Girl Power (but not in Journalism)

Some insight into the girls college of Zayed University:

"Over the last 30 years, this country has changed beyond recognition," says Sulaiman Al Jassim, Zayed University's vice-president. "...We can't afford not to have women in the workforce any longer. When we give young women a chance for education, they don't want to stay at home any longer. They choose to work, to improve themselves, to use their skills. Their country needs this."

Good overall article dotted with a few inaccuracies, notably the "sheila", though I do like the black butterfly analogy. You can tell that this article was written by someone on their first visit to the UAE, if indeed they did visit.

More from the Star.

Duped into the Dubai Dream

Another article on "slavery in the camps", where it appears that suicide is the only way out:

"They are promised that they are coming to an El Dorado, and they will make a lot of money," said Mohammed Ghobash, secretary-general of the Emirates Human Rights Association. "They are duped into such dreams, which may only work out for one case in thousands, by agents in their own countries. They practically enslave themselves."


The UAE's Big Dirty Secret (Globe and Mail)

Forget Flowers, she wants a Phone

When smaller is better:

In Dubai today it has become quite common for young men to hand out a new phone and prepaid SIM card to a pretty lady, as the opening move in romance. She gets something more substantial than flowers or a drink. He gets her exclusive phone number. And as this habit has been becoming more commonplace, of course the prettier ladies get many such phones, so they also start to measure the wealth of the suitor, based on how good a phone is he willing to hand out…

First I have heard of this, but the dating scene is not really my thing!

Dubai, still on track

The biggest question is of sustainability. I have no doubt that the growth of Dubai is sustainable, even if it goes slightly off track to do it, and even if DubaiLand is dumbed down. The plan to corner the tourism market is a smart one, especially due to Location. The theme park on its own will attract many from the region, and many more from beyond. The question is not of sustainability, the question is whether Dubai will remain intriguing enough to be not just another "Disneyworld City with a bit more thrown in."

New China

Being in the UAE we tend to marvel at The World/The Palms/Waterfront....etc. And we see pictures again again. It was refreshing to see what China are doing. You cant do a like for like comparison, but, in isolation, this is pretty impressive stuff.

Liquidity and Liquidation

In two unrelated stories:

1. UAE is coping well with surging liquidity - Moody's

"The UAE economy is having to cope with huge surpluses on the current account, with no independent monetary policy to treat them. There is high credit growth too." This was the challenge identified by Pierre Cailleteau, senior vice-president of Moody's Sovereign Risk Unit, in Dubai for a conference on regional credit risk. Yet, he spoke highly of the UAE's efforts to develop its economy in the midst of soaring oil prices and monetary liquidity.

2. UAE stocks crash to 13-month lows

Driven by fear and greed, the UAE bourses witnessed another round of sharp fall in share prices yesterday with key indices closing at 13-month lows. The DFM index fell by 4.84 per cent to 586.51, the Abu Dhabi Index dropped 1.93 per cent to 3,811 points the lowest since March last year. After going through a sharp fall on April 23, the market rallied the following days to regain some of the lost ground, however the rally was short lived as investors started selling heavily from Wednesday. "The investor confidence is at the lowest level in the last two years. While speculators are trying to sell their holdings at the first opportunity to cut losses, institutional investors, especially the funds sponsored by the banks also rush to exit when there are opportunities to take profits," said Daheer Quraishi, a Dubai based investment analyst.

The UAE stock markets are so speculative, all on borrowed money, and fluctuate in ridiculous amounts. This is currently a greed market.


However, quoted from the first story is this quote:

As for stock market volatility, that presents little concern. "Fundamentally, it is a matter of investor protection or education ? It is sad for people who have lost, but it is good that [market correction] happens."

If the stock market correction can be taken in isolation, and, in general, spearate from the mainstream growth of the reagion, it is time for those who lost their cash to take stock, learn and reinvest with a view to the long term. Greed will get you nowhere.

Dubai and Doncasters

The same level of furore that surrounded tha Ports deal has yet to surface surrounding the UK defense contractor deal. Although, when you mention the word defense, the US people may start to worry, again, the key compenents of the deal are sound with promises to maintain supply. The purchase is less strategic than that of the Ports, but it's not small fry. $1.24bn is pretty big cheese. No wonder CFIUS held onto it for so long. However, Tammy Bruce is pretty peeved. She will be even more so when she hears that Istithmar wants to buy out all the real estate

Craigslist V Dubizzle

Craigslist were the original. Dubizzle tailored the concept to Dubai. Now the powerhouse has joined the Dubai market. My take on it is that Dubizzle will triumph. The Craigslist brand is not really well known in the UAE - and they haven't yet tailored to the market. Who cares? - With competition brings choice.

Dubai is like a city of dreams

Positive talk about Dubai Waterfront:

Huraimel was confident that Dubai would attract the business and residents to make the city work. "In 15 years, the perception of the Middle East will change," he said. "We are a modern, diverse society in Dubai. The city is safe, there are no taxes, the weather is perfect for at least nine months out of the year."

But Huraimel conceded that Dubai had a big job to do in overcoming the West's negative image of Arab countries. "Some have said that Islam and the West is a clash of civilizations," he said. "Dubai is like a city of dreams. This is not a clash of civilizations. This is the opposite."

More from IHT

Money Laundering in Dubai

To be honest, this exposure comes as no surprise, as banking systems are really in a growing development stage to cope with the growth in the region. But, as they gain more and more expertise, and with the eagle eyes of the law ready to pounce on the criminals, this should get sorted out in short period of time:

"There are two parties in such cases, one outside the country and one inside and it can get confusing sometimes," said Suwaidi during a joint seminar on anti-money laundering efforts between the UAE and the UK last month. "Combating money laundering is a gradual process that will take years and a joint effort ... so international cooperation is needed," he added.

Although the article is really only focusing on email scams and the like, it is worth noting that the authorities are on the case.

UAE Competition Law

The Competition Law can't come soon enough for the UAE with the cost of living increases, inflationary pressure and the like. If the UAE is to remain competitive to the outside world, it must remain competitive within. That's a simple deduction. Implementation of such a law would be pro-business, pro-growth and would answer the critics who say that the growth in the UAE is unsustainable.

Of course, the devil is in the details. The "special report" in the Gulf News today (p46) is an important read that quotes the WTO's critique of the UAE's trade policy.

Highlights of this critique include:

- an attack on the Emiratisation Plan, saying that it could be an impediment to to doing business and further promote the free zones
- an absence of a policy will preclude the UAE from the advantages of a free economy
- exclusive UAE agents will lead to market segmentation and increase the prices for branded goods
- the need to move away from the 49% maximum foreign ownership rule which has restricted FDI

However, the WTO is positive that reforms will be made to the benefit of the UAE as a whole. Now is the time to iron out the details to maximise the growth that the UAE deserves.

(Aside, this article should be front page news, and not languishing in the murkiness of the middle of the business section)

Middle Aged Korean Women....

.....are coming to Dubai to speculate on the housing market.

Recently, some middle-aged women in Korea have been showing interest in houses in Dubai. This is due to the fact that the Korean government has allowed investment in overseas real estate. Wealthy Korean women who were engaged in real estate speculation, hopping like locusts from one to another development areas including Gangnam in Seoul in the 1970s and 1980s, are now poised to enter a new market. Their special “tie” with the Middle East is eye-catching because petrodollars made during a construction boom in the Middle East once flowed into Korea and were invested in real estate. Moreover, the world has become globalized now. Interestingly, by the way, Dubai is an Arabic word for locust.

That last line was an eye opener for me. All I could find was this definition of "Arab" at Webster's

"Arab" is a name that signifies or is derived from: "multiplying", "sowing sedition", "a window", "a locust". Date "Arab" was first used in popular English literature: sometime before 1010.

I fear it may be something the Korean misheard:

The word "Arab" and "locust" in Arabic are very similar in sound. The word Arab
is pronounced "Arbi" and the word locust, "Arbeh". (12) A famous traveler of
last century named Niebuhr in his journeys through Arabia described the
appearance of the swarms of locusts that afflict that particular area of the
world.

In any case, why reference that?

Welcome to Abu Dhabi Heathrow Airport

There are rumours that Mubadala want to spend big in Airports.

Go East

Non oil trade with the UAE

1. India
2. China
3. Japan

Emirates goes Budget?

Emirates Airline strategists are usually pretty smart and while going for the budget market in hotels would be a smart move for most other companies, surely, this is a wrong move. For me, Emirates is a premier airline. Whether you agree or disagree, you will cerainly agree that it is not budget. I think this is a wrong move, and while it wont have any massive effect, it will erode its brand value over the medium term, especially when an businessman wakes up in his beige coloured hotel room one morning and has his litpton tea using water from the bathroom in conjunction with the mini kettle.

The Next Dubai

Interesting that comparisons are starting to be drawn to Dubai, which is not even half way complete - and this from an established city in the West. I'm not sure that Toronto (aka Traaaano, aka Tdot) is the next Dubai, but with all the oil in Calgary Cowboy Country, that surely is the next Abu Dhabi. No?

Grapeshisha Interview on Gridskipper

I feel famous.

The previous interview that I had, I got thanked for my consideration and told that other candidate's skills more were more suited to the position. Luckily, that interview wasn't transcribed. ;>

Enjoy. Today Gridskipper. Tomorrow Fortune Magazine.

The Dubai Life

This new magazine looks to have all the hallmarks of the new wave of free speech that will come from Dubai. In the first issue, they are covering the Construction Workers and the Ports Issue as the main topics. They have even set up a petition to support the fair treatment of the workers. Good on them! I'm eager to see how it evolves.

www.theDubaiLife.com

Abu Dhabi's Alternative Energy

Abu Dhabi's announcement that it is investing in alternative energy is a smart strategy, both forward thinking and ethical, at a time where oil profits continue to rise. Whether there is 100 or 150 years left of oil, Sheikhs Mohammed and Khalifa are following in their father's footsteps of looking after their people for the future, and at the same time securing the long-term well being of this country. And they are not just doing that, they are joining forces with worldwide democracies in tackling what will be a global problem.

To the ignorant critics who say that the monarchy is a kleptocracy, this is substantial evidence to dispute that, and deserves worldwide recognition.

This has gotta be porkys

I love seeing news articles that are obvious fabrications of the truth - they are just so amusing:

Angelina buys Ethiopa

Angelina Jolie has decided that adopting children may not be enough to help the impoverished children of Africa.

According to reports, the busty Tomb Raider star is set to buy her own piece of Africa, a man made version of Ethiopia located in Dubai.

The development is part of a new entrepreneurial venture by Virgin tycoon Richard Branson, who is said to be building around 300 country shaped luxury developments to form a map of the world.

They could have done a bit more research to realise that this was not Branson's development. It's almost as incorrect as some of the press reports we receive here daily.

Global Centre Rises From the Sands

Another great overview article worth reading

Few here seem to think so. Dubai Inc. has just been too successful for anyone to let it fail. If Dubai's bubble starts to pop, analysts say Sheik Mohammed could count on Abu Dhabi's oil money to prop the market up. The U.S. also has little interest in seeing Dubai -- which it sees as a model of what the Arab world could be -- fail.

More from the Globe and Mail here.