Dubai's debt is not a big problem….unless we want it to be

The past couple of months have witnessed optimism in Dubai’s businesses; People realized that there is no use of being over protective and that corporate spending is the only way to build back confidence.

Just until… Dubai has asked to delay payment on billions of dollars of debt issued by conglomerate Dubai World and its main property subsidiary Nakheel.

As this might come at a shock, analysts around the region were not that surprised by the news, as for the past year real estate in Dubai was disastrous and the restructuring of Nakheel did not make the most of sense.

The funny part is how the international media disagrees on what could be the possible results of that standstill. The “TIMESONLINE” entitles its article “Dubai debt fears threaten credit crunch 2 — and RBS is exposed” and talks about how serious this second version of the crisis could be for the whole world. While CNN.com entitles its article “Dubai debt woes 'a drama, but no crisis” and says the debt revelations from Dubai this week will not lead the global economy back into recession, but have seriously damaged the Emirate's standing as a leading financial hub.

The pessimism in the British media stems from the amount of money that British banks have been exposed to in the troubled Dubai World case , notably RBS, Barclays and HSBC.

The solution:

Abu Dhabi has promised to look at the Dubai World setback, and to offer a case by case solution, in efforts to assist its little brother Dubai in solving its problems. People tend to forget that Abu Dhabi and Dubai are both part of the same country, and if the reputation of Dubai is ruined, Abu Dhabi will also be affected.

Now is the time for the UAE private companies to step in and help the general Dubai atmosphere gaining confidence. A lot of opportunities still exist in the country, access to liquidity is still available and as “Banque Saudi Fransi - Credit Agricole Group” puts it “quality deterioration simply is not an issue in Saudi Arabia, Abu Dhabi and Qatar”

What companies in the private and public sectors should do is to continue on hiring, spending and investing, without shying off, and the Emirates will be back on track as if nothing happened.

Camil El Khoury

The Author is the Chief Vision Officer of ideas group www.ideasgrp.com

ideas Group is a global learning and human capital development firm specialized in leadership and team development. We help our clients become high performance organizations and foster a sustainable growth.
We strive to continue on partnering with our clients, finding solutions for their sustainable performance through services that include management consulting, generic courses for immediate impact, tailor-made workshops and transformational experiential learning experiences. Ideas group provide consultancy services and learning & development training to a number of Clients in the UK, UAE (Abu Dhabi, Dubai), Saudi Arabia, Qatar, Kuwait, Bahrain, Syria, Egypt, Iran, Morocco and Lebanon.

I want to quit my job but...

A lot of people come to me saying: “I want to quit my job and start doing what I love, but we live in the real world and that world is not perfect, besides my family depends on me and who would hire me in a time of financial downturn” and the list of excuses is seasonal; it could include political situations, bankrupting industries, age, gender and whatever comes to your mind.

My usual response is a question: “Besides thinking of quitting your job, what are the steps that you are taking in order to be closer to what you love?” and the answer is often a disappointing look on my questioner’s face.

When you want to implement a change in your life, it doesn’t come suddenly and luck has nothing to do with it; it is about being prepared to move into the next step; Preparation meeting opportunity… that is luck, opportunity without preparation is called missing out and not bad luck.

Being proactive is about choosing what you want to achieve instead of letting the society, your family, or your boss choose on your behalf, it is about taking control of your life and start acting on it. The below 4 steps will help you keep on track in your self-discovery journey.

1- Discover your values:

Before deciding on what you want to do, you have to understand who you are, what do you believe in, and what are the important things for you. Once you come up with your values, put them to the test and make sure that they are not only there because they sound good but because those are your genuine values.

2- Differentiate between a hobby and a career:

When you find your driving force and decide on what you want to be doing, make sure that you differentiate hobbies from careers. Anything that you love and doesn’t make you any money is a hobby and any other thing that you love and provides enough money to cover up your needs is a career.

3- Take it one step at a time:

If you want to jump in the new venture without preparation, there is a big chance that you will be quitting at the beginning. Think about your long term goals, divide the goals into yearly chunks and then schedule them weekly. Doing that, will ensure a smooth transition from your current state to your desired state.

4- Be persistent

The common observed behavior between Sir Richard Branson, Nicolas Hayek, Steve Jobs, Bill Gates and Oprah is that they didn’t quit at the first difficult challenge, and as a matter of fact the ride was not easy for them. With the recurring persistence, they have managed to keep on track and achieved what they were meant to be achieving.

So next time you think of a change, look for what you can do and what you can influence and not what concerns you.

Camil Khoury is the Chief Vision Officer of ideas group and author of “Do what you Love, Love what you do” www.ideasgrp.com