest for debt could also drive away potential new investors and businesspeople as Dubai struggles to recover from the current economic slump.
  • The root of the problem, analysts say, is that Dubai’s legal structures have not kept pace with its frenetic development
  • Dubai’s laws are largely based on Egyptian civil law and Islamic law, or Shariah, with no real effort to encompass the tremendous volume of its commerce.
  • Some efforts have been made to change the system, though analysts worry that they may fade as the economic crisis recedes.
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    It's alarming how easy it is to commit a criminal offense. It is not hard to get debt or accumulate it in the business world, especially when the economy is not as good, so it's really not surprising that this could collapse Dubai's economy with the now minimal inclinations for businesses to take risks and low incentives for foreign investment.
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