"I would like to tell capitalists that Dubai does not need investors, investors need Dubai and I tell you that the risk lies not in using your money but in letting it pile up. It is dormant and dead if it is merely a figure in an account. I tell them not to hold onto it and kill it in safes, let it breathe and be active because money is like water - if you lock it up, it becomes stagnant and foul-smelling, but if you let it flow, it stays fresh. If it does not flow, it will become stagnant and its colour will change. When I encourage you to invest, I am not asking you to put your money into a fire - I guarantee that your money will be invested in carefully studied projects. I want to be frank with you - I have the courage to take decisions and to bear the responsibility for the consequences. Do you have the courage to be frank and decisive?"
So asked His Highness Sheikh Mohammed bin Rashid Al Maktoum, the embattled ruler of Dubai in 2003, while riding the high wave, announcing the ill-fated Dubailand project. Interesting tip on money management. Full text here.
Here's the latest soundbite after the carsh:
“We are back. Of course we are back. This is a challenge. Life would be boring if there’s no challenge.”
He also claimed that the vision remains unchanged. So are the boom days back? Being in Dubai, something tells me- not quite!
I'm forever blowing bubbles
Property bubbles in the sand
They grow so fast, obviously can't last
But why do I care, I still own the land
People keep on buying
I take all their cash
Oh, I'm forever blowing bubbles
And bubbles always crash
(Poem courtesy of Secret Dubai Dairy)
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