Monday, November 30, 2009

Dubai Woes Egypt feels It

There are speculations that Egypt and Abu Dhabi will attract the foreign investments in the region after the current fall of Dubai; well it is falling now and is falling ugly with no doubt. I do not know on what basis these speculations were based upon ; Egypt is no Abu Dhabi for sure , second for God sake our stock market is feeling the woes of Dubai as soon as the market is back in business after the Eid !! “ I think they should close it again till things become stable again”

The blow to Dubai will affect the Dubai Emirati investments in Egypt negatively and the size of these investments is not small not to mention our economy will be affected in a way or another , you got Emaar in the market, you got both Al-Futtiam cousins in construction and retail too and you got Dubai Ports world too if you have forgotten !! I do not have doubt that EFG-Hermes and Pioneers too will join the club not to mention the huge Citadel Capital which has investments there. I think Dubai Capital and Dubai holding have shares in different Citadel Capital subsidiaries like ASEC and Glassworx if I am not mistaken. “Perfect time to enlist your shares isn't he market , is not it !!??”

Even if we attract foreign investments from Dubai to Egypt ; what good will return on the Egyptian people if only a very small percentage of the society enjoys the real fruits of these pseudo economic reforms !!?? Already we are not that foreign investments attraction heaven thanks to corruption, bureaucracy and the fear of future political instability following Mubarak’s death.

We do can attract foreign investments from Dubai and from all over the world not to mention we can become a real Jaguar on the Nile ‘as the Ganzoury’s cabinet used to name Egypt’ if we become a real democracy with a real transparent political system. We can become more powerful than Dubai because in the end Dubai is just a city not a whole great country with lots and lots of unused resources and potentials above them : The human resource.

I believe Dubai can create cash in a fast way if Sheikh Mo sells his horses , if all those construction companies stop building these useless big buildings ; what use of having the biggest and longest buildings in the world with a broken economy for God sake !!???

The problem of Dubai is that it has faced a huge problem during the financial crisis and Sheikh Mo did not want his citizens nor the world to know the ugly truth and thus he kept it under his carpet till the time he could not hide anything !! Just a typical dictatorial Arabic way of thinking !!?? 

1 comment:

  1. Was Sheikh Mohammad hiding facts or was he just being over confident of the avility of Dubai to raise the necessary funds?
    The Sheikh and his group of assistants managed to raise huge debt amd execute remarkably huge projects that would not be possible in any other small sheikhdom
    I am more inclined to say that Iy was self confidence not anything else.


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