UAE Digest March 09

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March 2009 DH 5ENTERPRISE Spotting an opportunitySPORTS Living the dreamFOCUSIntercultural living AUTOSNew cars on the blockEDUCATION - Special A city for learningPune University opens in RAKRAK has an ideal climate for academics Misho Ravic, CEO Edulink Consultants temp 1 3/12/09 11:19:20 AM MBA no previous work experience required Executive MBA (EMBA) Top Government University in India Accredited by National Assessment and Accreditation Council (NAAC). Dhs 20,000 per year and flexible payment terms Special arrangements for students from other Emirates Timings to suite working executives Other Postgraduate and Undergraduate programs starting in Septemberwww.edulink.aeApply now0503893515, 0503893619Sterling Publications FZ LLCLoft Offce 2, G 01, Dubai Media CityP.O. Box 500595, Dubai, UAE.Tel. + 971 4 367 8061, Fax +971 4 367 8613Website: Email: info@sterlingp.aeDelhi: Anand Vardhan, D II/89, Pandara RoadINDIA:New Delhi 110003. Tel. 00911 26517981BAhRAIN: Sunliz Publications W.L.L, PO BOX 2114, Manama, Kingdom of Bahrain. Tel: 00973 17276682Printing:Asiatic Printing Press L.L.C., PB 3522, Ajman, UAE. Tel. 06 743 4221 Fax: 06 743 4223; email: asiatic@eim.aeDistribution:UAE: Tawseel. PB No 500666. Tel. (+971 4) 342 1512 Sultanate of Oman: Al-Attaa Distribution Est.Kuwait: The Kuwaiti Group for Publishing & Distribution Co.Bahrain: Al hilal CorporationQatar: Dar Al-ThaqafahSaudi Arabia: Saudi Distribution Company 2 UAE Digest,March 2009 MANAGING EDITOR : K Raveendran ravi@sterlingp.aePUBLIShER & MANAGING DIRECTOR : Sankaranarayanan sankar@sterlingp.aeDIRECTOR FINANCE : Anandi Ramachandran anandi@sterlingp.aeEDitorialEditor : Linda Benbow linda@sterlingp.aeDeputy Editor : Manju Ramanan manju@sterlingp.aeAssociate Editor : Vanit Sethi vanit@sterlingp.aeStaff Writer : Ambily VijayKumar ambily@sterlingp.aeDEsign : harikumar P B Ujwala Ranade salEs anD MarkEtingGeneral Manager (Sales & Marketing) : Radhika Natu Product Manager : Vijayan G vijay@sterlingp.aeSenior Advertisement Executive : Sanjana Antony sanjana@sterlingp.aePhotographer : Ibrahim hameedAccounts : Biju Varghese biju@sterlingp.aeOffce Co-ordinator : Daisy C Orfrecio daisy@sterlingp.aeCirculation Supervisor : Saleem K UPg 1-6 Content-Staff-fineprint.indd 2 3/12/09 2:02:54 PM University of Sunderland Faculty of Education and Society TM Tel: +971 (0) 4 344 4192 Fax: +971 (0) 4 344 9867 Email: Training Centres in: U.A.E. Bahrain Al Khobar Qatar Kuwait Professional Graduate Certificate in Education (PGCEOverseas) Distance Learning Programme For further information visit our website: Magrudys bringing you only the best 4 UAE Digest, March 2009 Dubai International Academic City (DIAC) is contained within Dubai Academic City (DAC). DIAC is the free zone for tertiary institutes. Primary, secondary and K-12 schools are part of DAC but not DIAC. 10ContentsSpotting an opportunityDubai-based journalist and author Peter Cooper - the success story behind AME Info recalls his days of struggle and excitement in the fedgling website, before selling it off to become a multimillionaire.Just like onions can make eyes water, trees block a path and icebergs rip ships apart, cultural misunderstandings can make life a lot harder than it needs to be. Knowledge about your own and other cultures can help withstand some of the challenges in a multicultural environment.Driving dreamsThese guys never thought theyd experience this. To race was a dream. Its life changing for some of them. They fnd their way to the racetracks to wrench the kickback into their lives; the excitement of the extraordinary, the gut-wrenchingIntercultural awareness1252 22Where theres a Will theres a wayEvery adult irrespective of nationality or religion should make a Will and review it regularly. 14On the Cover Pg 1-6 Content-Staff-fineprint.indd 4 3/10/09 12:39:01 PM 1: +971 4 3604844 l: +971 4 3604838 Lmall: PREPARING BUSINESS LEADERS FOR THE REGION... Institute of Management Technology uC 02, uubal lnLernaLlonal Academlc ClLv, .C 8ox 343006, uubal, uAL hone: +971 4 3604844, lax: +971 4 3604838, Lmall: 5LCIALI2A1ICN5 CIILkLD lnLernaLlonal 8anklna and llnance MarkeLlna ManaaemenL ro[ecL ManaaemenL Puman 8esource ManaaemenL AL lM1 uubal, we alm Lo prepare manaaers who are famlllar wlLh Lhe buslness envlronmenL of Lhe realon capa-ble of operaLlna efflclenLlv across markeLs and respondlna Lo Lhe requlremenLs and expecLaLlons of companles conducLlna buslness ln Lhls parL of Lhe world. IM1 ADVAN1AGL5 AccredlLed bv MlnlsLrv of Plaher LducaLlon and SclenLlflc 8esearch, uAL Pands on approach & pracLlcal orlenLaLlon uevelopmenL of lnLer-personal skllls lnLernshlp & companv pro[ecLs ln blue chlp companles MBA Program 6 UAE Digest, March 2009 By K RaveendranAmbition plays no small part in mans quest to better himself. All great achievers have been highly ambi-tious and conversely anyone not fred by ambition can hardly be expected to excel in anything. Yet unbridled ambition is a mans biggest enemy and can cause his undoing. Because the line that separates ambition and greed is so thin that one can easily take the form of the other, unless there is constant vigil. When that happens, you dont need to look for disaster anywhere else.If you want to be the richest person in the world, you must at least be rich. A rich man seeking to become super-rich is understandable, but a person with no means whatsoever aspiring to achieve that feat overnight is simply outrageous. The crisis that we are facing today has been the result of such savage tenden-cies.As the academics get on with their task of tracing the genesis of the current global crisis to a problem with the sub-prime credit market, the penchant for consuming more than what was being produced and owned, defcit fnancing and what not, there is a con-sensus emerging that the crisis is the result of a whole generation being overcome with greed.There is no land, country or continent that is above blame in this abominable attitude; every one of us is responsible to some extent. We have been living beyond our means, making money out of nothing, building up assets that didnt belong to us and trad-ing them off, abusing our position to derive maximum beneft to ourselves, without a moments thought on what it would mean to posterity and fnally creating all this mess around us.Take the case of the frenzy in the Dubai prop-erty sector this time last year. Developers with little fnancial backing on their own were entering the fray with grandiose schemes because they could sense money foating around. Margin traders, masquerading as investors, were making a killing, trading off paper that supposedly represented properties waiting to be built; shopkeepers hiked prices on the most fimsy grounds, landlords feeced tenants with no concern for their ability to pay; and service providers, whether in the private sector or public, had not the least hesitation to jack up rates because the order of the day was take The blurring line between ambition and greedit or leave it. The end user seemed to be nobodys concern.Who couldnt have seen the result of all this, other than the foolhardy? A roundtable of local experts in Dubai recently saw full expression of the disenchantment. It was quite unlike the usual gatherings, where one is used to hearing hyperboles and hoopla more than anything else.The discussion, centering on how to maintain Dubais pole position in the wake of the current economic crisis, was led by Lieutenant General Dahi Khalfan Tamim, Chief of Dubai Police. He underlined the need to rede-fne the concept of luxury and prosperity. Luxury and prosperity are not about setting high rents and having individuals suffering to maintain their basic needs, he was quoted as saying. Its about maintaining economic and social stability for the entire segments.Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan, Chairman of the Executive Committee of the Dubai Economic Council, highlighted the need for a balance between services offered and costs and noted that the most affected people were those with low incomes and this sector required support and attention. Prosperity and luxury have its costs and we have been affected by greed, said Sami Al Qamzi, Director-General of the Department of Economic Development (DED). He suggested there was need to reduce the cost of doing business and maintain and stimulate job positions.Marwan bin Ghalita, CEO of Real Estate Regulatory Agency, said there was a limit to the extent to which a market can fourish. You know if it exceeds this limit the market will decline. The signifcant variation in real estate costs is not within the appropriate economic equations, he pointed out. Marwan stressed that the Dubai market was mainly focused into serving the needs of the rich and business classes, with more than 59 per cent of hotels in Dubai classifed as fve stars, having one of the highest proft rates globally. The cost of cars, housing, and rents does not meet the living standards of the different segments of the society, he argued, but noted that the global economic crisis will provide the opportunity to correct these aberrations.Pg 1-6 Content-Staff-fineprint.indd 6 3/12/09 10:45:39 AM8 UAE Digest, March 2009 Steps taken to protect marine environment Dubai Municipality has taken all necessary measures to protect the emirates marine environment following a collision between a container vessel and a gasoline tanker, fve miles off the Jebel Ali coast last month.