First Foreclosure???? WTF????

It appears that Dubai just had its first foreclosure:

Dubai’s housing rout sent prices down 52 percent in the past year, prompting some homeowners to abandon their cars and mortgage payments and flee the country. Not one received a foreclosure notice.

Until now.

Barclays Plc won the sheikdom’s first foreclosure cases in court, clearing the way for lenders holding about $16 billion of Dubai home loans to take action when borrowers don’t pay. Islamic lender Tamweel PJSC, the emirate’s biggest mortgage bank, has several of its own foreclosure claims pending and estimates about 3 percent of its mortgages are in default.

People have been driving their cars to the airport and fleeing, they've been throwing people in Debtors' Prisons, and they just had their 1^st foreclosure?

Any relationship between Dubai, and by extension the UAE, and perhaps most of the petro-Kleptocracies to a modern financial or court system is purely coincidental.

I'd also note that any lender that claims that only 3% of its mortgages in Dubai are in default is lying.