The Dubai Model

The Dubai Model discussed by the editor-in-chief of OBG.

Here's a typical question:

Gulf News: Will the Dubai model work elsewhere?

Jeffreys: I believe so. First, you have these huge funds. When you talk about diversification, Dubai is a case study in itself - it has tried to make itself a major player in so many areas - real estate, tourism, high-tech and increasingly in education and health. These large real estate projects-sort of mixed use developments that we see here which are upscale residential buildings with swimming pools, golf courses, shops, marinas-you haven't seen in the Levant or North Africa until now. Two years ago, Dubai Holding was not known in Morocco. With its announcement this year of massive investments in large real estate projects in Morocco, Dubai is aggressively pursuing investments abroad. It is also looking at Tunisia and other parts of the Middle East. Also, they are investing in different projects in Pakistan, India and China.

Certainly, the Dubai model has evolved over the very short time it has been in existence.

Evaluating the Dubai model

Remembering Sheikh Zayed

It was two years ago, during Ramadan, that Sheikh Zayed passed from this world.



And Eid, that year, was less of a celebration than it usually is. Spare a thought during the Eid festival and on November 2nd. Without Sheikh Zayed, the UAE would be nothing.

Skinnydipping in the Desert

MARGHAM, United Arab Emirates -- Skinny-dipping in Arabia? If it feels good, why not?

So I was swimming naked. It was broad daylight, but I figured the private infinity pool behind our private bungalow in this exclusive desert resort was private enough. No one's going to see me but my wife, and she was napping.

But I sensed a pair of eyes watching me as I floated in the pool. I looked around and quickly spotted the peeper. He was hiding in a broom bush......


Dubai eco-tourism: Champagne and strawberries in the desert

For your retirement

"Thanks for your contribution to sport, Michael. You have taken sport to the limit, and become, ultimately, the best at your game - ever! That is a remarkable feat. We have been watching you from afar for some time, and we like you. The 10s of millions of dollars that you have earned during your career is not enough for man of your stature. Let us give us a retirement present of part of Antarctica. You will like it a lot. Maybe you can build a go kart course on it for your children, and when it is finished in a couple of years time, you are always welcome. I know you will have to spend a lot of money building your kingdom, but this is good advertising for us. When the tourists come to visit and go on the Big Bus Tour, it will be one of the highlights of the crazy facts that the tourists will laugh at, and then they will go back and tell their friends, who will want to come to Dubai. I think it is a good deal for us both. No?"

Schumacher given an island by Dubai prince

10 things everyone should know about race

Our eyes tell us that people look different. No one has trouble distinguishing a Czech from a Chinese. But what do those differences mean? Are they biological? Has race always been with us? How does race affect people today?

There's less - and more - to race than meets the eye:

1. Race is a modern idea. Ancient societies, like the Greeks, did not divide people according to physical distinctions, but according to religion, status, class, even language. The English language didn't even have the word 'race' until it turns up in 1508 in a poem by William Dunbar referring to a line of kings.

2. Race has no genetic basis. Not one characteristic, trait or even gene distinguishes all the members of one so-called race from all the members of another so-called race.

3. Human subspecies don't exist. Unlike many animals, modern humans simply haven't been around long enough or isolated enough to evolve into separate subspecies or races. Despite surface appearances, we are one of the most similar of all species.

4. Skin color really is only skin deep. Most traits are inherited independently from one another. The genes influencing skin color have nothing to do with the genes influencing hair form, eye shape, blood type, musical talent, athletic ability or forms of intelligence. Knowing someone's skin color doesn't necessarily tell you anything else about him or her.

5. Most variation is within, not between, "races." Of the small amount of total human variation, 85% exists within any local population, be they Italians, Kurds, Koreans or Cherokees. About 94% can be found within any continent. That means two random Koreans may be as genetically different as a Korean and an Italian.

6. Slavery predates race. Throughout much of human history, societies have enslaved others, often as a result of conquest or war, even debt, but not because of physical characteristics or a belief in natural inferiority. Due to a unique set of historical circumstances, ours was the first slave system where all the slaves shared similar physical characteristics.

7. Race and freedom evolved together. The U.S. was founded on the radical new principle that "All men are created equal." But our early economy was based largely on slavery. How could this anomaly be rationalized? The new idea of race helped explain why some people could be denied the rights and freedoms that others took for granted.

8. Race justified social inequalities as natural. As the race idea evolved, white superiority became "common sense" in America. It justified not only slavery but also the extermination of Indians, exclusion of Asian immigrants, and the taking of Mexican lands by a nation that professed a belief in democracy. Racial practices were institutionalized within American government, laws, and society.

9. Race isn't biological, but racism is still real. Race is a powerful social idea that gives people different access to opportunities and resources. Our government and social institutions have created advantages that disproportionately channel wealth, power, and resources to white people. This affects everyone, whether we are aware of it or not.

10. Colorblindness will not end racism. Pretending race doesn't exist is not the same as creating equality. Race is more than stereotypes and individual prejudice. To combat racism, we need to identify and remedy social policies and institutional practices that advantage some groups at the expense of others.

excerpted in full from:
Race - the power of an illusion

Israeli diamonds welcome in Dubai

Business is business, I guess:

"There has been no visible platform for Arab-Jewish cooperation since the 1960s," said Chantal Abboud, Beirut-based representative of Antwerp's diamond industry in the Middle East. "Now, Dubai has created it."

Israeli Diamond Exchange president Avi Paz says diamonds and hospitality flow freely between Israel and Dubai.

"We came there, they came here. There is no problem at all," Paz said in Tel Aviv. "I wish that wherever I go, they'll host me like they hosted me in Dubai."

Officially at least, the Emirates still enforces some aspects of the Arab League's boycott with Israel, although a government official said most restrictions were dropped long ago. There are no direct flights to Israel and visitors traveling on Israeli passports are rarely allowed to enter.

from the Associated Press

A rejig of the petrodollar investment

The headline may have gone unnoticed primarily because ADIA has thusfar stayed out of the public eye, despite being one of the largest inveestors in the world. The shift from Adia to Adic demonstrates a move to more investment in what is going on in Abu Dhabi and the UAE than just overseas. I think there will probably be a little more risk in the investment profile than less. We shall see.


ADIA to be replaced by ADIC

The New Messengers of Islam

Who will spread the fact that Islam is a religion of peace? The tourists of Dubai, of course!

As tension between Muslims and the West seems to deepen every week, Dubai's leaders are fighting back by courting millions of non-Muslim visitors.

The hope is that Western tourists can spread understanding of Muslims — and Dubai's tolerance — in their home countries.

Leaders in this Gulf Arab boomtown, where religious tolerance has helped breed economic success, see their interests harmed by disputes over veils in Britain, headscarves in France and cartoons in Denmark.

Dubai tries to promote favorable image of Islam in the West(AP)

The Role of Dubai in Oil Price Discovery

It's all about transparency:

Futures contracts are the most efficient and transparent instruments that markets can provide for price discovery. The Dubai Gold and Commodities Exchange, the first commodities futures exchange in the Middle East, located in Dubai, will promote transparent price discovery in a range of commodities including a fuel oil contract planned for launch in 2006.

The Role of Dubai in Oil Price Discovery

Dubai at the Kop

Last year the rumour was that Etihad were looking at a number of the footbll clubs for sponsorship to raise their brand. Now, Dubai Holding is rumoured to be interested in actually buying Liverpool Football Club. No mater how badly their season has begun, Liverpool is an international brand that courts numerous geographic markets.

Istithmar's Investment Philosphy

What do Istithmar do? They take the cash generated from the money making machines of Nakheel and DPW and channel that excess into investments, both home and away. Historically, there has been a lot of investment in real estate, but with all the money they have available, expect more diversity. With diversity comes a little risk, which is just up Istithmar's street. This means that the rumoured latest round investment in Standard Chartered (to increase the stake to 20%) means that the bank has the potential for some high returns. What returns they make is anyone's guess, but Istithmar, under David Jackson, is flexing its muscles at all things that can garantee a good rate of return, yet still guarantee a minimum threshold to make it worthwhile. Oh to be in that position!