The sovereign's wealth fund
Some time ago an associate working in finance in a certain Gulf state was handling a large investment being made by a supposed national institution. However when the funds transfer documentation arrived, it had no apparent connection in any way to that government institution. There was no reference to it by name anywhere.
Instead, the funds came from a private bank account in an offshore tax haven, identified not even by a name but by a string of obscure initials. The associate eventually worked them out as being the intitials of the names of the children of the ruler of that particular Gulf state.
This is why when the Economist writes that the "biggest worry " of sovereign wealth funds buying up Wall Street is "the potential backlash", they are missing the bigger and arguably more alarming picture. The Economist describes these funds as:
"...the surplus savings of developing countries, known as sovereign-wealth funds, that have proliferated in recent years thanks to bumper oil prices and surging Asian exports."
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.
Which may, as in the case of Dubai, involve investing in a US gaming company. An interesting choice for the government funds of an Islamic nation where all gambling and casinos are prohibited.
Instead, the funds came from a private bank account in an offshore tax haven, identified not even by a name but by a string of obscure initials. The associate eventually worked them out as being the intitials of the names of the children of the ruler of that particular Gulf state.
This is why when the Economist writes that the "biggest worry " of sovereign wealth funds buying up Wall Street is "the potential backlash", they are missing the bigger and arguably more alarming picture. The Economist describes these funds as:
"...the surplus savings of developing countries, known as sovereign-wealth funds, that have proliferated in recent years thanks to bumper oil prices and surging Asian exports."
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.
Which may, as in the case of Dubai, involve investing in a US gaming company. An interesting choice for the government funds of an Islamic nation where all gambling and casinos are prohibited.
55 Comments:
Well that's the way in works out in these Gulf states, and their Citizens are not complaining. The misconception with many, is to replicate models, that are proved successful in Western countries, to be applied here. It does not work that way, because in some countries, the Citizens have to be coaxed, cradled and cared by an authority, or they run loose !!
Wacky if you can just wade out the misconception part and look at the hypocrisy in their actions, it does show that money speaks before allegiance to religious diktats. Nevermind the blunt reference to the Strip (the road the divides the Bawadi mesh of hotels), they even went to the extent of saying that these hotels down this strip will have Casino style arcades.
Some Mirage (pun intended) this for the poor local bedouin bloke.
Guys, we are flogging a dead horse. It is their country and their money. Not ours.
Dubai has always been pragmatic when it came to survival. That is good. Saudis are, or will, starve one days. Emiratis will to what they have to do. Adapt and prosper. Hypocrisy? Maybe it is just a way of managing the religious hardline and preserve the peace.
Correct me if I am wrong but all these Islands are not they part of a plan to turn Dubai into Monaco by having casinos off-shore? Ultimately, that would make sense. Luxury tourism, minimum expat population. Their country, not ours.
There are so many cases of this happening. Sovereign wealth funds are just a way for the govt to loot its people.
Hala Ranch, the worlds most expensive house was bought by the Saudi govt so the Saudi ambassodor in America can reside in ( The ambassaodor was prince bandar ). The house is in Aspen colorado, & not in washington DC where the embassy is located by the way.
Guess what, now Bandar is no longer the Saudi ambassador; the house is being sold. You would expect the beneficiary to be the Saudi Govt, right? Wrong.
The Beneficiary is none other than a company owned by the Saudi prince bandar. Funny isnt it? now you see it, now you dont.
This guy is only an ambassador, & he is a billionaire. There is no other place on earth where this sort of behaviour can take place. Its possible in Africa, but there isnt alot of money in Africa to steal so much.
This comment has been removed by the author.
This is a call for transparency and having transparency is just opening Pandora's box in these states. Knowing that, I'm sure transparency is the last thing west would ask. They will use other means to keep the risk low on these funds.
@Anonymous 24 January, 2008 16:16
It's their country, sure, but what they do and where they invest it is not affecting only locals, rather every one in the world.
Why you keep equating everything to Dubai!? Compared to Abu-dhabi, Dubai has petty wealth.
Dubai being pragmatic? Yeah right!!!! Is it April's Fool day already?
Minimal Expat population?! They want to increase population to more than 5 millions by 2020 in Dubai. How can this be possible with minimal expats? I guess dissolving viagra into bottled milk!
Then why all the leaders of the 'free' and 'democratic' world have been/are sucking up to the benevolent rulers of the Gulf States?
Although I'm not fond of certain systemic problems in the UAE I found this post to be too one-sided.
The obvious point to note here is the misnomer "sovereign wealth fund". Instead, as applied to this region, it should read "sovereign's wealth fund". The way these transitional Gulf societies are set-up is as patron-client tribal societies, ruling 21st merchant states. The concept of individual enfranchisement would require a modern nation-state republic. This is certainly not foreseeable in the short to medium term future.
The Economist, which is by no means an impartial publication, prone as it has been to advocacy journalism as well as emotional and biased editorials, states that SWFs are the "surplus savings of developing countries", discounting the fact that premium Western firms are gorging on the profits they earn on contracts in this country and the Gulf as a whole.
Earlier, there was a chorus of calls for monitoring SWFs that appears to be fading as Western economies face up to the prospects of imminent recession. The desperation for money, and that is plainly what it is, has led to even the US Undersecretary of the Treasury for International Affairs, David McCormick into stating that "From the US point of view, we need to ensure that such investment continues", to the extent the monitoring rules will be framed so that they "...will not harm the funds" (p.47, Gulf News, 24/01/08).
Basically, the Americans want somebody to bail them out from a mess of their own creation. If any nation has lived off others, it is the Americans, with decades of living on multi-billion dollar trade deficits.
"Sub-prime mortgages" is just fancy business jargon for greedy bankers extending mortgage credit to people with poor financial profiles. America it seems did this in a big way. The write-downs in global banks like Citibank and others extend to billions of dollars. They are desperate to get their hands on all the funds the Gulf states can invest in them, without the xenophobic hype that occurred during DP World's foray into America.
So who's the hypocrite? Promote democracy with one hand and take money from 'benevolent dictators' with another.
I don’t know if you’ve read Victor Ostrovsky’s ‘By Way of Deception’?
There’s a mention in that book, supposedly picked up by intel listening rooms about Saudi Princes discussing status of billions of dollars worth of oil revenue with their brokers in Europe and the States. What surprised the Author was, all the talking was done over a non-secure phone line i.e. without a jamming device, which signified two things about these guys, ignorance or downright arrogance. It was like, they were playing the ‘Catch me if you can’ game with the real owners of that mammoth chunk of change.
Now, the point the writer was trying to make, while in awe, was the way these guys were talking about their billions, which technically in any country governed by an elected house would belong to state coffers and not individuals.
That was an interesting, although brief a read but it was also an eye-opener.
Flatus:
That’s a valid point you make but I don’t think the motivation is related to a mammoth chunk of change but more so related to security. It’s like you need a tough guy to watch your back when a rogue is bullying you. So, it’s more so a protection thing.
It’s possible, isn’t it?
Yes Kyle, you are right, it's quite possible!
Who's the rogue guy in your metaphor by the way?
I just love how honest and transparent you are!
Flatus:
I’ll betcha a greenback grand, you expected me to say the Iranians, right?
Well, the Iranians are a least bit of a threat. They never were. It’s the radical fundamentalists, the within religiously leaning, that are a major threat.
How’s that for a debunk?
Let's not pursue this anymore for a couple of reasons: first, we're swaying off topic; two, I don't want to get my butt kicked by the blog owner, and three, it's always a pleasure to exchange ideas with you :)
@Kyle
I enjoyed your comments! And I guess I know who the rogue is although I have to admit I was on the verge of associating it with Iranians.
I don't think this is swaying off the topic since having phobia on their toes is exactly the mechanism used to control the safety of the funds mentioned. anyway, their flaw is greed and West is well exploiting it!
@ Mind:
Just wanted to drop you a thank you note. You know what I mean :)
I wish I can continue here tonight but we have guests here that feel I'm ignoring them for this worthwhile debate.
Later :)
I am sorry Kyle; my first and only guess was the correct one.
I'd like my greenback grand sent to my offshore account please : )
But I am not in a hurry… I'll wait till after your guests are gone…
this is a dubbed version of the same from the other side!
It looks like this is part II of the previous post. Nothing new here.
I feel jaded to the extreme. Thanks!
Sorry to say but Iran has the balls!! Iran just needs to change those glorious petro dolla's from the Greenback to the Euro and USA has more problems! Then China find's out all those Greenbacks they been saving under their beds for years are useless. The USA will force somebody to help pay their wonderful overspending debt or go to war..ooops Iraq was their war!
The Emerati are actually taking care of their own like a Good Father does, and not selling their own Mothers and Daughters down the stream like some other "great" nations.
Papa don't pimp his own!
sd
thats exactly why you see these monstorous dredging projects in the sea. its not really to boost tourism. its to sell off a natural habitat that has belonged to nature and the native people to foreign investments (launderers) so that cash can be quickly shifted to soverign funds.
its all a dirty game.
what do you think of The Universe anyway?
Why is it that Las Vegas, London, Monte-Carlo, Cairo and Beirut allowed to set up gambling outlets without much fanfare, and when Dubai invests in a gambling company (MGM) it is criticized?
What's the big deal in investing in gambling companies! If we are talking about religion then gambling is prohibited in other religions as well, not just Islam.
It is true, Dubai is an Islamic city-state, yet SD refers to Iran as the "Evil Kingdom" on the basis of its strict Islamic-regime yet when Dubai (and UAE) are a model modern Islamic and progressive country, Dubai is criticized for its modernity.
I think there are some other reasons why some ppl criticize Dubai, wishing to ignore the good things the city and the country as a whole do.
Is it because the UAE is an Islamic country AND modern that irk them? I wonder.
Besides the country has just announced 40,000+ housing units for the Emiratis. Does this happen aywhere else in the world (USA or Europe)? I don't think so.
SD is obsessed with Dubai and he/she is "loosing it".
"Besides the country has just announced 40,000+ housing units for the Emiratis. Does this happen aywhere else in the world (USA or Europe)? I don't think so."
Think again...of course it exists in western countries. anyway, good move from the UAE government, not all the locals are rich and drive Range Rovers.
Hi there, great blog you have here, I was wondering if you'd mind emailing me, I'd love to talk with you about your blog with a view to placing a link.
I did look for contact details on the blog but couldn't seem to find anything.
Please feel free to delete this comment
Many thanks
Rob
mychildrenareamazing@yahoo.com
Anonymous
Yes not all but what drives me mad at times is the large numbers of expatriates (you pick) are driving the same Range Rover as well on Dubai roads. I highly doubt it if they would back home, when the expenses would be twice as much. I don’t think i will be able to. To balance out, if either you are an Emirates guy or expatriate wanting a luxury life, come to Dubai in 5 years time i would suggest when traffic and all would most likely be fixed.
So you see Dubai is all modern, civilized and rich. It is targeting the rich over the world to live here. Off course you need labour also to help meet the needs. If not Sharjah, RAK is an option if you want to stay in their country. London is not that same as Manchester or Birmingham, each has its own life-style. Back home i travel almost 190 miles to work each day and here with traffic it is frustrating but I manage.
Sharjah is all Islamic, academic and stuff, Abo Dhabi wants to build museums and art galleries and Dubaii is what it is. You see mate this is how Dubai is differentiating itself whether we like it or not. The palms shall sink as i care less. Their money their land i won’t be here for long happen to be i want to see the rest of the world.
Joe the expat in Emirates
Well this is how it works here. Keep the citizens happy and beefed up. Find ways to keep their pockets fat and thick. As long as this happens, as long as laws keeping this in mind, citizens will be happy and will not mind how much the State (which happens to be a single man or a family) makes. The economy is growing, and even though there will be a decline in this phenomenal growth, there will be enough in this country for a few years to come.
Things will only turn sour when that growth stops and finances starts draining. This is when questions will be asked and eyebrows will be raised. Only the prospect of poverty or common ordinary middle class life will bring about a need to change.
But as long as stomachs are jam packed with shawarmas ordered through the window of a brand new SLK, everything stays hunky dory, except for expats that is, who will find it difficult to pay the rise in rent and the addition of new Salik gates.
On the subject of expats driving Range Rovers. I am affraid that it is a bit of a myth. Only a minority of expats drive them new, and the rest drive them used and promptly resell them before they get too old. These cars then find their way to the CIS or Africa. The majority or Range Rovers, X5, Cayenne, etc.. are bought CASH by locals. The overwhelming majority of expats drive small cars. The cut off point for an "expat car" is about 180,000DHS. Only a few models with low depreciation are bought by expats above this threshold. If you look at the statistics the bulk of the automotive sales is on models that cost around 60,000 DHS often sold via no down payment / long term loans (mainly Japanes/Korean and now Chinese cars). Granted most expats drive cars with bigger engine as petrol (and cars) are still relatively cheap. Most expats who would have never owned a car in their countries buy one as no real public transportation alternative exists. To use the underground or the bus in Europe/America/Asia, etc.. means walking and riding. Walking in 42C weather, 90% humidity with no real side walks even if there was an effective public system is still a no go area for office workers (imagine arriving dripping wet in the office). What worries me is that given the road congestion, owning a car in Dubai will become a luxury in the future. Parking meters are everywhere, fuel price will rise, car registration fees, insurance, VAT, import duties and driving license fees will follow. Dubai will follow Singapore's exemple. It will be interesting to see the impact on the population and the economy.
The sheikhs in this country are doing a better job than almost probably all the other thieves in the rest of the Arab world. Credit to them, but more credit to the high oil price and low population.
The sheikhs here are just as spendthrifts as the other countries. All the other countries are suffering. Oman's oil production is actually going down, In Saudi in the mid nineties the middle classes were destroyed. In the sense now the middle classes are people who are not struggling, and eat well. In terms of the old definitions of the middle class where you can do the above and afford to go on holiday overseas, & expect your children to lead a similar lifestyle. Well those days are long long gone. They dont exist anymore.
In Bahrain, well alot of the people live in abject poverty; this country is now a basket case. The princes still have their jets though, and own just about everything in this country including all the coast.
The average emaratis here I must say are living well compared to the other locals in most Arab countries. But believe me their is loads of peverty amont the local population, loads. If you are not local or have strong frienships with them you would not know of any.
There are many families here who cannot afford houses, & have decent jobs. None are starving, but they just get by.
Ofcourse the govt tries to do things sometimes in terms of building houses and so forth. But you see if these guys were accountable; each of these poor guys would have priority over their private jets & yachts, horses, & expensive shopping trips.
Their is just no accountability, & that means everyone is dependent on the mood swings of the sheikhs. Just better hope they keep inventing new & better prozac drugs.
Wow what a skewed article & the following debate, as usual, descends to the insulting.
I am not going to enter in this debate, my contribution is two links, one factual, the other hyperventilating, & my advice is to follow SWF stories in Financial Times, not social blog spots. Sorry!
http://en.wikipedia.org/wiki/Sovereign_wealth_funds
http://marketoracle.co.uk/Article3239.html
@RNB
You can drop your two cents on ANYTHING by searching it on Wikipedia!
If you had read the article mentioned in the post, you would have found the same information!!
Hi @ SD
The Universe sounds like a great vision, build it and they "masses" will come.
I believe in being stewards of the environment, so I hope that when things like this are built environmental ecological damage is minimal or taken under consideration!
@Anonymous 25 January, 2008 12:32
firstly, "Evil Kingdom" is not a reference to Iran. For a hint, find countries in the region who are ruled by a King!
Secondly, the point here is that governors of these states(why you keep bouncing back to Dubai, Dubai here is just a figure of speech and compared to other states Dubai has minimal) claim to be traditional conservatives while in investing their money, they break barrier of any ultra-liberal mindset. This is not just a simple hypocrisy technique to keep their business up and running(what they do in west). I don't have a word for it.
@ RNB
Social Blog Spots are the Future and freaking amazing.
It is where tiny "wee" folks like me get to talk to people all around the world and not rely on about 100 some private corporation's to shove ideas and masses of incorrect information down the throats of millions, who seem intent on dividing people and not helping people to coexist and try to live in a more peaceful humane world!
Kifaya...lovin that word!
Social Newtworking is Da Bomb!
A Westerner Perspectiver...Dialogue is a great thing and not a dumb thing!
The narratives need to change and hoping maybe the time has come!
@Progressiveness is a GOOD BATTLE
I see the real universe would be flooded soon because of the global warming caused by burning cheap fuel to create an air-coned bubble, let alone the man made ones!!
If I were Shaikh Mohammed, instead of wasting my time to build man-made islands by stuffing Persian Gulf, I would have dug wide connected trenches around Dubai to make one big Dubai Island! It's cheaper and for sure it's going to be the biggest one!
@ Srewed Mind
If you put it into perspective. Mr Maktoum is sitting on a great deal of wealth and of course you want to spend that within your nation.
I mean any Arab Nation is practically in some kind of forced noose between the Brits and the Americano's and some crazy wack foreign policies..( Poor Eygpt)
I don't blame him one bit to want his Nation to be the "bestest" in the world RIGHT NOW! I find it kind of in the "WOW" factor, especially when about less than 50 years ago, The Queen and all those other Tards didn't give two shits about his people or his country and probably cracking racist jokes about Arab people at tea time..so it's like in ur face and ur peeps now have to come here to work LOL!
I mean half of his other- Arab brethern are still stuck in the desert still starvin and the last I heard the Gazans really need a great place to live ( which sux btw ) www.occupation101.com
I would not think his main concern is Global Warming but knowing that in this crazy world of ours, a nuclear bomb going off in the Middle East is as good as it is written in the sand!
The sad part of it is that half of the world blames the Jews for all this crap and not some quacked out theory that Germany came up with in regards to White Superiority Aryan Nation Bullcrap!
now
The other half of the world thinks that Arabs are terrorists and they probably will never get a fair shake unless they got OIL and GAS!
I could not imagine what this Man thinks in his head but only dreams of his Nation building with excellence, what else can he really do! Fly to the Moon with Branson??
I'll leave with this Arab quote:
“If you have much, give of your wealth; If you have little, give of your heart”
screwed.mind
"...compared to other states Dubai has minimal) claim to be traditional conservatives while in investing their money, they break barrier of any ultra-liberal mindset. This is not just a simple hypocrisy technique to keep their business up and running(what they do in west). I don't have a word for it."
So long as these investors don't break the law in the respective country into which the investment has been made, it is none of your business nor concern to criticize and judge.
You know, ppl with (or without) money are free to do what they like.
And do spare me your twist-n-turn analysis. You are just silly.
@anonymous above
Thanks for reading me my rights.
Hold one a second..If it's not my concern to judge them, then for sure it's not your concern to judge me as well! how about this game?
@progressiveness is a GOOD BATTLE
I agree with you, amongst Shaikhdoms in Persian Gulf, UAE is the most forward thinking one. For sure, Shaikhsters in UAE has let a dynamic environment for their people to benefit from a rough copy cat of free economy. But I don't think of this as a reality-softener. Reality is that most of the wealth is personal assets either directly or through numerous companies and entities leading to the same group of people.
The world today is pacing toward a crisis fueled by energy. All the western activity in this region has been driven by this and I'm sure Shaikhsters know this very well. I guess they would do anything to multiply their wealth for a rainy day once the crisis is unleashed.
As for the attitude toward Iraq and Palestine, Shaikhsters have well proved to act as domestic pussy cats since any move which averts the given direction would jeopardize their status in west.
You might look at UAE status today and think they got their heads over water because of their determination and absolute immaculate planning. But this is a very simplified statement fit for Gulf News pages.
I certainly disagree with you saying "o it's like in ur face and ur peeps now have to come here to work". I certainly don't think that.
@screwed mind
Not so much of ill will, but a heaviness of sort when all of a sudden the world watches you like a hawk..or should I say Falcon :) and when people start judging you and making complaints and expect you to be this perfect Nation
(Pronto), your Arab Hospitality kind of gets used and abused and thrown back at you and then as the Emerati have to say if you don't like it leave..don't you think a young Nation as such can get a little bit jaded. I really do want people to succeed in life and have health and wealth and ALL children to have better futures.
I guess I say this with a heart of mind because I most likely squandered my opportunities in life because it all came so easy as a westerner.
I don't know, I could be completley wrong!!!!!
a certain person in bahrain can walk off and all of a sudden bahrain is broke. yup. a full country.
a certain person in bahrain can walk off and all of a sudden bahrain is broke. yup. a full country.
Or a family, their cronies - the whole clan.
SD,
Your blog appears to have been taken over by locals of the 'Gulf/English high school' variety, and of the 'College in the USA' variety. Pity.
SD,
Your blog appears to have been taken over by locals of the 'Gulf/English high school' variety, and of the 'College in the USA' variety. Pity.
guys\gals ... this is out of context here ... but im too excited ...
did any notice that sip ata's have started working since today 16:00hrs!!! anyone with a linksys PAP2 or SPA or Vonage Box ... all the phone led's are blinkin!!! X-Lite works as well ... yaaaaay ....
dunno for how long the excitement will last ...
well its been a while since i have read your posts but seriously isnt all of this just streching it now ... why ??? just curiosity... i was going to write in Gulf/English as one of ur readers mentioned earlier but then this might be to arabised for them ...
Dubai's oil will soon run out. At the moment the land in Dubai has become the equavalent of oil. The govt / sheikhs have made huge profits from selling and building on land. But unlike oil, you cannot export land.
What happens when their is a property crush, which is bound to happen & the sheikh's personal expenditure is based on ever increasing price of land?
Having said that, I dont blame maktoum for his thievery. He simply lives in in area where thievery is the norm; its not seen as thievery here, its seen as being clever.
What I can say about maktoum is atleast he genuinely cares about his lot and citizens. Although he is without question a master thief, he also made good on his people. That cannot be said about the the other Arab leaders, especially Saudi ones.
Mind you, when the revenue collapses, Maktoum share of the loot will not decrease. Others will have to suffer. But atleast now while the going is good & there is enough to go round, he shares.
In the meantime, Greedy Landlord cut off power and stop collecting garbage to evict tenants in order to "renovate" and double the rent. There is such things as Divine retribution and this place and those responsible will have Hell to pay. What comes around, goes around. What you reap is what you sow. God will see to it.
Anonymous above......
I believe you are dealing with someone with virtually no wasta. If he had wasta he would have kicked you out, trashed your things on the streets & then billed you for his taking his time to trash your things. I think you are very lucky to have such a landlord.
Such is the fate of everyone who lives in a country with no laws, you survive by the mercy of God.
Remember the gay son of sh zayed who tried his advances on another guy in switzerland? When he was rejected he beat the other guy up & now facing charges.
Now just imagine, how many times did this gay son behave in the same way in the UAE? For him to behave like that in Switzerland, he must have done it countless times here till it became habit.
a certain person in bahrain can walk off and all of a sudden bahrain is broke. yup. a full country.
That's OK, we know where money is going.
http://www.autoblog.com/2008/01/31/over-1-5th-of-bugatti-veyrons-are-in-dubai/
Over 1/5th of Bugatti Veyrons are in Dubai
"You'd think that owning a car as expensive and exclusive as the Bugatti Veyron would ensure that seeing another one in your neighborhood would be an unlikely event. And it probably is for most of the 125 customers who've taken delivery of the hyper-exotic to date around the world. Except if you live in Dubai, where Bugatti has already sold no less than 15 of its million-dollar supercars, or 18.75% of Veyrons produced to date.
With a population of about one and a half million in the oil-rich emirate – roughly the size of Phoenix, the fifth-largest city in the US – that means there's one Veyron for every 100,000 people. (By contrast, there are 27 Veyrons in the entire UK, population: 60 million). For those fifteen multi-millionaires, however, the flashy wheels might be the edge they need when you consider that there are a very un-Beach Boys-like three boys for every girl in Dubai."
Above Veyron articles said: "there are a very un-Beach Boys-like three boys for every girl in Dubai."
That would explain the actions of the gay son of HH the late SZ (he was good man who did a lot for this country and all folks). Shame the current generation lost its way.
Please say It ain't so!!!..But this car would look definatley Hot if He was in one...WHOA!
http://www.youtube.com/watch?v=E7o71UWfj_I
I am IN love!! LOL
Western hypocrasy is abound here, it goes back to the cold war days, when "western advisors" ordered :let the few have all the riches it is easier to take them from one than from educated many. So illitracy among women in Saudi is some 85% while in men 65%.
Another exemple on the West does not care about Archeology and Arabs in general:
http://nickbrooks.wordpress.com/2007/12/18/vandalised-rockshteler-lajuad/
UN Personnel Vandalise Archaeological Sites
The crusades never ended. They still go on under another form
@ anonymous 19.45
Once again, brainless comments about the west and crusades; try some fact - the discovery of the cave paintings, and the vandalism, was raised by Nick Brooks, of the (british, western) University of East Anglia heading the archeology project there. The names scrawled on the walls are largely russian (Evgeny) Croate (Petr) and, yes, Arab/Muslim - Ahmed, Issa, Ibrahim - hardly crusaders! Frankly, the arab world has made little contribution to world archeology compared to that of the west; And while we're on the subject, didn't the Taliban destroy the 2000 year old Buddhas in Bamyan, in the name of religion?
So what, Bush and Cheney probably have an account in the same shady offshore bank ten times the size while forcing their own middle-class Americans to pay billions and billions to kill innocent Muslims worldwide.
The Sheikhs aren't taking anyone's money, nor committing genocide, so please don't compare them to the crooked democracies of the west, which are nothing but a joke.
Hi there,
I am not realy sure you understand the model you are talking about here. In a tribe the leader will take care of the tribe and they do take care of their people in a very generouse way.
When did you ever here about one of their Citezens complaining.
They are happy with their leaders Their leaders are very much loved by their people.
For good reason their doors are opened to their people all the time they listen to them and solve their problems.
It will help you if you learn more about the culture and tribes.
I am an expat and I just love Dubai.
It will also help you to remember that this country is very young and I am sure their future will be
great cause their leaders are working hard in giving them that.
Have a GREAt day
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