Tuesday, January 13, 2009

My Tweet Cloud

Ok, I've been Tweeting away this month, so what have I been Tweeting about? My cloud shows that Good, Remindo & Dubai are amongst my top words! See below.

Click the cloud to see a larger version and build your own cloud

Monday, January 12, 2009

Raju's jail song

Found this on the Internet today posted in a comment:

What Raju is singing
by cool bloke on Jan 12, 2009 08:59 PM

my name is Ramalinga Raju
main Satyam ka founder hoon
khaate hai khaali, balance sheets jaali
satyam employees ki hai lagne waali
jisne bhi yaad aaye, ga**d marne chale aaye
jisne bhi yaad aaye, ga**d marne chale aaye
Hyderabad ki police chowki, jholi(ssorry...kholi) number 420

Arrrrrest me please!!!!!!

abhi abhi jail ke andar ek company kholi hai
investors ne bhi lagayi bad chad kar boli hai
jailor bhi raazi, qaidi bhi raazi
kab tak chalegi yeh jaalsaazi
jisne bhi yaad aaye, ga**d marne chale aaye
jisne bhi yaad aaye, ga**d marne chale aaye
Hyderabad ki police chowki, jholi(ssorry...kholi) number 420


Friday, January 09, 2009

10 Rockstar brands started in college

While most were mucking around and getting drunk, some took the time to set up kick ass businesses. Read the whole article here

Awesome Guy Kawasaki coverage of MacWorld Expo

Guy yesterday posted FAB coverage of Mac World to his blog.

Here are some of HIS pics. Enjoy.

Here is his full post http://blog.guykawasaki.com/2009/01/pictures-from-m.html

Wednesday, January 07, 2009

The differance between 2008 Jan & Now

On this day, 1 year ago......... .. RBS paid $100bn for ABN Amro.

For this amount , today one can buy.......

1. Citibank $22.5bn
Morgan Stanley $10.5bn
Goldman Sachs $21bn
Merrill Lynch $12.3bn
Deutsche Bank $13bn
6. Barclays $12.7bn

And still have $8bn change...... with which, one would be able to pick up

Chrysler and
the Honda F1 Team............

Sunday, January 04, 2009

Dubai - An insider's view of the Bubble

Dubai Marina

When in Dubai it's very rare that one gets a chance to interact with a UAE national, also known as Emirati's or "Locals" to the Expat community. Probably because they are extremely few in number, just 2%, when compared to the total population.

So, it was with much delight that I read the comments on Dubai by an Emirati with a PHD, who identified himself as Fairplayer1 in comments on CBSNEWS.com. I am reproducing in Full his (or is it Her?) comments dated 3rd Jan 2009:

As a UAE national with PhD in law I have to admit that Sheikh Mohamed has failed to put in place a transparent judiciary and has concentrated more on self PR by anouncing unrealistic project"

" As someone who lives and breathes real estate since its first days here in Dubai, I feel it is necessary to see the cause of the boom and only then we may be able to make some calculated estimates of the future market condition.

1. Dubai real esate growth was based on a promise of freehold, residence permit, tax free benefits for nationalities who have certain restrictions in their countries and saw dubai as a safe secure investment opportunity.

2. Government of dubai removed the residence permit guarantee by buying a property. So automatically no tax free status, coz if you are not a resident of Dubai you can not open bank account & you are still liable for taxes in your country.

3.Nakheel/emaar/dubai holding factor: All these companies hate each other and therefore fight for the attention of sheikh mohammed, which means the greed and ego overtake logic and feasibility!!! result: Excessive lands/properties/ mega projects without proper planning & infrastructure in place.

4. Universal law supply Vs. Demand: nobody realises that the already anounced projects in dubai will need about an extra 6 million people to live in it!!!! (From Lagoons, meydan, dubailand, tatweer, mizin, industrial projects, emaar, bawadi, the world, the universe, palm deira, port rashid, waterfront, arabian canal, dubai world central….)Excuse me thats almost double the UAE population.

5. Loose the Confidence You loose everything: The investors/buyers are wakening up to the reality & there is absolutely no confidence in the market not only because of the global financial crisis but mainly because of the over supply & fear of the crash.

6. Genius Government policies: dubai government is its own worst enemy, at times like this what does dubai do? They launch new mega projects & new development companies like meraas with ambitious projects that will only further dampen market confidence.

7. Investor’s security: Dubai’s judicial system is as good as any underdeveloped country with selective rights depending who the complaint is against.

8. No human rights when it comes to dubai police. infact torture and enforced disappearance has become common in dubai under the umberella of the state security they can attach anything to anyone to reach their commercial targets.

9. Everybody owns 20% of several properties: Paying a few installments does not make you theowner so when the next installments come due and there is no quick sales like the good old days, what happens? Sell below the price or lose your deposit with the developers…. results in what we call “distress sell”

10. Oil prices & Inflation: ofcourse oil prices doubled so did the cost of steel & cement & food & labor accomodation… result abnormaly increase in construction prices on a weekly basis!!!… so an increase in property prices due to rising cost….

11. Decrease in Oil prices: Sudden decrease in everything from food prices, to raw materials….. creating sudden panic as properties are cheaper to build and a fear of further reduction is iminent.

12. There are too many chefs in the tiny real estate kitchen of dubai, have you noticed there aren’t any happy faces in the media anymore!!! what happened to the so called international anouncements about their acquisitions…

13.The Sheikh factor: when the ruling family is desperately getting into everythng from real estate, to owning or managing coffeshops and bakeries, landries…. then the opportunities for the public is becoming less and less which means a lot of unhappy UAE nationals and residents…. which everyone know will not help the already unstable state of dubai.

14. Big brother factor: let there be no doubt Abu Dhabi will eventually overtake dubai for the right reasons. money is not an issue thanks to oil & there is no rush to sell everything just to raise funds for the previously anounced project like in dubai. Dubai’s power in UAE will be reduced due to lack of funds, money talks!!!

15. regulatory body with no teeth: RERA is supposed to ensure that developers/real estate agents/ landlords/ follow the rules and regulations… what happens if a developer or an agent does not follow the law? NOTHING… just a 100,000 fine… comparing to the hundreds of millions at stake its a drop in the ocean.

16. Public Prosecution & Corruption: Everything in public prosecution is relative & variable…. there are cases of misrepresentation by nakheel, for example selling thousands of villas and after 2 years just cancelling the project…. nobody can make a complaint. Likewise several private developers & real estae agents operating in a fraudulent manner are let go off the hook.

The laws broken by sheikh maktoum hasher (winner of world scam award 2008) to elevate himself from a poor sheikh to be recognised as a real sheikh:
1. Misrepresentation/ False promotional campaign (showing photos of construction of JBC1,2,3,4,5 for the sales of Ebony Ivory project) while there is no contractoron site, no building permit…. this is a criminal offense under uae law. (But RERA & SHEIKH MOHAMMED HIS UNCLE R SLEEPING!!!)
2. dynasty zarooni who is a real estate broker has been collecting money into their own account this is 100% illegal… infact in some cases they have even sold properties with 100% down payment, imagine the poor buyers when they realise te photos shown in gulfnews were lies!!!
3. ofcourse no escrow/trust account… No construction…
4. Threatening investors and staff of al fajer properties. Investors in JBC1 are forced to move to another building s that sheikh maktoum hasher the wanna be poor sheikh can make a few millions through his friends who will sell the property to new buyers.
5. There is no immunity for sheikh maktoum hasher or his father sheikh hasher maktoum, sheikh mohammed is just too busy counting the money he has lost so he is a bit distracted now. he pretends as if he is above the law, but in reality he is a coward who can only threaten drivers and junior staff in al fajer"

As a matter of interest here is Dubai's strategic vision as laid down by it's Ruler Sheikh Mohammed AL Makthoum. It's interesting to see page 20 where he identifies Trade & Transportation as the main drivers of Dubai's growth.