A Tale of Two Countries - Dubai and the USA

Copyright GulfNews Dubai

Dubai may have the world's tallest building and the only indoor ski mountain, but here in the USA we have the smallest yet representation of the Burj Khalifah.   Sic transit gloria mundi . 

That is, until, I suppose some "Westerner" carves it on a grain of rice.  

At least we don't have to worry that Dubai will take our national debt record from us. 

Hammer For Sale in Kuwait

Hammer 2009 for sale in Kuwait as per an advertisement in the Arab Times.

While it doesn't say, I'm guessing it's only had one owner.  I'm imagining Ms. K is a careful lady and probably only used it to hang a picture or two.  Certainly, not used on a construction site.

In any case, it's a fairly new model hammer.  One owner.  Low mileage.

Low mileage?

I'm not sure how one measures kilometers on a hammer, but this one has 10,000.

Snake Plague in Bahrain

Copyright Gulf Daily News 

There appears to be a veritable scriptural plague of snakes in Bahrain, appearing in all sorts of unaccustomed places, though no sightings reported yet in City Center.

As I read this article I thought of the recent post over the The Gulf Blog and wonder what "enlightened" commentary the "Reverend" Pat has on this topic. 

Mastercard Does Burj Khalifah

There is an absolute gem of a post over at the Gulf Blog.  Not only priceless but brilliant.

If you haven't seen it, click here.

Property Sector to Build on Past Mistakes (UAE)

Picture Copyright The National Newspaper Abu Dhabi

This probably consists of piling on, but I just couldn't resist quoting this headline from The National Newspaper in Abu Dhabi. 

And this absolutely delightful quote:

“A large number of brokers have left and the same with developers. There’s been a lot of correction. Going forward, you’ll have a much maturer market. People are now aware of the risks.”

Usually, it's considered better form to be aware of the risks before the project heads south.  But as those rich visitors from up North say, "Лучше поздно чем никогда".

First Dig Your Camel Out

Ibn Kalb Ends Piracy

The National reports on a low tech way to prevent pirate attacks.

“Fear will spread throughout the community and young men will not volunteer to join.”

Except for the ships' crews.

Workshop on Government Openness Closed to Public

Implicit openness I suppose.

Dubai Crisis - Humor

Three things caught my eye and I just couldn't resist commenting.

1. The Economist Intelligence Unit has an analytic piece whose headline uses the term "Dubacle" to describe the crisis.  That deserves a tip of the AA's virtual tarboush.
   
2. Shaykh Mohammed has pointed out that the "World lacks understanding of what is happening in Dubai"  There is a lot of merit in his statement, though this observer would note that perhaps more importantly the "world" particularly the financial world didn't show much understanding of what was happening in Dubai in the run up to the crisis.  If they had, the current problems of all those self-proclaimed sober bankers and investors now crying out for a bail-out could be much less.  But I suppose there's something to be said for consistency.
   
3. An article in GulfNews about the necessity of debt planning and management: "Manage Debt Before It Hurts You."  The problem is that a lot of these self help columns come out a bit late in the game.  But a wise caution to borrowers everywhere and  to every sort of borrower. - sovereign and non sovereign  (By the way, Lloyds Bank reportedly has somewhere around US$ 1 billion out to Dubai Inc so they are particularly well placed to draw on their own direct experience on this topic in framing advice).  Abu Arqala has already penned his advice column to would be bankers and investors as one of the many public services of this blog.
   

Shirk Fil Baraada (Unbelief in the Coldstore)

AA's better half doesn't like her tahini with oil.  Not one to practice taqiya, she is very upfront: she  asks if she may pour off the oil in the store so that none will get mixed with the tahini on the way home.  And, yes, she comes prepared so the shop keeper will not endure any mess.

Last week, on a mission for choice olives undertaken without AA, who was busy with work, she ventured into our local  Lebanese grocery.  Since Ibn AA  was returning from university for Eid AlShukr, we had decided to prepare hummus (the old fashioned way).   In case you're wondering, yes, as per her mathhab she eats her hummus bidun zayt zaytun.  On the other hand, I  have my own personal bottle.

In any case, the request to pour off the oil triggered not only dausha but also fauda in the grocery.  One of the "Mutatahiniyin" in the store took away the jar and refused to sell it to her. Others sprang to action to block aisles.  Jars of Tahini were shaken to mix the oil.  Voices were raised.  Takfir was pronounced.

The missus was, however, unmoved. 

Eventually a younger more liberal member of the staff  allowed her to make the purchase and to pour off the oil.

We had excellent hummus.  And, yes, she used AA's personal bottle of zayt zaytun quite liberally on the hummus for Ibn AA and AA.

I am looking forward to our next trip to the grocery (the olives are fantastic and they sell Cafe Najjar - and we never seem to have enough CN here at bayt AA).  And we're out of tahini!

My wife on the other hand has her eye on a Pakistani grocery in the neighborhood where such behavior is tolerated though not actively encouraged.

I suppose I shouldn't mention that she prefers Turkish tahini to Lebanese?

I Hope This Isn't True, But Happy Easter to All

Franklin Lamb has reported that last Thursday US Embassy Beirut wished the President of the Republic of Lebanon a blessed Eid al Fitr.  And that this is the second consecutive year!

Anyways, since it's Sunday and one Sunday is I guess pretty much like another, I'd like to wish all min Qaumi Issa (samra or otherwise) - or at least the Western wing of the Qaum -  a very Happy and Blessed Easter.  (Mayna turwil 'atshan)

I'll try to remember the Orthodox, but someone remind me is it one week later or earlier.

UAE and Bahrain Rulers Join Forces to Combat Sand Shortage

26 November marks the last official day of Saudi sand exports to Bahrain.

As of tomorrow, there will be an official sand drought in Bahrain.

As noted in an earlier report, the Nass Company has already begun importing sand from Oman.

I was trying to think of a funny spin to put on this.  But it is a serious problem and steps are being taking to resolve it.

AA will, however, keep his eye on Saudi exploration to discover new sand reserves.

Earlier posts can be found through the use of the label "sand".

Learning to Let Go

They say that the ability to leave one's work at one's desk is the key to a happy life. 

Seems Mr. Pinto described in the article as a "financial compliance officer" was able to do just that on his lunch hours.

Oman to the Rescue: Sand Shipments Arriving in Bahrain - Formation of OSEC Near?

Picture in Public Domain as Per WikiCommons

Good News!

While intensive exploration for sand in Saudi Arabia continues, Bahrain has begun importing Omani sand.

And it seems testing other countries' sand to determine if they have the quality required.

Can the formation of OSEC (the Organization of Sand Exporting Countries) be far distant?

Background on critical sand shortage here.

AA will continue to follow this story.  Stay tuned.

Falcon Market Poised to Soar

By now many of you are probably "long" sand based on my earlier post.

Now is your chance to get in on ground floor in the falcon market.

The Saudi Gazette reports that Sa'eed Al-Huweiti recently sold a bird he found in the Qais Mountains for SAR 299,000 (US$79,733).

As Sa'eed said, "The price for falcons seems to still be on the rise"

Tell your broker you heard it from Suq al Mal.

(Picture copyright Saudi Gazette)

Saudi Drivers in Bahrain

I'm considering this post related to the GCC Financial Sector because Bahrain is a financial center.

I'm allowed to do that because this is my blog.

Anyways, a good shopkeeper should have something unique - a bit of flashy merchandise - to catch the eye of potential customers to get them into his shop.

So here goes.

Gulf News in Dubai recently ran a report quoting an official at the Saudi Embassy in Bahrain that on average 20 Saudi nationals are cited each day by Bahraini police for traffic law violations.  The article goes on to imply that traffic law enforcement in the Kingdom of Bahrain is very strict. Link here.

But, as someone who has driven in Bahrain, two things in the article just don't square with my own experience:

1. 20 a day seems awfully low based on what I've seen driving around in Bahrain.   On more than one occasion I've seen a car with Saudi license plates commit 4 or 5 traffic violations within the space of just five minutes.  And, no, it wasn't the weekend.
   
2. It would also be helpful if the article stated when strict traffic law enforcement started as that would be a significant milestone worthy of recording and celebrating.

As one who has been boxed in by double and sometimes triple parkers of a certain nationality, I must confess though that the term "incorrect parking" belatedly lightens the predicament.

Critical Sand Shortage in the Gulf

It may sound strange: a GCC state that needs to import sand.   A bit like carrying coals to Newcastle.

But that's the case with Bahrain.  Without imports of sand and gravel, its construction and real estate sectors would be seriously hurt. Costs would escalate.

What's perhaps even more strange:  a GCC country banning the export of sand and gravel because of concerns over a potential shortage.

Earlier this month Saudi Arabia announced that at the end of November it would cease exports of all sand and gravel.  It appears the Rub Al-Khali (Empty Quarter) may indeed be empty.

Two remarkable events.  And two contradictory accounts.

The first in English from Bahrain's Gulf Daily News is the more upbeat of the two.  From this the problem is manageable, though if it so modest, it's not clear why government support is needed.

From across the King Fahd causeway on which the sand comes (at least until the end of November), a much different story in Arabic from AlWatan.    Prices of sand up 30% since the announcement of the impending ban as Saudi and Bahraini merchants prudently hoard stockpiles in anticipation of further price increases in December.  As well, an account of a dramatic price increase from BD1.5 per m3 to BD4.5 over some unspecified time.  And a picture of "sand pirates" busy scooping up the precious commodity near Dammam.

There was a similar sand crisis in 2003 - also triggered by a Saudi ban.  Subsequent consultations between the two governments led to the apparent discovery of additional Saudi sand.

One hopes that similar exploration will be successful this year,  not only for the industry but also for the banks that finance it.