Wednesday, June 23, 2010

Dubai: Self Made Challenge

HH Shaykh Mohammed Bin Rashid AlMaktoum set the record straight in an interview with CNN.  Or more precisely will do so next week when the interview airs.

Like Global Investment House in Kuwait, Gulf Finance House in Bahrain and several other careful students of the market, he's identified the sole cause of current problems - the global financial crisis.  As we always note here at Suq Al Mal out of an abundance of caution to prevent anyone from drawing the wrong conclusion, that's global with a lower case "g".

"The recession is a global phenomenon and I do not think that we in Dubai fear it, but instead we consider it a challenge."
It's often said that true progress and development comes by challenging oneself.  Sadly, other members of the GCC, like Qatar, apparently don't feel up to challenging themselves in quite the way that Dubai is challenging itself.

While in reference to Dubai World, he adds: "I'm not worried about the company, the company has got the wealth. So they have something, and they will come back very very quickly."


The Rageful Cynic said...


that is amazing...

force majeur is a powerful thing, AA...

the real nick said...

To paraphrase the good Sheikh's poem (which was meant to be built around a now defunct tree-shaped island): "Take wisdom from the wise people. No, really, dude? Not everyone who rides wears Jockeys. It takes a man of vision to pass air"

The good Sheikh gives Maradona a run for his money!

Kiwi Nomad said...

"A self-serving bias occurs when people attribute their successes to internal or personal factors but attribute their failures to situational factors beyond their control. The self-serving bias can be seen in the common human tendency to take credit for success but to deny responsibility for failure."

"Attribution theory: We all have a need to explain the world, both to ourselves and to other people, attributing cause to the events around us. This gives us a greater sense of control...

When another person has erred, we will often use internal attribution, saying it is due to internal personality factors. When we have erred, we will more likely use external attribution, attributing causes to situational factors rather than blaming ourselves. And vice versa..."

Abu 'Arqala said...

TRC, TRN, and KN

Thanks your comments.

An alternative formulation is

"When the going gets tough, the tough (a) make excuses and (b) find scapegoats."

Certainly, not a regional phenomenon.