Fears grow over new Dubai revolt

Financial Times ^ | March 21 2006 20:58 | Stephanie Kirchgaessner in Washington and James Boxell in London

[mr_hammer]

Arab and US officials are growing nervous at the prospect of a second congressional uprising against the acquisition of American assets by a Middle Eastern-controlled company in the wake of the Dubai Ports World debacle.

Snip ...

[Paul C. Jesup]

Thank you for the link.

[Dat Mon]

YOU SAID....."America's entire history has been about the freedom to buy and sell around the world. We buy properties and things in every country and should understand that when others PARTICULARLY major allies can do the same it makes our system all the stonger and ties those allies MORE closely to us."

As an American citizen and a non-muslim, am I free to purchase real estate and land in the UAE?

How about businesses? Are there any publicly traded companies in UAE to invest in?

Can you estimate for me how many assets (in millions of dollars) are currently owned by American companies in UAE?

Thanks much

[jec41]

BTW, would that be the same Dept. of Transportation run by Norman Mineta, i.e. the most disastrous cabinet secretary in the history of the United States?

He and 11 others with unanimous consent including the DOD.

One or two of them might know as much as you.

[Cboldt]

Non-UAE nationals can only buy in areas designated specifically for expatriate freehold and leasehold sales.

Yep. "can buy" (granted, in limited areas - but that is true in the US as well, where something like 40% of the land area is government controlled and off-limits to private purchase) - vs. your "I highly doubt that U.S. citizens can buy private property in the UAE."

[jec41]

I highly doubt that U.S. citizens can buy private property in the UAE.

You are wrong.

[Paul C. Jesup]

When someone thanks you for something, you don't flame them for it.

You forget that the UAE government owns and controls most of the major companies, including Dubai, in the UAE. Also, "expatriate freehold and leasehold" does not meaning owning the land, it meanings leasing the land. There is a big difference between owning and leasing land.

[Paul C. Jesup]

See post 186.

[Liberator]

You misunderstand me.

My question to you was with respect to 51%-49% scenario applied to foreigner owning a majority interest in U.S. industry, assets, and general ownership; Is THAT ok with you?

[jec41]

Shares rally on Dubai market
BY JAMILA QADIR

19 March 2006



DUBAI — Dubai and Kuwait bourses yesterday surged more than eight and five per cent respectively, leading a rally throughout the Gulf markets, which plunged last week in a region-wide correction.


The Dubai Financial Market index — DSI jumped 8.43 per cent to close at 676.12, while the share index of Kuwaiti bourse, the Arab world’s second largest, closed up 5.18 per cent at 10,453.80 points as key Gulf markets rebounded from steep falls.

According to market analysts, investors started to recover from the psychological shock they went through the ‘Black Tuesday’ as they rushed to raise cash for initial public offerings (IPOs), but were forced into panic selling when regional bourses plunged.

Gulf governments since gave a psychological boost to investors, pledging to take measures ranging from direct intervention to better regulation to support prices and triggering a region-wide resurgence.

Regional bourses lost steam over the past few weeks after a months-long rally powered by record oil revenues that had made them among the most expensive emerging markets in the world. The analysts had warned a crash would have dire consequences and expected governments to try to stem any sharp decline.

DFM yesterday registered its highest single-day gain in months after the government said it would restrict the number of IPOs and raise the ceiling for bank loans against shares in a bid to boost liquidity and stem the market falls, increasing the market optimism.

Turnover on Dubai’s bourse surged 69 per cent, with 287 million shares worth Dh2.88 billion changing hands in over 17,000 deals. Emaar Properties, the UAE’s largest listed firm, was the most active stock, jumping 4.97 per cent to Dh16.90. The company traded 984.6 million shares worth Dh1.6 billion. Abu Dhabi Securities Market (ADSM) index was also up, jumping 5.89 per cent. Most stocks on both DFM and ADSM were highly traded yesterday, with the total trading value across the two bourses exceeding Dh3 billion. According to Emirates Financial Services, the buying interest seemed to be from the funds side.

All the leading UAE stock market indices were up yesterday, with the market benchmark NBAD General Index leaping 770 points to 14,358.45 points, the services sector subindex jumping over 1,000 points to 17,643.74 points and the NBAD Emirates Stock Markets General Index recovering 359 points to close at 6,189.87 points.

The Saudi bourse, the Arab world’s largest, also jumped yesterday, rising more than four per cent after the Saudi government said it was considering measures to lower the nominal value of shares and allow foreigners to invest directly on the bourse.

The announcement, combined with a pledge from Saudi billionaire Prince Al Waleed bin Talal to invest up to $2.7 billion in the market, lifted shares from a two-week long correction that slashed its capitalisation by more than 30 per cent.

[Liberator]

"Oh, will you just shut the hell up?

You are one of the most obnoxious, irritating posters on this website, and your ham-handed, futile attempts at interpolating race into this conversation aren't going to make me reevaluate my initial opinion of you."

OUCH! :-D

I concur with you assessment of this poster's constant attempt at playing the race card to support political stupidity.

[Dat Mon]

YOU SAID.."You slander millions of moslems who are stepping up and putting their lives on the line fighting alongside our military in Iraq and Afganistan."

Ive always thought that a country measures the depth of its relationships with its allies by the commitment those allies make to defend its interests, as well as their willingness to supply men and materials to support necessary military campaigns, if asked to do so.

A shared culture and philosophy, and a commitment to a Western ideal of freedom would seem to add significantly to that relationship, though not strictly necessary...some allies are allies of 'convenience'.

Am I making sense so far?

[jec41]

Can you estimate for me how many assets (in millions of dollars) are currently owned by American companies in UAE?

500 different American companies operate in Iraq. Total contracts to American business ~2 trillion dollars and some will last for 50 plus years. The biggest contract is 1 trillion dollars to build man made islands off the UAE. Boeing just did another small service contract for 50 million.

[arasina]

Oh, will you just shut the hell up?

I concur with brohamie. Enough of the 'lily-white firms' and 'no darkies need apply' anti-Arab racism accusations. It's highly likely we would object just as strenuously to ownership of American Defense interests by Israelis.

[Cboldt]

When someone thanks you for something, you don't flame them for it.

Did you consider that perhaps I composed my reply in between your first and second posts to me? Tell you waht - I'll try to refrain from addressing your posts from now on.

[Dat Mon]

So I can buy stock in Emaar Properties...any amount?

[Chickenhawk Warmonger]

Gee I hope that a UAE company doesn't want to buy CSX... That would be an "in" for them not only in the ports but to our rail system... OH YEAH - I forgot. They already bought CSX and not one single Congresscritter raised a single objection. But then again Schumer's buddies weren't interested in buying CSX on the cheap like Eller & Co can do with the terminals at the Miami ports now.

One of Doncasters' plants is in my county - it's near the ports... plus we've got the nuclear power plant upriver and several military bases here. The only person raising any stink is Rep John (pinky) Barrow who is proof that a *&^(*&%& can talk.

[Paul C. Jesup]

Don't blame me for your rude actions.

[CowboyJay]

"You are going to find that you will need to ALWAYS note that you oppose the Chi-coms for the same things you oppose for Arabs."

Duly noted.

Hear Ye! Hear Ye!

I hereby oppose involvement of ANY foreign entity upon our soil in all commercial and industrial enterprises related to our national security (excepting cooperative international law-enforcement agencies) and critical infrastructure. I also extend that opposition to include world-wide enterprises involved in sensitive US defense technology the following entities:

All non-NATO states, Russia (and France, if they don't shape-up post-haste); excepting Japan, the Czech Republic, Romania, Israel, allies in long-term good standing, or those that can be demonstrated beyond all reasonable doubt to not have engaged in, aided and abetted, or been complicit in murder of non-military US citizens (min. 20 years).

Exceptions should be granted only after proper investigation and approval by CFIUS, and subject to congressional and executive review. Revocation without notice can be made if a nation is deemed to be engaging in covert, military, or diplomatic actions significantly damaging to, or directly contravening our long-term interests (or unstable and at immedeate risk of falling into hostile hands).

Revocation can be issued by majority-vote in congress, executive decree, or by emergency order of the NSA, CIA, Secretary of State, or DHS (pending 45-day review and congressional vote).

Exceptions should also be subject to revocation if a foreign government is found to be engaging in unlawful abduction of private US citizens here or abroad, and/or not actively cooperating in the release of US private citizens unlawfully abducted by their countrymen, or within their borders.

I also submit that only nations that meet the above standards be eligible for 'Most Favored Nation' trade-status.

International trade passing our borders is, in principle, no less subject to regulation under the US Constitution than domestc interstate trade...no matter how much some would wish otherwise out of desire to profit at the expense of the long-term health or sovereignty of this nation.

There. A little bulky to be including in every post. At least I can post a link back to this thread if necessary.

/rant

[Liberator]

Bravo!

An articulate analysis of trends posed to poison America.

[Liberator]

Well said.