Essential reading

Dubai World... Might not be bailed out by Dubai govt money, according
to minister of finance on dubai tv...

His thoughts were that its not a government company.
Read more:
www.telegraph.co.uk/finance/financetopics/.../Dubai-government-will-not-
guarantee-Dubai-Worlds-debts-says-top-finance-official.html

How should capitalism run its course?

I highly reccomend this article:

http://blogs.ft.com/maverecon/2009/11/the-intrinsic-unimportance-of-dubai-world-and-the-important-wider-message-it-conveys/

My personal opinion is to tread carefully, lest creditors stifle
cashflow to trade here. An irrational fear... Or is it?

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Eid tomorrow,.,.

Havent had much chance to post lately as work has been intense... So many different things to talk about, the one thing ill stick to: Party safely.

Eid mubarak everyone.

The working class

So I finally started work as an analyst, woohoo... Right?

Don't get me wrong, I LOVE my job, its got the right mix of factors
for me. But one thing was a conversation I had with my coworkers on
pay. We work at an industrial plant, and therefore our company has a
natural emphasis on production. Unfortunately the pay structure isn't.

At my company we seperate employees by tiers, with each tier based on
a mix of experience, nationality (emiritisation issues) and years on
the job and pay them accordingly. But no mention of performance? Now
I'm not saying that performance doesn't factor in to our performance,
I'm saying that it isn't an explicit factor of performance.

I know for a fact that certain sharja govt jobs pay only increases
according to degrees attained, regardless of experience and
performance.

Dubai has some choice jobs in that line too (biased to something or
the other) why no standardization?

More on this as I find out...

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Sent from my mobile device

Cityscape ... The saga continues

My curiosity is my downfall... That's what had me try the fish and
chips place at Dubai mall (Terrible)

Granted, it mightve been horrible, but that's what you get for
thinking greasy spoons could actually pass for a good meal.

Curiousity also took me to cityscape.. Here it is in 2 points of view:

1, The buyer / economist :
Luckily, the hype was toned down this year. Nonetheless you had the
wow-me factor in some of the stands, and prices... Of note was the
quiter nakheel stand, the crazy AD stands, and the general mood of the
place.

AD is building itself up a lot like Dxb did, and I'm looking at bloom
developers... They have a prime piece of property ala palm jumeira, a
premium pricing scheme ala palm jumeira, and phases 2 and 3 ala palm
deira and jebel ali, and was announced at the heart of the reccession
ala the universe .

Anyone see a trend?

I'm not saying it won't work, I'm saying bide your time. Don't launch
at the wrong time, scale it down properly (which to blooms credit they
did)... But the facts of a global recession are still clear, slow and
steady wins the race.

The marketing hype is still unreasonable. No supertowers, but a lot of
hardsells. My opinion is to follow Trump jrs. Train of thought on this
years cityscape, and tread carefully on a risk vs reward basis.

2: the social commentary:

Suprisingly Meeras had a stand up. This was a real upset for me, as
I live in Jumeira. Meeras hasn't been too popular among some local
circles since they would ask for your home in return for compensation.
Some locals don't want to move. Some locals don't want homes and
money. Some locals don't want another few years of messed up roads,
and churned up coastline.

Especially Jumeira, a place filled with history, there is a lot that
can be had focusing on its essential beauty: the people, the history,
the integration, than with another "new dubai" destination like dubai
marina.

Maybe there will be concessions for it, and ill get the best of both
worlds. But I doubt it.

It wasn't just the fish hurtin me...

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Dubai Metro

Mattar Al Tayer once said that an investment in infrastructure is
never a waste. He is right, and for that I salute him. This is the
crowning glory of modern dubai in my opinion. Its not those towers,
its not the fancy cars.

Its this.

This is on the level of the creek being built, or shindagha tunnel
being opened... Let's just hope it doesn't take too long to get the
kinks out of the system.

After all, I remember shindagha getting flooded when it rained too hard :-)

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Sent from my mobile device

Blackberry blues

Aside from CNN, and almost ALL local newspapers talking about the interceptor software on etisalat blackberries, its more popular than ever.

For some its a means of flirting. Yes, the days of bluetooth messaging
are dead. Long live Blackberry Messenger (BBM).

For some its for business emailing; Its intended purpose.

And for the rest its something in between. An alternative to the damnable iphone craze... Ugh.

Not that the blackberry is the lesser of two evils.

An intresting social experiment though. 2500 dhs for a smart phone(reccession any1?) , and you get flirts as part of your target market?

I wonder how much the next craze would cost...

I don't think the blackberry makers realized it, but they've struck gold here .

Oh, and I can blog from this thing too!

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Sent from my mobile device

Ramadan Kareem

Its finally that time of the year where we can all slow down, and
think a little.

Take a few seconds and think about the less fortunate. Put yourself in their place... Better yourself.

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Sent from my mobile device

The trouble with the UAE

This is the economist article that got the publication banned for this month.

Take a second to read it.

In a nutshell, the article outlines the economic situation in the UAE, and how Dubai particulary has been hit hard due to overzealous? decisions.

I make no bones that mistakes were made, this article is an eye-opener.

In this article they talk about Dubai's assets, and how if need be we can sell Emirates airlines, Dubal, etc etc.

And then there is talk of Abu Dhabi bailing Dubai out.

And then concluding that the Maktoums days are numbered.

,.,.,?

Without a doubt, there has to be transparency. Without a doubt, there are massive mistakes that decision-makers have to answer to. But to suggest the Maktoum's are to be swept aside on the basis of a damaged economy is flawed.

"Wealth is power" right?... This article contends (among other things) that with the decreased wealth of Dubai, there should be a corresponding weakness in power of the ruling family.

"Wealth is power": Expand that:

Power over what?

The great economist Adam Smith was very clear that "power" is not political power, though it may lead to it:

It is rather the purchasing power over forces of labor.

Even if our economy gets stuck, the people are "mollycoddled by benovelent rulers" (their words)... We have sponsorship laws, gauranteed land etc etc by the UAE government.

So despite the economists assertions about Dubai's political floor, the Maktoums are fine.

Ab'ha dreams.

Time alone puts things in perspective.

I get to see my devils, and my guilt at play... Therapy at its finest.

I thought I had troubles with marraige, listen to this guy.

Awww... He says what alot of guys think. Though I disagree with him on some points on marriage, hes ignoring social status and putting it on the backburner.

Social status will exist regardless of what you do. You cannot ignore it, you must work around it.

Other things.

This deserved a post of its own.

Education first, marriage second. Simple enough rule because priorities must be set straight on this one. Im not talking about getting educated for the sake of marriage, which is a damning prospect for society as whole.

While not a statistical measure by any means, I had a friend in AUS take a class that was filled with local girls. My friend is a local as well but doesnt look like one so he witnesses an intresting situation in the class which im relating to you in this blog. The teacher asks the local girls in particular why they were studying, and one girl says in no uncertain terms that she was doing it solely to get married. The teacher, taken aback, asks how many shared this opinion... And with the exception of one girl, they all raised their hands.

Now I just related the gist of an intresting social experiment in a university class, but apply that answer to the "real world", (dont you just love that phrase?)

I ask anyone who reads this blog, ALL 3 of you, to pass this message on as best you can.

Education, work, and any other noble deed should be for their own sakes. Not for that hot guy around the corner, not for dad's mercedes: It should be because you can make a difference.

Marriage UAE style.

"my way or the highway"

That sums up the bulk of what Im seeing in UAE marriages. Ive talked about this countless times, especially when I first started up this blog, but now its getting more relevant.
Some people think I have what it takes to get married.

Or do I?

Marriage here in the UAE is a social affair on a few levels. If you were working, you almost always invite your colleagues, being an eastern culture, and all. But that's the thing.

Im not assimilated per se into UAE society. I like to think that I take the good, and leave out the bad mixing and matching to produce the bearded caveman that I am.

Unfortunately, as I still happily live in the UAE I have to look at the rulebook thrown at me. I have to have a house. Not an apartment, not a rental... A villa.

Then the marriage, that has to be scaled to your percieved status in society, and no family wants their daughter to look cheap. All this to save a local girl from being a spinster.

I might be painting the women with unfairly large brushstrokes, but they chose the paint. In all fairness, its really not up to the girls sometimes, but the widespread complacency with it is appaling.

I would rather build my home with my wife, than have it ready for us the second we are hitched. Id rather have my marraige a close family affair with a few extra tables than a wedding for 2500 strangers.

At the end of it all, I want to build a solid relationship built on us, and not on the empty promises of newly built house thats not a home, the stench of a new car, or the sparkle of a dress worn only once.

Capitalism.

Well, visiting america is quite an eye opener these days. Last time I came here was pre- 911, and I was quite young.

A few things are apparent, and I wish I was more eloquent to put what Im realizing into words. The american economy despite its massive downturn, is very strange. Im here on a mini- mission for dad: looking for investments.

Im not the only one, as the business bestseller shelf in borders is piled with John Grahams classic "the intelligent investor", and "rich dad, poor dad". So some are trying to look at fundamentals ala Warren Buffet.

But strangely, Im not seeing the fundamentals shine through. Its like there is a thick haze... Blurred by advertisments, and bloated promises.

I was suggested to look at GE stocks by a guy I met in the gym, a cpa with a masters in real estate.

And I did, 10 percent dividend return. An amazing return, even if we werent in a downturn economy. Compare that to a fixed rate intrest of 10 years (I think) in the 4s at bank of america
and all goes well in my mini- mission.

Not really, a little checking, and I dont know how GE can sustain those dividends (true my calculations might be off, but still). Too risky.

But if I were to believe him, 10 percent was the be-all, end-all. I would be smooth sailing with GE. an ad.

Real estate fared no better. Haze is there too. Despite falling prices plastered on the news, the two place I visited had strangely high prices for what I was looking.

There are too many middlemen. Too much advertisment.

Not to vsay you cant find, there are some real bargains there. But the more I see, the more skeptical I am.

Inshalla Ill find something, but even if I dont it was worth looking.

and the hohos rock.

The state of education

Here, you will find an intresting article on education in the UAE.

Im a product of our educational system, and have argued more than once for a reform. In particular, A proper reform of our high-schools. My brother is getting carrots compared to what could be offered. Though I will concede its better than what it was in my day.

Case in point: I participated in political rallies at my school... The kind where we are all pulled out of class to burn flags.

Not my idea of a balanced education.

The epic hunt

I, being the genius that most have come to love, have decided the time has come. Yes, I couldnt take it anymore, my days of partying will dry up, and it would be solemn drudgery for the next few weeks, months, maybe years.

I have decided to look for a job.

And a finance degree in times of a financial crises is my ticket in.

Any takers? We shall see!

:-)

The crash and the response.

Ive delibiratly left off posting like a nutter on the matter of that "healthy correction" (Abaars words) that weve been having.

I was intrested in seeing the effects, both good and bad, of a market correction such as this. The older traders say its happened before in the late 70s, but yet alot of them were puring money in.

Then the gong sounded, and speculative buyers fled. Thousands of expats left. A number off the top of my head is 70000 filipinos (GNews). If we account for a population of 1.2M in Dubai, thats about 5% of our population. Thats just Filipinos.

So speculation moved. From freehold property sales, to rentals. No wonder people were running.

Then some fellow from RERA (the real estate authourity) decided that we didnt need rent caps because "2009 is a tough year".

The actions of the speculators on both our stocks and real estate markets not a lesson? Emaar is at 2.05 Dhs today.

LUCKILY, and the sole reason I am posting this is because of hope: Sheikh Mohamed issues a decree in effect saf-gaurding consumers from high rents, and RERA issues a market rent index

Oh, and Obama, the first black president of the United States was inaugrated today.

Change has come?

Gaza, and its entrails

I dont need to say anything about the atrocities there. Do what you can for them.

Its intresting that GulfNews is actively shaming the arabs. Shame that the writers wont own up it with their names.

Oh well. Give the audience what they want?