Nasser Alshaali, the chief executive of the Dubai International Financial Centre, has risen quickly within the Dubai financial establishment.
For two years now, he has been at the helm of the company that operates Dubai's financial industry free zone, a project crucial to the future of the emirate. In the preceding two years, he headed the emirate's newest securities exchange, the DIFX.
With a global economic storm raging, one might expect Mr Alshaali - and Dubai itself - would be ready for a break. That is not what he has in mind, nor what he prescribes for a region now starting to feel the pain of the global credit crunch and economic slowdown.
His worry is that the Gulf could be missing opportunities. "This is not the time to be timid, this is the time to be bold," he says. "But in a calculated way."
The region's financial systems need serious change to gain the sort of economic maturity and independence to which the Gulf aspires, he says. Under the right regional leadership, this time of turmoil could be the chance to push change through quickly.
"We need to have some sort of co-ordinated view and action plan for addressing these issues," he says. "Right now you don't have that. As much as people philosophise about the opportunity that they need to take advantage of, nobody's doing anything whatsoever about it.
"I think it's shameful that the governors of the central banks of the GCC have not yet met to discuss the financial crisis."
Mr Alshaali, 32, grew up in New York City and Washington, and moved to the UAE in 2001 only a few years after receiving a degree in philosophy and international relations from American University. Since then, he has played a central role in the financial services boom in the city. While chief operating officer at the DIFX - recently renamed Nasdaq Dubai - he helped launch the world's largest trading exchange for sukuk, or Islamic bonds. Now he is overseeing one of the few expanding financial centres in world. Dozens of firms have opened up in the DIFC, which provides a custom-built regulatory framework for international financial companies. Mr Alshaali says there remains a waiting list for office space.
He approaches the global economic downturn stoically. "With every aggressive growth period will come a correction," he says. "During the last five to 10 years, the region has experienced a tremendous wave of growth, encouraged by low interest rates that made money very cheap... Now we are paying for our sins."
The downturn presents big challenges for the region, as well as Dubai's status as its leading financial centre. Just months after beefing up its regional operations, based in the DIFC, Lehman Brothers went bust. Morgan Stanley and Goldman Sachs, which set up in the DIFC a few years ago with great fanfare, recently cut their staffs by 15 per cent and 10 per cent, respectively.
On the other hand, the economic pain has focused new attention on the Gulf, with its wealthy families and well-funded governments. "The kind of interest and curiosity we have seen over the past two to three weeks has been absolutely tremendous, probably more than this region has received in the last few years," he says. "It seems the more the world gets itself into trouble, the more this region gets attention."
The upshot, he says, is that the DIFC will not grow as fast next year as it has since he was appointed the chief executive. "But that's a given. We will also not stop growing."
In many ways, Mr Alshaali is far more concerned about the regional response to the crisis, since the GCC cannot have a world-class financial centre if it doesn't leverage its regional financial strengths as one to compete. And that means more co-operation and co-ordination among regulators, more competition and innovation among market players, a more robust infrastructure for making financial transactions and ultimately a consolidation of market might.
During times of economic crisis, countries can reflexively close themselves off from the rest of the world in an attempt to avoid "contagion". This is exactly the opposite of what needs to happen, he argues. "It is absolutely critical in that context that you keep your borders open, that you allow free competition into each other's markets. So foreign institutions, especially the banks, need to be allowed the opportunity to participate in the local markets in the UAE, and in the GCC, on par with their local peers."
Mr Alshaali thinks the focus should be on creating an environment that could enable the birth of "a regional banking success story, like HSBC out in the Far East".
"You're going to need to build a regional liquidity pool in the capital market space that can rival the liquidity pools of New York, London and Hong Kong," he says. "Otherwise, you will be constantly subject to developments in those markets... You will be an appendage to those financial markets.
"The combination of Emirates and NBD is a step in the right direction," he says, referring to the banks' merger, but much more growth and consolidation within the region's banking sector and capital markets will be necessary if the Gulf is to gain true financial independence.
Lately, there has been speculation that the DIFC's own stock exchange, Nasdaq Dubai (the recently rebranded Dubai International Financial Exchange) may be merged with the Dubai Financial Market (DFM) in part of that same consolidation. Trading volumes have remained relatively low on the Nasdaq Dubai exchange since its founding, especially compared to the DFM.
Although a merger is not out of the question, "at this point I don't think we have a clear picture," Mr Alshaali says. Whether the two do merge will depend on what happens in the market, and whether there is enough demand for two separate Dubai-based exchanges. Right now, it is still too early to tell, he says.
tpantin@thenational.ae
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
Frida%20
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About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Killing of Qassem Suleimani
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
more from Janine di Giovanni
HAJJAN
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
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