An Islamic Sheikh or a Capitalist CEO?

Forbes has a very interesting article by Matthew Swibel titled “Arabian Knight." The article takes a look at the kingdom of Dubai and its ruler/CEO Sheikh Mohammed bin Rashid Al Maktoum.  Here’s one interesting bit of information concerning Dubai’s wealth.

"Thanks to his restless enterprise, Dubai’s nominal GDP has exploded from $8 billion to $20 billion in the last decade. That wealth does not derive from oil, which represents only 8.5% of output; nearly two-thirds comes from trade, tourism, real estate, construction and financial services."

Here’s another interesting bit.

"Fewer than 15% of its 1 million residents are nationals; most of its immigrants hail from Pakistan, India, Iran, Egypt and other Arab nations. Women in black burkas revealing only their eyes stroll on Sheikh Zayed Road past a line of sequined halter tops waiting to get into the smoky Zinc nightclub, where booze is served. While muezzins call the faithful to prayer, you can hear bells ringing at the Catholic church. Tourists with Israeli stamps in their passports breeze through customs. “We want to be the one place in the world which offers the best option for everything--business opportunities, world-class sporting and entertainment events,” says Mohammed."

If it wasn’t for the fact that Islam is the state religion, and foreigners cannot own property, Dubai could be close to the country that Bob Murphy is describing in his online book Minerva.

Link to Forbes article via Mises Economics Blog.

Forbes requires registration, or feel free to use login name nytimesoops, and password nytimes, which I have begun to use as login names and passwords for many sites requiring registration.  Just remember to logout, please.

Posted by on 03/19 at 01:16 PM

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