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...growth opportunity than Pandit and Citi thought. A few months ago, Verme was reassigned to London (though he has been promoted to ceo of all Citi's business lines across Europe, the Middle East and Africa, and Citi stresses he is "one of its highest ranking executives globally"). Mohammed al-Shroogi, who headed Citi's United Arab Emirates operations, left in September. In late November, Dubai World, which is a for-profit development company controlled by the ruling family of the gulf state, indicated that it may have to default on a portion of its $60 billion in loans...
...other Arab emirates, its fortunes changed abruptly in 1966 with the discovery of oil. But compared with its neighbors, Dubai had limited reserves, prompting its rulers to turn to other industries to fuel their bold economic aspirations. Starting in the 1980s, at the prompting of Sheik Mohammed bin Rashid al-Maktoum, then the crown prince, Dubai fashioned itself into a free-trade oasis. It opened a tax-free infotech hub, Dubai Internet City, in 2000, to attract technology companies; media, finance and maritime projects soon followed...
Thanks to massive spending (and borrowing) by its state-owned development companies, Dubai was soon every inch the global financial center. It's home to the sail-shaped Burj al-Arab, the most expensive hotel in the world, and the unfinished 160-story Burj Dubai, the planet's tallest building. Its coastline has sprouted archipelagoes of man-made islands shaped to represent a date palm and a map of the world...
...Whitman's opponents. It takes a vast amount of money to be competitive in California, but the road to Sacramento is littered with the bodies of failed parvenus: Michael Huffington, the former Republican Congressman and ex-husband of Arianna, blew $28 million on a failed Senate bid in 1994; Al Checchi, a former co-chairman of Northwest Airlines, spent $40 million losing to Gray Davis in the Democratic gubernatorial primary in 1998; and the businessman Bill Simon, who campaigned unsuccessfully against Davis in 2002. All of them were seen as overconfident and underprepared, liable to self-destruct when pressed...
...targets in New York. Zazi, who sold doughnuts and coffee from a vending cart not far from Wall Street, is a young, poor and poorly educated Muslim from a country where the U.S. is at war. It's not hard to imagine someone of that profile being manipulated by al-Qaeda's skillful propagandists and recruiters...