Word: sheikdoms
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Sheik Mo, as he's dubbed by the media, was tweeting in London last week when officials back home stunned financial markets by announcing a request for a six-month repayment standstill on part of the sheikdom's $80 billion debt. The immediate issue is Dubai's inability to come through on a $3.52 billion tranche due in mid-December. Yet, with some 400 property projects already reportedly frozen in Dubai, the news raised the specter of a gigantic default that would sink exposed creditors around the world. "Inspired by Islamic artifacts," read the sheik's post on Twitter during...
Without much oil under its sands, Dubai is no petro powerhouse. But you can't beat it for being the most colorful sheikdom in the Middle East--or the most ambitious. What other desert land can claim one of the world's largest indoor ski slopes, featuring fresh powder year round? While flying in on the stylish, state-owned Emirates Airlines, you might notice the artificial islands in the shape of a palm tree or the 56-story Burj al-Arab hotel, as tall as the Eiffel Tower, built like a billowing sail. Westerners are welcome, along with their vices...
Senators who want to block the ports deal, such as New York Democrat Charles Schumer, point out that the 9/11 attackers laundered money through Dubai and that the sheikdom participates in a boycott of Israel by the United Arab Emirates, of which it is one sheikdom among several. (Despite the boycott, DP World does business with Israeli firms.) Congressman King, for one, told TIME he wants assurances that al-Qaeda supporters "will not be able to work their way into the company." That task might fall to the chief operating officer of DP World--a guy from New Jersey named...
They won just one medal at the Torino Olympics and the shipping company P&O, which once held the Empire together, has been sold to an Arab sheikdom, but the British still lead the world in heists. Since the Great Train Robbery in 1963, a succession of raids - each seemingly larger than the last - has provided a stream of ripping yarns for crime writers. Last week's entry into the genre, which may have netted ?40 million ($70 million) or even more - the precise figure has not been revealed - will doubtless spawn its own literary offspring. It's certainly...
They won just one medal at the Torino Olympics, and the shipping company P&O, which once held the Empire together, has been sold to an Arab sheikdom, but the British still lead the world in heists. Since the Great Train Robbery in 1963, a succession of raids--each seemingly larger than the last--has provided a stream of ripping yarns for crime writers. Last week's entry into the genre, which may have netted £40 million ($70 million in U.S. currency) or even more--the precise figure has not been revealed--will doubtless spawn its own literary offspring...