Monday, November 30, 2009

Dubai World

Since I grew up there, I feel I can add something to the commentary about Dubai.

Firstly, Dubai is one Emirate (Kingdom) of the 7 that make up the country, the UAE. Imagine it as a State if Federalism really existed.

Secondly, Dubai does not have that much money, but loads of marketing savvy, and more business acumen than the other Emirates. Obviously not enough business acumen, but certainly more.

Abu Dhabi, the capital, is the wealthiest Emirate and is deeply jealous of Dubai for all the glitz it has built around itself. Dubai sits beside "London, Paris, and New York" on Barneys ads, while Abu Dhabi remains the punchline in a 1980s Garfield cartoon. (Yes, Garfield tried to mail Nermal to Abu Dhabi).

Each Emirate really is a Kingdom, and the Kings are kind of like an extended family. They feud. They party. etc.

Abu Dhabi will bail out Dubai, but it will want more political power over the Emirate, as well as some of its crown jewel businesses (Emirate Airlines, maybe some of the malls, maybe some of the Free Zones).


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