Stirling warns investors to leave Dubai or face jail after Arabtec liquidation
UAE government owned construction giant Arabtec’s liquidation has put thousands of expats at risk of imprisonment and Interpol red notices, warns Detained in Dubai CEO Radha Stirling.
Stirling warned investors to leave Dubai in a Facebook live broadcast today, issuing the following statement:
“Whenever a UAE construction entity goes bust, expats go to jail. This is exactly what happened in 2009, and exactly what we will see now. UAE government owned Arabtec has voted to liquidate, leaving $18 billion worth of projects under construction, a disaster for the perhaps thousands of expats who had deals with Arabtec.
“Arabtec will be completely protected from consequences with bankruptcy laws providing protection as well as, of course, the government itself. When the banks get into financial trouble, they are bailed out and it is the same with government owned construction companies. Given the UAE’s economic meltdown this year, one would hope that the same safetynet Arabtec enjoys, would also be provided down the chain of companies who rely on Arabtec.
“As Arabtec sinks, it will fail to pay companies and individuals who rely upon the income for their survival. In turn, they will default on their obligations, but none of t