Word: gulf
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Arab sheikdoms are steeped in conservative desert traditions, which discourage risky ventures in everything from marrying daughters to herding camels. The old rules, however, don't apply to the Persian Gulf's new generation of rulers. They may still wear the flowing thobe of their ancestors, but their mind-set is all pinstripe when they are taking on the modern world...
...these guys, anyway? Dubai's Sheik Mohammed bin Rashid al-Maktoum, Qatar's Sheik Hamad bin Khalifa al-Thani and Abu Dhabi's Sheik Khalifa bin Zayed al-Nahayan are sons of gulf royalty. But these are not their fathers' investments. Gulf money 20 years ago was being sunk into safe-bet, low-yield U.S. Treasury bonds--or the arms bazaar. Some recent deals--Dubai's brief holdings in DaimlerChrysler and Madame Tussauds, for example--have been opportunistic. But Dubai's bid for NASDAQ is part of a vision for positioning the city-state as a world-class business center...
Indeed, the NASDAQ deal illustrates the sophistication of gulf boardrooms, not to mention a determination to proceed with economic development in spite of the region's political instability. Borse Dubai originally got into a bidding war with NASDAQ over OMX. But when an intermediary suggested that they form a partnership instead, Borse Dubai quickly agreed. According to Borse Dubai chief Essa Kazim, the new arrangement gives Dubai access to even more expertise and global investors than it would have received in a partnership with OMX alone. "We felt we can complement each other," Kazim says. "NASDAQ can continue to expand...
...Iraq: U.S. officials say the number of deadly explosively-formed-penetrator roadside bombs arriving in Iraq from Iran has been halved between July and October. And while alarmists were quick to note the U.S. Navy's deployment of a second aircraft carrier to the Persian Gulf off Iran's coast earlier this year, they have been largely mute as the two ships were replaced by a solo carrier in August...
...split decision on Southern Governors After a single term marred by hiring scandals, GOP Governor Ernie Fletcher was bounced by Steve Beshear, a Democrat who had been out of politics since 1987. In Mississippi, GOP Governor Haley Barbour was re-elected easily, showing that he may be the only Gulf Coast politician whose fortunes were undimmed by Hurricane Katrina...