Abu Dhabi

By Dan Nolan in Business on October 19th, 2010
Photo by Reuters

The United Arab Emirates' new crackdown on business with Iran will no doubt draw applause in Washington but alarm in Dubai.

New regulations preventing transactions with Iranian banks means trade between the two nations has all but come to a standstill in recent weeks, according to those affected.

In 2009 total trade was worth an estimated $12bn, making the oil-rich Arab nation Iran's top trading partner.

But the reality is that only one of the seven emirates that make up the UAE federation has been responsible for the bulk of Iranian trade and is thus regarded as Tehran's backdoor to the West – Dubai.

For years, Dubai has been seen by the West as dragging its feet on rigorous enforcement of UN sanctions - an accusation it always denies.

By Abid Ali in Business on December 28th, 2009
Photo by Reuters

I want to introduce you to my world. The world of Christmas viewing in the UK. "Take That Come to Town", "Take That: Backstage at the Circus" and "Take That: The Circus Live". One afternoon and evening of pop bliss - some would say.

For those of you who don't know this group comprised of five lads. Robbie Williams, who went on to solo success, and the others who split up but came back and have had something of a renaissance.

By Dan Nolan in Business on December 16th, 2009

Oqyana sounds almost like a fantasy land. Check out the movie on its website and you’ll know what I mean. These are the islands of Australia, New Zealand and part of the Pacific in the “The World” development – perhaps the most ambitious of all Dubai’s grand plans.

By Nick Clark in Middle East on December 14th, 2009
Photo by Reuters

Let's do some cliches.

“Our best days are yet to come!” So says Sheikh Ahmad bin Saeed al-Maktoum, chairman of Dubai Supreme Fiscal Committee, buoyed by the $10 billion bailout from Abu Dhabi.

Words no doubt the Emirati press will feel at great liberty to print ad infinitum.

Well one good cliche deserves another, so let’s think about this...

In Qatar, on the evening of December 14th, BBC World’s Doha Debates programme was being recorded.

Five Emirati journalists from various media outlets were invited to attend and all said they would. But then, a few days ago, they pulled out, just like that.

The motion up for debate was: “This House Believes Dubai is a Bad Idea.”

By Abid Ali in Business on November 27th, 2009
Photo from AFP
Abu Dhabi has completed its due diligence of Dubai and decided that its neighbour’s assets aren’t worth the paper they’re written on.
 
After initially being given $10 billion, the brash emirate of Dubai was expecting another $10 billion – it got only half that amount.
 
Dubai had been trail-blazing, setting the example for it neighbours, trying to diversify its economy from exposure to oil, and it was doing that by buying up companies around the world and hoping falling oil revenue would be replaced by profits from these businesses.
 
The problem is, the global recession has meant profits have declined, assets aren’t worth the inflated prices paid during the boom years. The strategy of cheap money, remortgaging, that caught home owners out, has also trapped Dubai.  
 

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