DUBAI BRIEFING February 2005

News this month

Keep it clean

Worried that insider trading and rumour mongering could erode investor confidence, stockmarket regulators in Dubai and Abu Dhabi are cracking down on listed firms with weak corporate governance. Securities chiefs at the Dubai Financial Market have issued warnings in national newspapers to brokers and shareholders who spread rumours about earnings, or attempt to manipulate the market. Dubai's sister-bourse in Abu Dhabi has recently decided to suspend companies that air their results outside formal statements to the exchange.

Illicit practices were commonplace in the old over-the-counter market; governance standards have improved significantly since the government launched the two formal exchanges in 2000. Yet suspicious share trades on the eves of major earnings announcements remain a problem.

Great expectations

Dubai has put its name forward to host the 2014 Asian Games— fuelling speculation that it is gearing up to bid for the Olympics two years later. Dubai is investing billions of dollars in its sporting infrastructure, centred around the US$2 billion Dubai Sports City development that will host a network of modern stadiums and a soccer academy run by Manchester United, a leading English team.

Dubai has a strong track record of using sporting events to promote itself on the world stage, including the Dubai World Cup, the world’s richest horse race, and the Dubai Desert Classic, a European Tour golf event that regularly lures top players such as Tiger Woods. From 2006, Team Dubai F1 will compete in the Formula One motor racing grand prix circuit, which may be world sport's most powerful marketing machine. Dubai has not officially announced ambitions for the Olympics. But some close to the city’s sporting power brokers say the possibility has been discussed.

Looking tougher

Dubai’s hotels are finally opening their wallets for top-class security, as terrorism spreads through neighbouring Gulf countries and threatens the city’s growing network of five-star properties. So far, Dubai has been untouched by the Islamic militants seen in Saudi Arabia and Kuwait, despite its blatant ties to the west (Microsoft and HSBC have regional head-offices here, and Marriott, Hilton and Sheraton have hotels as well, among other chains).

Until recently, security at many hotels consisted of little more than low-paid, low-skilled workers whose only credentials appeared to be their brass badges. But consultants at a recent military exhibition in Abu Dhabi said they are now winning lucrative contracts from big hotels in Dubai to employ former special-forces troops to train and run their security operations.

Move over, Mr Trump

Mohammed Alabbar, the wealthy chairman of Dubai’s largest property firm, will host the Arabic-language version of “The Apprentice”, an American TV series. Mr Alabbar runs Emaar Properties, a regional real-estate powerhouse, and is also head of the city’s economic department. He says he wants to inspire young entrepreneurs to create prosperity and much-needed jobs in the Arab world. The winner will get a one-year, $300,000 contract to run an Emaar business.

Mr Alabbar, a charismatic figure whose fortune is estimated at tens of millions of dollars, says he achieved his success despite his unprivileged, middle-class upbringing. He hopes to convince the show's watchers that they can do the same. But his secondary motive is also clear: Emaar Properties is sponsoring the show, and the launch party was broadcast live from the sales office of the Burj Dubai (Dubai Tower), the working title of a skyscraper due in 2007 that will be the world's tallest.

Catch if you can

March 2005

Zenda Alive! at Art Space Gallery

Until March 1st 2005

Following in the success of last month’s Picasso, Miro and Warhol lithograph exhibition, Zenda Alive! is a collection of photographs taken in Afghanistan both before and after the demise of the Taliban. While Sharbat Gula may not be a household name, her portrait certainly is (pictured). Steve McCurry, an American photographer, captured her arresting look and glowing eyes for National Geographic. It is now considered one of the 20th century’s most iconic images.

This show includes photographs by Zalmai Ahad, a former Afghani refugee, and Harriet Logan, a British photographer. Mr Ahad has scooped up prestigious international photography awards, while Ms Logan has won praise for her portraits of Afghani women. Along with the photographs, there is jewellery by Nilufer Tarzi Kuran, and authentic Kabuli textiles by the Tarsian and Blinkey workshop.

Art Space Gallery, the Fairmont Dubai, Sheikh Zayed Rd. Tel: +971 (0)4 332 5523. Open: Sat-Thurs 10am-8.30pm. See the gallery's website.