Freefall in the Emirates

They kept saying they had not been affected by the current crisis, but evidence -- both anecdotal and economic -- is piling up:

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.

Mark my words, this crisis in the Emirates will have a follow-on effect in those countries which depend upon remittances from the Gulf. So add yet another source of instability to the list...

P.S. Check out this list of project suspensions and cancellations in the UAE.