Internet bubble, now a Dubai bubble?

I am doing an event in Dubai in March, www.teched.ae. Today, exactly the day of Eid holiday in Dubai and Thanksgiving in the US, the European stock exchanges colored deep red on the announcement that the state-owned holding Dubai World has asked for a six-month delay to the creditors.

I have visited Dubai two times the last couple of months and still going 4 times between now and March. And I must admit it is an “interesting” region and society. More than once my eyes opened widely. Everything needs to be the biggest, the most expensive, the coolest, the best, the most luxurious and you wonder where all the money is coming from. It is amazing that they built almost an entirely new and modern city in a couple of decennia. Truly amazing.

Also society has very interesting aspects; no taxes but you have service charges. Can’t we consider this the same? About 90% of the inhabitants of Dubai are foreigners. You rarely see people that are retired. The demographic constitution is one of mostly people that are working. People without a job or income can’t really afford to stay. Drug policy, alcohol, traffic rules. Never seen a country where so many people make U-turns.

Doing business is another culture. One tip, the concept of “We” is a pitfall. You and me works better! And I was introduced to the concept of “Insalah” (manana in Spanish :-)).

Fascinating area. Let’s hope everything comes fine and the situation is not as bad as the press is writing.

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2 Responses to “Internet bubble, now a Dubai bubble?”


  1. 1 inshasoft February 21, 2010 at 11:02

    Its WonderFul Post, Excellent work, keep it up

  2. 2 FroriaEmigo March 13, 2010 at 05:41

    Hi, my name is Tim. Just wanted to say hi to the forum, I been creeping around here for a while now, but tend to participate more. Looking forward to make some new friends. Ciao!

    Tim

    NY, NY


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