Translated material
Rysak stumbled
The causes and consequences of the default of the state holding "Dubai Warld"
Rysak stumbled. The news of the actual default of the state holding in Dubai caused a serious commotion in the world. As such a small Eldorado of the Persian Gulf reached life and whether it was too early to write it off, it was interested in The New Times from the heat of 42 ° with complete calm and 90 percent humidity that the air is melting, but the construction of the highest skyscraper of the planet does not stop. With the onset of night on the site, it is light, as in the day, from the spotlights. Thousands of Pakistanis and Indians, having worked their own 12 hours, are replaced by fresh workers, and again the cranes wave and roar bulldozers on this, which broken from the chain of the shock construction of capitalism, whose name is Dubai.
Ben Laden apologizes in the photographs of 40 years ago in the city Museum of Dubai-the desert and Sakli Bedouins. Back in 1991, rare buildings stood along the sheikh Zaid Road along the sheikh Zaid Road. Today's Dubai is the twelve-row magistrates, this is the 320-meter first seven-eternative hotel “Burj al-Arab”, where everything that shines and there is real gold, it is 6 million foreign tourists a year (so many New York) with its own population is 1.4 million and almost a complete absence of attractions-well, except for the perceptions of the construction near construction. Squares shields “We apologize for inconvenience. Ben Laden construction group. They go to Dubai not to look at the old days, but at the novelty. And why do the Dubais have their own ruins when they can rebuild the most famous strangers. “Imagine the Eiffel Tower, Taj Mahal, the Alexandrian lighthouse and hanging gardens of Semiramida-only more grandiose than they are or were actually collected in one place,” the advertising brochure of the “Sokolinsky City of Miracles” says. This “city” is only part of an even more fantastic project called “Dubailend” with an area of 278 square meters. km. Like a purebred Arabian trotter, Dubai is torn up and in breadth without looking back at architectural styles. The Burj Dubai Tower costs more than $ 4 billion, its height is 818 meters. There is no above. The “Freedom Tower”, which is planned to be built on the site of the destroyed “twins” in New York Manhattan-150 m lower. All apartments at the Burdzh Dubai were sold out in two evenings, when only the first floor was ready.
Little space is not enough space on land, the construction is spilled into the Blue Persian Gulf: Nakil's company Machs there. From space, they look like palm trees. Two “palm trees” increased by 120 km a modest (72 km) shore line of the emirate, because without beaches and beach hotels Dubai will not reach the planned level-15 million visitors a year by 2010, when the oil reserves of the emirate will begin to be impoverished. True, until the vanity of those who have already made the first fee in order to stake their island in an ambitious project with a modest name “Peace” is not impoverished. Imagine: on the area of the gulf with an area of 67 square meters. km poured 300 islands grouped by regions of the world and approximately repeating the outlines of continents. 6% of the islands will be private. Everything was about to have been built, and the pop star, Rod Stuart, seemed to have already bought Britain for $ 33 million. But at the end of last month, the Dubai Warld state holding, which includes Nakil, asked the delayed payments on loans of $ 59 billion and thus disconocated world financial markets.
Wealth from the air? The great show called “Wealth from the air” was personally opened by Emir Dubai Sheikh Muhammad Ben Rashid Al Maktum and the crowned prince Abu Dhabi Sheikh Caliph Ben Zaid Al Nahayan personally. The first personifies the local authorities, the second - the highest power of the United Arab Emirates (UAE), where the rapidly developing Dubai plays the role of a second violin. The thoughts were quite noble. Dubai wanted to give an example to the neighbors: get off the oil needle, because oil - it not only flows, but also, it happens, it falls strongly in price. Blinding from the needle, Dubai began to buy companies around the world, hoping to compensate for the income from oil export income in the alternative market. Sheikh Al Maktum actively advocated Dubai investments abroad and foreign - in Dubai. But investment is an insidious thing. All this continued exactly until the world entered in 2008 at the peak of a deep recession. Assets ceased to cost the money that were paid for them during the economic boom. A year ago, hundreds of foreign managers invited to build a “paradise on the ground” began to throw “Boomers” and “Merses” unpaid on the airports on the airport parking and flying away. After all, the salaries of the native citizens of the UAE, where the emirate Dubai enters along with the six others, is so high that it is more profitable to hire an American or Australian, bring him here with the whole family, pay him an apartment, a Bangladeshi driver, a school for children, a nanny-filippine and tickets for a trip home twice a year. In 2007, among employees in the non -state sector of Dubai, only 1% were citizens of the emirates who have access to free medicine and education (by the way, the UAE spends 35% of its federal budget!), Gratuitous loan of up to 70 thousand dirhams for wedding and dowry, and sometimes free housing.
Real estate stopped growing in price, freshly painted skyscrapers were empty, the unusual islands of the “Mira” did not bring “hacked” the necessary liquidity. At the end of November, everyone became clear, the shatter of the financial situation of Dubai. The enviable image of the "Arab economic miracle" faded. The emirate turned out to be a hostage to a quasi -economic strategy, which is based on the so -called “cheap money”. Now, the creditors of the “Arabic miracle” only have to pray for the receipt of at least part of the invested funds and reluctantly agree to the request to give the emirate a delay in debts.
What Sheikh was thinking about asking the question: what “boom” Sheikh Al Mactum was counting on, arbitrarily establishing laws in Dubai, having noticed $ 80 billion on the world market - this is the current debt of the emirate. On investment? Building? And how much in addition to these 80 billion was borrowed by the government of Dubai local banks? It is already known: the authorities of the capital's emirate Abu Dhabi considered that the assets of Dubai, one of the “subjects of the federation”, are not worth the paper on which they are executed, certified by signature and stamped. And instead of $ 20 billion requested emergency assistance, Abu Dhabi paid an oak only $ 15 billion.
Now Dubai drifts in the sea of debts and is waiting for a saving straw from Abu Dhabi. But she will not come up until the whole financial policy of Sheikh Al Mactum will become clear. A model based on a massive buying for the overseas business did not justify itself.
Probably, Dubai will have to apply the income tax those who work in the foreign companies they purchased. There will be other unpopular measures. It is clear that this will seriously spoil the image of a small country of bay, known for unheard of generosity, up to the readiness to pay for their citizens abroad. But what can you do?
About 70% of the population of the emirate are visitors, mainly foreign workers from Asia. Most likely, most of them will now leave, and Dubai will have to part with a chronic dependence on immigrant labor. Dubai really wanted to imitate the "Asian Tigram" - Singapura and Hong Kong. But he did not take into account that in Singapore - 4 million indigenous population. In addition, in which case, Singapore, so that its industry worked uninterruptedly and unmistakably, like the Swiss watches, will always be able to “get” cheap labor nearby - in Malaysia. Dubai is completely devoid of such a resource.
Dubai, perhaps, will now think about the rejection of the common monetary unit for all seven Emirates - Dirham and the entry of his own national currency. However, Abu Dhabi will probably insist on the compliance with the Dubai of a single currency policy. And he will probably be able to insist on his own. The only question is in the price that Abu Dhabi will pay for the salvation of Dubai.
There is no need to rush and yet do not write off oak off. There are still no corporate and income taxes here and you can open one hundred percent foreign company with full repatriation of income. Islam, condemning uships, will not prevent Dubai banks and henceforth to lend money. Muslim Orthodoxs will come to Dubai to indulge in pleasures, which they did not think at home. And although more than the West itself Islamic fundamentalists hate “garbzadegi” - “insanity”, the phenomenon of Dubai itself serves as proof that in the 21st century, prosperity does not occur in America or Europe, but contrary to all the intrigues in the Arab East. But the West, frankly, should be glad to be happy that millions of young Arabs look with the hope of the possibilities that Dubai reveals to them, instead of membership in some al-Qaeda. So, in the interests of the West - to try to help the Emirate get out of a difficult situation.
The United Arab Emirates (UAE) is a federal state consisting of seven monarchies. Includes the emirates Abu Dhabi, Ajman, Dubai, Ras-al-Haima, Umm-El-Kaywin, El Fuzhera and Sharjah. The capital of the UAE-Abu Dhabi, the largest and most dynamically developing city-Dubai with a population of more than 1.5 million people.
At the head of the state is the President of the UAE -Sheikh Caliph Bin Zaid Al Nahayan, the emir of the largest emirate-Abu Dhabi. The clan Al Nahayan has been ruled by the emirate Abu Dhabi for more than 250 years. The Government (Council of Ministers) of the UAE is headed by Emir Dubai, the second largest emirate, Sheikh Muhammad Ben Rashid Al Maktum.
The main article of the National income of the UAE , a member of the OPEC since 1967 - oil exports.
Abid Ali is the business editor of the Al-Jazira TV channel (Qatar). Cooperation on CreativeCommons
