The real economy of Dubai - consisting of the "three Ts" of transport, trade and tourism - is back on a growth path, according to all the official statistics from the Government of the emirate on GDP, commercial and retail activity.
But there are a few other unofficial measurements I regard as far more significant in logging the emirate's recovery from the global financial crisis. And they are also far more interesting than dry government statistics.
Traffic on Sheikh Zayed Road (SZR) is one often mentioned as a yardstick for the Dubai economy, and I agree that the rush hour has now become a must-avoid travel time once more - just as it was in 2006, when I first arrived.
But volumes on the SZR can be a reflection of a broken-down Al Naboodah bus at the Trade Centre roundabout just as much as economic recovery, so I prefer another measure: the underground car park at the Dubai International Financial Centre (DIFC).
In 2006 and 2007, it was virtually impossible to find a parking spot there after 9.30am. Around lunchtime, you could just forget it, and head straight for the patch of undeveloped desert nearby that served as overspill.
Then, for a couple of years, you could suddenly park in the DIFC at any time of the day as business stayed away from the financial hub.
Now it is getting busy again. You might have to drive around a few times if you arrive after 10am, but you will probably find a spot eventually. As lunch hour approaches, it is now virtually impossible again.
Another telling guide to the state of the Dubai economy is the Japanese restaurant Zuma in the DIFC Gate Village. The place has always been popular with the financial professionals in the DIFC, but a couple of years back you could at least guarantee a walk-in table on a Sunday evening.
Last Sunday, the joint was hopping and it was lucky I had made a reservation. Instead of the twosome tables for couples, many of the customers were seated in big, celebratory groups - with a dozen people or so. Deal-closing festivities? Sure looked like it.
My final index is a new one for me. I recently had cause to visit the premises of Ahmed Seddiqi & Sons, a family-owned watch dealer that has the Rolex concession in Dubai, and what an eye-opener that was.
In the Dubai Mall store - a real Aladdin's cave of treasures - it was impossible to find a free assistant to make my humble inquiry. The store was bunged, mainly with young Emirati ladies trying on top-of-the-range, diamond and gold encrusted things of beauty.
At the Mall of the Emirates branch, it was similar, so I just waited my turn and watched what was going on. In the space of 30 minutes, the shop sold four watches with an aggregate display-case value of at least Dh250,000 (US$68,058).
The buyers, who included myself in the cheapest transaction of the half-hour, were Russian tourists and young Arabs, again heavy on the "bling" factor.
And they said Dubai was finished.
---
Fickle folks, those Americans.
Last week a US organisation, the Maritime Association of the Port of New York and New Jersey, bestowed a much-deserved honour on Sultan bin Sulayem, the chairman of the Dubai ports giant DP World.
Mr bin Sulayem was inducted into the International Maritime Hall of Fame, a US-run body that recognises achievements in the world of shipping. The award "is conferred on visionaries of the 21st century who, through the excellence of their company, organisation and services, exemplify the qualities of futuristic thinking in the maritime industry". Surely these couldn't be the same ports of New York and New Jersey where xenophobic executives and union leaders protested and lobbied so hard in 2006 to block DP World's takeover of those US ports owned by P&O, with the result that they were excluded from the eventual deal? Indeed they are the same.
Anyway, congratulations, Mr bin Sulayem. Maybe they'll let you buy the ports back now?
Just proves that one man's visionary is another's security risk.
fkane@thenational.ae
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
CONFIRMED%20LINE-UP
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Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
- 11 countries on red list quarantine
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
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SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
COMPANY%20PROFILE
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
WE%20NO%20LONGER%20PREFER%20MOUNTAINS
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FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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