Wednesday, October 08 - 2008

'Rashid's Legacy': a great summer read

At 200,000 words you need some time to concentrate, but Graeme Wilson's latest tome on the history of Dubai, 'Rashid's Legacy' is the best analysis yet of the Dubai phenomenon, and this summer's must read. It also gives a great insight into the formation of the UAE.

United Arab Emirates: Sunday, August 13 - 2006 at 09:30
related stories
Mr. Wilson charts the entire history of the Maktoum family and its business savvy approach to running a city that has transformed what was a small, impoverished town of 30,000 people not much more than 40 years ago into a modern, international hub city with a population of over 1.3 million.

For the success of Dubai really is down to the success of the Maktoum family as rulers. But like any phenomenon that appears an overnight success, the history of Dubai reveals a far longer road of visionary super-investments and the willingness to do things differently.

At the turn of the century Dubai struck a major deal transforming its importance as a port with the granting of tax concessions and a virtual free port to Iranian merchants suffering under an anti-commercial regime. In doing so the Maktoum family established the reputation of Dubai as a safe haven for business.

Infrastructure super-investments

This tradition helped Dubai to survive the rigors of the Great Depression and the collapse of the pearl industry. It also meant that when oil wealth came later the money was invested wisely into infrastructure.

Such investment brought its own luck. For example, just as the $3 billion new Jebel Ali Port was completed in 1980, the Iran-Iraq War started bringing a surge in business as big ships could not go further up the Gulf. Earlier the dredging of The Creek and the Port Rashid development project had also benefited from timely booms in Gulf shipping.

Mr. Wilson highlights many such examples and anecdotes which affectionately portray the development of Dubai. Indeed, this is a timely reminder at a time of great prosperity that Dubai has been proactively developing its infrastructure and encouraging expatriates and multinational companies to settle in the emirate for generations.

This book is also particularly strong on the events surrounding the creation of the United Arab Emirates in 1971 and the early years of the federal union.

Building a nation from nothing

It is hard to believe that the UAE started as a blank slate only 35 years ago with no government departments, and the youngest cabinet in the world. Aged just 22 the present Prime Minister and Ruler of Dubai, General Sheikh Mohammed bin Rashid Al Maktoum was the youngest Defense Minister in the world and used to intervene personally to stop tribal infighting.

Likewise his brothers were extremely young to be Prime Minister and Finance Minister. Yet they worked to create a country which is now a model for peace and security in the Arab world. But they created it literally from scratch in cooperation with Abu Dhabi and the other five emirates.

This is a useful book to get a sense of perspective on what has happened in Dubai and the UAE. The truth is even more astonishing than much of the hype. It is just a shame that the last few chapters seem to be regurgitated from press releases found on AME Info, but the website is credited as a source and earlier chapters show much original research.


Peter J. Cooper Peter J. Cooper
Sunday, August 13 - 2006 at 09:30 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

This Article was updated on Saturday, May 26 - 2007


Disclaimer:
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AME Info Web site does not constitute advice or a recommendation by AME Info FZ LLC / Emap Limited and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AME Info Web site.

AME Info FZ LLC / Emap Limited can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AME Info Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / Emap Limited.

In no event shall AME Info FZ LLC / Emap Limited be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AME Info Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.

Email newsletters

Business Directory »

The news you choose

News and Articles »

Current Events »

Advertisement »