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They just bought them just because they could. They want to try and keep up with Abu Dhabi who have had the F999 for years. The official line is that they bought them so that they could keep up with all the boy racers in exotic cars...but all the boy racers are Emirati and even if caught, nothing at all happens to them.
I went to boarding school in New Zealand(That's where I'm from), so I did most of my growing up there. When I was there, though, I stayed in a compound place with hundreds of other expats.
Dubai is an amazing place, but to put it simply -you have no rights. One time my Dad got into a car crash; a bunch of Emirati, the ethnic people of Dubai, drove into the back of him. Because he's a foreigner, he had to pay for everything to make sure the police didn't get involved.
There's a hierarchy in Dubai and the Emirati's are at the top. They're liking fucking Gods! But thankfully there aren't that many of them and next in the hierachy are British and American expats.
I live in Qatar in the Middle East and its the same - Qataris rule the land. If they said you did something, or you upset one of them, you're fucked. But luckily, they just pretty much keep themselves to themselves so generally it's all good. And there's no recession, no tax and endless sunshine.