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...Until recently, that change looked like it might never happen. Last summer, Iraq's government hosted an auction for eight large oil and gas fields at Baghdad's high-end Al-Rashid Hotel. There, oil executives from the U.S., Europe, Russia, China and South Korea paraded on stage and dropped their bids into a sealed box, in a ceremony broadcast live on Iraqi television. It was meant to be grand theater, but proved a p.r. failure for Baghdad. Just one bid succeeded: it was submitted by a partnership between Britain's BP and China National Petroleum Corp. (CNPC) for production...

Author: /time Magazine | Title: Pump It Up: The Development of Iraq's Oil Reserves | 12/7/2009 | See Source »

...years ago, an adviser went to Sheik Mohammed bin Rashid al-Maktoum with a plan for a tall office building. "Only 90 stories?" the ruler of Dubai asked. The aide was sent back to the drawing board, with instructions to design the highest structure not just in Dubai, not just in the Middle East, but in the world. When the Burj Dubai has its grand opening in January, it will be an 818-meter monument to the visionary autocrat who dreamed the Dubai dream - and, as it turns out, a conspicuous symbol of the hyper-ambition that now threatens...

Author: /time Magazine | Title: Dubai's Woes a Blow to Ambitious Ruler Sheik Mo | 12/1/2009 | See Source »

...rulers of the United Arab Emirates city-state of Dubai have for months breezily dismissed concerns about Dubai World, the government's main holding company for investments and real estate developments. "We are not worried," said Dubai's Emir, Sheik Mohammad bin Rashid al-Maktoum, at a press conference two months ago, despite the fact that Dubai has debts that are at least 100% of GDP - and may be closer to 125%. When critics later complained that Dubai had no realistic plans for paying off its debts, al-Maktoum told them to "shut up." But on Thursday, as Dubai...

Author: /time Magazine | Title: Will Dubai's Financial Problems Spread? | 11/27/2009 | See Source »

...scandals have sent the country's top cops into damage control mode and intensified calls for an overhaul of Russia's profoundly broken law enforcement system. In late October, Russian Interior Minister Rashid Nurgaliyev announced a series of measures aimed at combating graft and weeding out officers prone to violent abuses. The measures include tightening psychological screening standards for new hires, improving transparency when dealing with the media and forcing police officers and their relatives to submit copies of their tax papers in order to keep tabs on any assets gained in illicit ways. "Every day I ride to work...

Author: /time Magazine | Title: Russia's YouTube Craze: Exposing Police Corruption | 11/20/2009 | See Source »

...also being sworn in, Mohammad Qasim Fahim and Karim Khalili. Both have been accused by Afghan civil-society groups of egregious human-rights abuses, and one has been closely linked to Afghanistan's multibillion-dollar drug trade. In the audience was Karzai's close supporter, former warlord General Abdul Rashid Dostum, who has been accused of massacring thousands of Taliban prisoners in 2001, soon after the U.S.'s arrival. Even if Karzai is committed to cracking down on corruption and strengthening the rule of law, he will have a hard time sidelining the allies who helped him get re-elected...

Author: /time Magazine | Title: Karzai Sworn In: Now, on to the Next Afghan Crisis | 11/19/2009 | See Source »

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