Word: worldlys
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...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...
...problems stem from its huge - and hubristic - ambition. The Gulf emirate, which unlike the other emirates that join to form the U.A.E., has little oil or gas, and so has concentrated on building itself up as a vibrant business and transport hub and the home to some of the world's biggest, flashiest and most modern real estate. To lure in the masses, Dubai promoted itself as an income tax free resort for the world's rich and upper middle class. Dubai's master planners developed a signature over-the-top style geared to the tastes of newly minted wealth...
...when world markets collapsed last year, so did Dubai's real estate market, leaving developers like Nakheel struggling to finish projects and pay suppliers. Speculators fled, and thousands of expatriates and locals who had bought into the dream were left owning unfinished condos or houses they could not sell. Residential real estate prices have fallen by almost half in the past year, the deepest decline anywhere in the world. (Read: "How Wall Street's Bust Threatens Dubai's Boom...
...degree reflects the debates that have been held inside the party. And on policy, we have done very well - our policies have been very good. We have five priorities: education - critical; health - critical; rural development; job creation; and land reform. (See pictures of Johannesburg's preparations for soccer's World...
...nation is a place of meeting of cultures and of ways of life. We want you as you are. We want a Muslim to feel his religion is recognized and a Christian to feel the same. That is how we became a country that is unique in the world, one that inculcates tolerance of others. My belief is that we are doing what many other countries have failed to do. For me, I am a Zulu. I also have in me experience in rural and in urban areas. But I should not be trying to be an American or more...