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Dubai’s glitter and glamour is not gold
After undertaking a host of ambitious building projects such as the world’s tallest tower, under the leadership of Sheikh Mohammed bin Rashid al-Maktoum, Dubai is now struggling under the weight of heavy debt. Photo/REUTERS
Posted Tuesday, December 1 2009 at 00:00
In an online interview this year that epitomised the progressive image Dubai has tried to present, Sheikh Mohammed rejected the suggestion he was a ‘Superman’ who ran the freewheeling emirate alone.
Rectify mistakes
“The ‘Superman’ phenomenon you are talking about does not exist in our organisations and institutions,” he told the questioner — before going on to discuss how his poetry and horse-racing fit into his 24-hour-a-day schedule.
Despite its financial troubles, many still regard Dubai as a pioneer among its neighbours.
“There was a lack of transparency, yes, but Dubai did something whose model was full liberalism. They made mistakes and lacked a lot of things but they are in transition,” said Dubai-based Ibrahim Khayat, a Lebanese strategic business analyst. “Singapore has corruption too.”
Martin Hvidt, a Danish Middle East Studies professor who focuses on Gulf economies, said the concentration of power in the hands of Sheikh Mohammed and a few advisors meant Dubai could take quick action to rectify mistakes.
“It’s too early to write Dubai’s obituary,” he said.
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