Wealth Arc
… even here?
After the Emirates gained independence in 1971, oil wealth continued to flow to the area and traditional mud-brick huts were rapidly replaced with banks, boutiques and modern highrises.
- Abu Dhabi at Wikipedia.org
Dubai is a cool city and all, but have you ever gotten the feeling that it’s just flaunting its endless wealth? That’s because it is. Dubai is rich, filthy rich and they aren’t afraid of letting the world know it by dropping billions of dollars on over-elaborate fountains and animated skyscrapers.
- Another Act Of Wealth From Dubai
by Ryan Ash
2009-10-10
We invite you to begin your Dubai sightseeing with Burj Dubai, the tallest building in the world. The Burj Dubai skyscraper is a world-class destination and the magnificent centerpiece of Downtown Burj Dubai, Dubai’s new urban masterpiece. The world’s tallest building is surrounded by hotels, must-visit shopping destinations and a world of entertainment options.
Speaking to Al Jazeera on Sunday, Robin Amlot, managing editor of CPI Financial, based in the emirate, said: “Dubai is not oil-rich. It’s a service economy. And as all service economies it has suffered in the global retrenchment that we have seen in the last two years.
- Dubai wealth fund under stress
Al Jazeera
2009-09-15
“This is kind of above and beyond what people expected. It is a crucial and essential lifeline … at a time when the markets really needed it,” said John Sfakianakis, chief economist at Banque Saudi Fransi-Credit Agricole. “That should bring in a lot of confidence. Basically Abu Dhabi is footing the bill.”
- Debt-hit Dubai gets surprise $10 billion bailout
Reuters
2009-12-14
The reality is that in many Gulf states, all this “surplus savings” is rather the private wealth belonging to the royal family that runs that state, or quite likely a single individual member of that family. There is no proper transparency nor accountability. And this is why we use the term “benevolent dictator”: because when a sheikh builds roads and schools and hospitals, it is effectively benevolence. It is his own personal money that he is using to benefit (or bribe) “his” people, not (what should be) their national money that he holds in trust.
Because Gulf states are not democracies, their citizens are not really stakeholders. To put it simply: the prime minister of Norway could not just walk away with all the cash in Norway’s massive future fund. It is not his personal money, it belongs to the people of Norway. But in the average Gulf state, that money belongs to the ruling family or just the rule, and he can do with it as he wishes.
- The sovereign’s wealth fund
Secret Dubai
2008-01-24
If you can suspend disbelief for a moment and consider international investment networks to be a kind of mycelia, you’ll have accurate picture of Dubai’s future:
Fairy rings are not only detectable by sporocarps in rings or arcs, but also by a necrotic zone (dead grass) or a ring of dark green grass. If these manifestations are visible a fairy fungus mycelium is likely present in the ring or arc underneath.
- Fairy rings at Wikipedia.org
2009-12-14
Warning: Necrotic zone. No lifeguard on duty.