Arabian Business

I picked up a copy of Arabian Business (this region’s Business Week) and read with some interest an article on Qatar’s plan to place a cap on foreign workers at 50% by 2025. The article suggests that “the plan has the potential to radically transform the Gulf’s soulless cities.” The argument is that a significant, permanent and visible local population creates the character of the city since those having a “stake tend to innovate and produce at much higher levels than those who are transients.” Nonetheless, the Qataris have to be able and willing to take on the jobs held by expats. “Nationals in the Gulf states are rich and happy now, and choose not to work and at the same time maintain a comparatively high standard of living – the incentive to create the supply of new positions is minimal because the demand doesn’t exist.” This is an interesting sociological question and I don’t believe the article has begun to approach what needs to be considered. Another article, Future Art Capital, discusses “two top financiers who invest in local artists through an elaborate pension scheme.” In addition to looking at the issue of the investment strategy, the article focuses on the possibilities of Dubai emerging as the hub for contemporary art in the Middle East, quoting the specialists who do not believe it will be Istanbul or Beirut. They also believe that “if Dubai has an ambition to establish itself as an international financial market then contemporary art will be very important.” Both articles revealed to me another avenue to explore in understanding this world I have joined. Not surprisingly, there is a web site on Arabian Business tied directly to the magazine. Two articles on the web site discuss the news I saw reported yesterday of Qatar and Dubai’s purchase of part of the London Stock Exchange, “extraordinary day on world's financial markets ends with Dubai & Qatar owning half of LSE” as well the U.S government’s investigation of “whether Dubai's acquisition of 20 percent of Nasdaq is a threat to national security.” And how little did I previously pay attention to the mid-East except for the killings and strife!