4 ms·
A larger part of the problem is that the prevailing custom in that part of the middle east is that contracts are not binding on the natives. They're binding on
by Tangurena 18y ago
A larger part of the problem is that the prevailing custom in that part of the middle east is that contracts are not binding on the natives. They're binding on the foreigners, but there is nothing you can hold the native to. Furthermore, the Arabic language version of the contract is the prevailing one, and the foreign language version is meaningless, should it end up in court.
- potatolicious 18y agoThis seems like a problem in China also - the lack of the rule of law. In the ME it seems this is government sanctioned, whereas in China this is due to rampant corruption. Either way, the rule of law is absolutely essential to continued economic growth - both countries will run into a brick wall if they don't get their act together. China seems to be reducing corruption and trying to restore investor confidence... the UAE doesn't seem to be doing much of anything.