Middle East
Israel and Palestine – the practical partnership
The conference setting is stunning and fitting too; a sumptuous spa on Jordan’s Dead Sea shore, with magnificent views overlooking the West Bank. Corralled by the Union of Arab Banks, delegates come from across the Arab corporate mainstream; bankers (central and commercial), businessmen and officials, to talk banking in Palestine … read more >>
Morocco: Attijariwafa stakes claims south of the Sahara
It’s a steamy mid-September and l’atmosphere in downtown Casablanca could well be mistaken for a languid late summer in Marseilles. In myriad chic eateries, Fashionable Young Things in oversized Jackie O sunglasses tap instant messages to each other into new iPhones over café au lait, while their male equivalents motor … read more >>
The Man Who Divides Germany. Again.
THILO SARRAZIN, Germany’s most provocative author and self-styled public intellectual, wants to make a few things clear. Firstly, this economist who helped draft the template for the modern German welfare state is neither anti-euro nor anti-Europe. Yes, he has just written a book — which has soared rapidly on Germany’s … read more >>
Egypt: Banking on a revolution
CAIRO – In January and February this year, as revolution coursed through Cairo and beyond, Egypt’s central bank governor, Farouk Abd El Baky El Okdah, called the heads of the country’s main banks to a series of urgent meetings at the Cairo Marriott on Zamalek Island in the middle of … read more >>
Libya: Untainted talent leading from front
TUNIS: It’s somewhat alarming, when awaiting a flight to Benghazi, to receive word from Libya that the arranged interview with the economist one is flying to war-torn Libya to see is suddenly cancelled because he ”got the bullet”. Nuance is not always the strong suit of revolutionaries. And neither is … read more >>
Why David Cameron is sounding a lot like Hosni Mubarak
CAIRO: David Cameron doesn’t look like Hosni Mubarak — hated scourge of Egyptians. That would be Robert De Niro. Nor does dapper Dave look like Tunisia’s ousted strongman Zine El Abidine Ben Ali, or Syria’s aptly-onomatopoeaic Bashar al-Assad, or any other tyrant from Pyongyang to Minsk. But in making a … read more >>
TV hit blasts Kabul bumblers
KABUL: If, near a decade after 9/11, you’ve been wondering about the billions taxpayers have spent to build a shiny new Afghanistan, spend a few minutes YouTubing the trailer for The Ministry, a TV comic hit that’s sweeping Kabul. Among the first few results, it’s an excoriating little piece of … read more >>
Syria: I would like you to meet my cousin
THEY lurk in the shadows of every autocracy, monopolising business deals and jealously guarding their access to the political power that provided them. In economies across Asia and the Middle East, they’ve become a virtual proxy for the dictators crucial to the massive commercial fortunes they’ve built, often impervious to … read more >>
Egypt’s reluctant finance minister gets to work
Samir Radwan was a surprise choice as Egypt’s new finance minister, even to himself. Appointed at the height of the chaos, the retired economist is working hard to sustain Egypt’s finances and economy through a period of extraordinary upheaval. Eric Ellis joins him in Cairo IN EGYPT’S chaotic last days … read more >>
Bahrain: The West practises selective dudgeon
DUBAI: It was the 19th-century British statesman Lord Palmerston who coined the maxim that nations have no permanent friends, simply permanent interests. And rarely in recent times has that adage been so nakedly displayed as near here in the tiny Gulf petro-kingdom of Bahrain, the first place in the Middle … read more >>
Egypt still waiting for someone to lead
BE IT by accident or design, the massive new billboard framed by Cairo’s October 6 bridge across the Nile speaks to a telling transition in these revolutionary times. The bridge marks an Egypt whose time has passed, the 1973 war when Cairo’s military regime led an Arab coalition across the … read more >>
Indonesia is no role model for Egypt
JAKARTA: Let’s hope life after Mubarak does not resemble the post-Suharto era From Barack Obama to prolix purveyors of punditry in Australia and abroad, it has become fashionable in these heady revolutionary times to cast Indonesia as the democratic vision for a post-Mubarak Egypt — largely, it seems, because the … read more >>
Making turmoil pay- Egypt’s richest man is not for fleeing
CAIRO: Egyptian billionaire Naguib Sawiris knows a thing or two about operating among strongmen in their dictatorships When tyrannies teeter to people power, as we are witnessing in Egypt and beyond, the cronies and rentiers who got rich from their cosiness to authority usually cut their losses and run for … read more >>
Orascom: A very modern tale of corporate finance
North Korea. Zimbabwe. Tunisia. Algeria. Iraq. Pakistan. Egypt. It’s a list of the world’s flashpoints. And they’re all part of Egyptian entrepreneur Naguib Sawiris’s unique telecoms empire. So when his Orascom group needed financing, and then sought a buyer, it presented Sawiris’s advisers with a unique set of challenges. Eric … read more >>
Afghanistan: Media mogul makes his mark in a troubled land
Melbourne-raised Saad Mohseni is forging an empire in his homeland of Afghanistan SAAD Mohseni is the Australian media mogul you’ve probably never heard of. His writ runs wide and influentially in a country at the crossroads. At 44, his authority is sought by some of the world’s most powerful people: … read more >>
Afghanistan: Why Farnood was flushed out of Kabulbank
In the battle to rebuild war-torn Afghanistan, Kabulbank inserted itself as a key player, building the country’s largest deposit base and becoming the payment agent for many government enterprises. But a run on the bank in August led to the ousting of colourful poker-playing bank owner Sherkhan Farnood. What does … read more >>
Qataris score own goal in banking stoush
WHAT is more important, money or liberty? David Proctor is in no doubt – it is liberty every day of the week. In 2007, the British banker and his Australian wife Trinh were lured by big salaries and prime ministerial patronage to the tiny, gas-rich Gulf emirate of Qatar, which … read more >>
Qatar? Be warned
DOHA – WHAT do you know about Qatar? In Australia, Qatar probably begins and ends with those nice ads on the radio and telly. There’s a soothing soundtrack, attractive air hostesses serving sumptuous tucker to weary travellers doing the Kangaroo Run between Australia and London – spruiking the new ”five … read more >>
The Banker Who Couldn’t Get Out of Qatar
DAVID PROCTOR’S biography as a career banker remains proudly displayed on the website of Al-Khaliji Bank, the three-year-old Qatari bank where “we pride ourselves in finding ways to do things differently”. Outwardly, there’s nothing particularly unusual about that. Bank executives often have their CVs puffed on the ‘About us’ tab … read more >>
Dubai’s debt crisis – a ‘new paradigm’ built on sand
DUBAI – At Dubai’s soaring, spurious peak, one factoid the emirate’s bling-burdened battalion of ‘corporate communications consultants’ liked to slip to junketing media was that Dubai had the world’s densest concentration of cranes. Impossible to verify but too good to ignore, the glib observation almost always made it into media … read more >>
The Dubai ‘miracle’ was always a mirage of spin
NOW that the external impact of Dubai’s sovereign debt crisis seems to have passed, for now at least, what’s the big lesson from this drama-in-the-dunes? I think it boils down quite simply: don’t believe the hype. Dubai claimed to have the ”biggest this”, ”largest that” and the ”most of just … read more >>
Sycophancy lavished on Asian hosts
THERE must be something about Asian potentates, benevolent or otherwise, that gets those expatriate corporate hormones racing to lavish love in spades on them. In nearly two decades trawling through corporate Asia, I’ve seen it time and again. Foreign businessmen who’d be the first to trash the business policies of … read more >>
Is Turkey Ready for the EU?
ISTANBUL: It was Kylie Minogue who made me think Turkey and Europe might just about be ready for each other. There was the pop poppet — well, life-size images of her — flaunting her curvaceous clunes at shoppers in the Agent Provocateur lingerie outlet at Istanbul’s Kanyon Mall. It was … read more >>
Hot spots, pot shots and gold pots for the brazen and the bold
Hot spots, pot shots and gold pots for the brazen and the bold Compile a fake CV, head for a war zone, and a fortune in taxpayers’ dollars can be yours, writes Eric Ellis. RESOLVED to make big quick money in 2007 at the frontier of commerce? Sure, YouTube … read more >>