Word: arabism
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...reflected in a grim joke making its way around Wall Street and the City of London about the options left for laid-off bankers: "It's Dubai, Mumbai, Shanghai, or goodbye." But the reality may be even grimmer. In fact, Dubai and the other oil-enriched regions of the Arab world aren't quite the safe havens they once were. Western and Middle Eastern markets are more closely intertwined than they were during the 1970's oil boom. But recently, Arab exchanges have been hit with a double whammy. Western investors have pulled out of Arab markets to cover...
...Arab banks are finding it harder to provide financing on their own for the often wildly ambitious real estate and development projects that had become commonplace in the region. "Every day you could open the newspaper and read about new mega-projects worth billions of dollars," says Nazem Al Kudsi, the chief executive officer for Abu Dhabi Investment Co., which is part of a sovereign wealth fund that recently bought New York's Chrysler building. "Today, there are not as many projects in the system...
USAGE: "In the United Arab Emirates, David Fisher, an Israeli-born Italian architect, is planning an 80-story rotating skyscraper, the Dynamic Tower. Some call it sunflower architecture...
...Whereas Chirac had relied on Saudi Arabia as his primary Arab interlocutor, Sarkozy appears to have turned to Qatar as the key intermediary to re-establish contacts and prepare visits and exchanges between Paris and Damascus. Evidence of Qatar's mediating role is clear in the fact that the Gulf State will participate, along with Turkey, in a four-nation summit Thursday during the second day of Sarkozy's Syria visit...
...More attractive to ADUG, perhaps: the United Arab Emirates (UAE), including Abu Dhabi, are eager to raise their sporting profile, says Simon Chadwick, a professor of sport business strategy and marketing at Coventry Business School. Abu Dhabi will host its first ever Formula One motor race next year, and Dubai even considered bidding to host the 2016 Summer Olympics. Snapping up Manchester City, then, is another way of "announcing your presence to the world," Chadwick says, of "establishing relationships with key decision makers in football, demonstrating they have the confidence and expertise and have the money to spend." ADUG...