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« Islamic Finance & Global Crises | Just gratitious Dubai bashing, but amusing (if one ignores the idiotic parts). »
April 06, 2009
The charming vapidness of Gulf journalism.
Many expatriate workers across the Middle East see no reason to leave their country of residence during this present economic crisis, said a survey conducted by Bayt.com, a leading job site in the region
Bayt of course is pimping its services (and given its cost structure, whistling in the wind).
I really love Gulf journalism - in English or Arabic, it manages to be pure PR driven vapidness.
Which makes me think of FT's note Dubai turns to PR to revive its image
Dubai has appointed London public relations group Finsbury to handle its financial communications strategy as the city state seeks to head off negative media coverage of its troubled economy.
Ah yes. Head off negative media coverage. Insolvency is merely an item to be spun.
Well, supposing, Dubai's restructuring of its debt bloated corporations goes well, it might just somewhat work. However, one can observe that much of the Dubai linked work (much, but not all) in North Africa has ground to a halt with hidden insolvencies ... technical delays seem to be the favoured excuse.
As an aside, this is mildly amusing as an indicator of its own black-box nature biting it in the ass:
Set up in 2006, the holding company grew in importance as officials realised that the various wings of Dubai Inc – including Dubai World, Dubai Holding and the government – had been raising debt unilaterally, leaving them in the dark about the true extent of the emirate’s liabilities.
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Posted by The Lounsbury at April 6, 2009 06:08 PM
Filed Under: Economic Development
, Economic Policy
, Gulf
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