By Anil Bhoyrul
Arabian Business set to host special event in Dubai on the impact of the financial crisis.
The UAE’s top business leaders are to participate in a special one day event to debate whether the financial crisis is over.
The conference, entitled “Is the crash over” is to be held at The Address Hotel in Dubai on December 7.
Organised by Arabian Business, it will feature several top executives giving presentations on whether the financial crisis has ended, and what next year has in store for the region.
The event will be opened by His Highness Sheikh Maktoum Hasher Maktoum Al Maktoum, the CEO of Al Fajer Properties.
Others making keynote speeches are Aramex CEO Fadi Ghandour, Dubai Pearl chairman Abdul Majid Al Fahim, Holding Group founder Joseph Ghossoub, Air Arabia boss Adel Ali, ACI Real Estate managing director Robin Lohmann, and Arabtec chief financial officer Ziad Makhxoumi.
The conference is being chaired by Andrew Neil, the BBC television presenter and also chairman of ITP (publishers of Arabian Business).
Neil said: “This special one day event brings together some of the biggest player’s in regional business, who will each give their own unique take on what is happening in the financial world – and most importantly, whether 2010 will see the growth we are all searching for.”
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Is the crash over? This planetâ€™s economy is in crisis since 15 August 1971 when US president Nixon broke the Bretton Woods agreements which pegged the US dollar to gold at fixed parity and all f the planetâ€™s other currencies to the dollar. Nixon unilaterally broke the peg of the dollar to gold. As long as the planetâ€™s Anglo-Saxon intellectuals refuse to deal with this problem, the crisis will continue. By being pegged to the dollar which is itself pegged to thin air, the dirham is of course a very strong currency which will prevent the Greater Depression from occurring in this country.
I AM REALLY HAPPY TO READ THIS COMMENT THAT SOME PEOPLE ARE THERE WHO ARE AWARE ABOUT THE EXACT PROBLEM Ivo Cerckel, Siquijor, Philippines you are dam right.
to make a conference about it. The crash is over if Gouvernment shows to fulfill its obbligations and introduces real trasparency; the crash is only at the beginning if they pursue this behaviour of treating investors like idiots. By the way the big players are those many thousand of individuals who believed in the country and in the city, the rest are only big talks.
Another attempt by developers & co to talk themselves out of the crunch. Understandably they do treat investors like idiots - because the past investors acted like idiots thinking everyone could make some quick bucks through flipping properties, but failed to do proper due diligence acting like a prudent investor... But if prices in Dubai are still as high as in some (relatively stable) capitals in Europe, and with an excess supply of some 30k - 50k units in 2010, why should Dubai be so attractive for investors? What real economy is there in Dubai (or the GCC generally) which could support a sustainable growth rate? The real question should be when does it become attractive again to live, work and invest in the UAE again.
If only this country followed Saudi Arabia and marked its gold and oil reserves to market. We thought the GCC would devise its currency and that oil would then be priced in it. We did however also know that oil would be the backing of the currency. This was the chicken and the egg. Saudi Aramco announced last week that it will begin using the Argus Sour Crude Index as the benchmark price for all grades of crude oil sold to US customers. Aramco thereby decided to drop the widely used West Texas Intermediate oil contract as the benchmark for pricing its oil, dealing a serious blow to the New York Mercantile Exchange. First the currency, or rather first the marking to market of the GCC oil and gold reserves, then the Monetary Union, However, if Saudi Arabia prices oil in Honest Money, OPEC, and thus his country, will follow suit (before the Monetary Union. Letâ€™s return to the situation before the First World War where currencies were interchangeable without having to be exchanged. Can you spell "Islamic gold Dinar"?
It is time that Dubai Debt gets the support form other GCC countries by unifying the montary policy, restructuring the debt burden and implementing unified currency scheme that can tide over the crisis. It was indeed a a big media news yesterday that this leading part of the GCC is overburdened and unable to meet the challemnges head on. But I feel that faith in good authentic leadrership at all levels - government and corporate - will be rewarded sooner than later. Debt Restructuring Benefits: â– Allows you to focus on strategic issues associated with operational improvements â– Spend less time dealing with creditors â– Restructure finances to accommodate short-term influences â– Avoid bankruptcy â– Maintain management control .Turnaround & Financial Restructuring â– Interim & Crisis Management Problem IdentificationLiquidity ConcernsDebt RestructuringDisposition of non-core assetsOperational RestructuringCash ManagementPricing ManagementEngagement Results â– Liquidity Management & Cash Management Inventory Management & ControlsWorking Capital ManagementRapid Cost ReductionEngagement Results â– Debt Restructuring Engagement Results â– Chapter 11 Reorganization Developing a Plan Arranging DIP Financing Managing Court Mandated Procedures Provide Financial & Operational GuidanceEngagement Results â– Corporate Liquidations Winding Down Corporate AffairsThe WARN Act Bankruptcy Alternatives Engagement Results