The following is a selection of my recent work.
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Island economy left in ruins
I never found the owner of this shop - don't think it'll opening anytime soon
Jeffrey Todd
Published: August 29 2011 in the Nassau Guardian
Cat Island // Entrepreneurs on Cat Island are picking up the pieces in the wake of Hurricane Irene, with some business owners saying the disaster has dealt a crippling blow to an already fragile economy.
Driving down a narrow street, Julian Russell, the owner of a local restaurant known as The Smoke Pot, narrowly avoids boulders, hacked trees and downed power lines that clog the island’s only paved thoroughfare.
The side road leading to his restaurant is completely blocked by debris, although even when it’s cleared, he doesn’t expect customers anytime soon.
“The whole island is cut off from power,” he said.
“We don’t know when the power will come back. The island was already slow. The economy is bad and we’ve had a brain drain here on the island where too many people move to Nassau. This is really going to hurt us.”
As big businesses and marquee resorts in New Providence nurse their wounds, smaller hotels, restaurants and shops on the Family Islands, equally dependent on tourism, are now struggling to survive.
Cat Island bore the brunt of Hurricane Irene when it passed through as a category 3 last Wednesday. Violent winds tore the roofs off homes, great surges guttered the interiors and possessions were swept out to sea.
For Evelyn Burrows, the owner of Perriwinkles, a bar, restaurant and clothing store, restoration of her business will have to wait.
First, she needs a roof over her head.
“I have to start on my house, because part of the roof is gone and there is only one dry room,” she said.
“And then I’ll get to my business. I have seen many storms, but this was worse. The winds were bad, and it seemed like it would never finish. It went on for a very long time. I was born here and I’ve never seen anything like this.”
Find out what a resort manager is doing for his employees. Read the full story!
http://www.thenassauguardian.com/index.php?option=com_content&view=article&id=12458:island-economy-left-in-ruins&catid=40:business&Itemid=2
Published: August 29 2011 in the Nassau Guardian
Cat Island // Entrepreneurs on Cat Island are picking up the pieces in the wake of Hurricane Irene, with some business owners saying the disaster has dealt a crippling blow to an already fragile economy.
Driving down a narrow street, Julian Russell, the owner of a local restaurant known as The Smoke Pot, narrowly avoids boulders, hacked trees and downed power lines that clog the island’s only paved thoroughfare.
The side road leading to his restaurant is completely blocked by debris, although even when it’s cleared, he doesn’t expect customers anytime soon.
“The whole island is cut off from power,” he said.
“We don’t know when the power will come back. The island was already slow. The economy is bad and we’ve had a brain drain here on the island where too many people move to Nassau. This is really going to hurt us.”
As big businesses and marquee resorts in New Providence nurse their wounds, smaller hotels, restaurants and shops on the Family Islands, equally dependent on tourism, are now struggling to survive.
Cat Island bore the brunt of Hurricane Irene when it passed through as a category 3 last Wednesday. Violent winds tore the roofs off homes, great surges guttered the interiors and possessions were swept out to sea.
For Evelyn Burrows, the owner of Perriwinkles, a bar, restaurant and clothing store, restoration of her business will have to wait.
First, she needs a roof over her head.
“I have to start on my house, because part of the roof is gone and there is only one dry room,” she said.
“And then I’ll get to my business. I have seen many storms, but this was worse. The winds were bad, and it seemed like it would never finish. It went on for a very long time. I was born here and I’ve never seen anything like this.”
Find out what a resort manager is doing for his employees. Read the full story!
http://www.thenassauguardian.com/index.php?option=com_content&view=article&id=12458:island-economy-left-in-ruins&catid=40:business&Itemid=2
Interview with Dan Matheson, CTV
Click on the box below to watch my interview on CTV from inside the Nassau Guardian newsroom.
Club Med evacuates hundreds
Jeffrey Todd
Published on August 24 2011 in the Nassau Guardian
The Family Islands are scrambling to airlift tourists from the destructive path of Hurricane Irene, with Club Med in San Salvador hiring charter flights an effort to evacuate hundreds of panicking guests.
Approximately 164 people were flown off San Salvador yesterday and nearly 200 remain.
At press time, Club Med was still trying to arrange for a second flight to evacuate the remaining guests before the storm arrives.
“People are nervous,” said Alex Rivera, the manager at Club Med.
“Many of our guests have never seen a hurricane before, but we’re calming them down. As long as you stay in your room, nothing will happen. One lady was crying too much so we made sure she got on the first flight.”
Evacuation procedures on San Salvador are just one part of a national-wide effort by the tourism industry to prepare for the approaching juggernaut.
Rolling in from the southeast, Hurricane Irene has continued to gather in strength with The Bahamas squarely in its path. Although the Ministry of Tourism is keen on preparing for the disaster, worries persist over the escalating cost and impact on the sector, as cancellations and evacuations spread throughout the country.
At Sandals, additional flights were sent to Exuma to give tourists the option of leaving.
“A lot of guests are looking at the extra flights and cutting their holidays short,” said Yasmina Cherquaoui, head of PR for Sandals.
At the Sandals Royal Bahamian in Nassau, all guests are being moved to the Windsor Building, she said, as an extra precaution. The ballroom there has been fitted with beds, food and beverages and an entertainment section in case the resort feels the need to request that tourists convene in one secure area for their safety.
Frank Comito, the Executive Director the Bahamas Hotel Association (BHA, said the “industry has been encouraging guests to depart and in most cases where cancellations are occurring, we are working to accommodate guests to another time”.
He added that the BHA will be doing a damage assessment throughout the country immediately following the storm.
Geneva Cooper, the Senior Director in charge of Crisis Management, said airlifts are being arranged on several Family Islands.
Additional flights, however, are not simply limited to the Family Islands. Carrers are making arrangements across the board, with American Airlines arranging for two extra departures yesterday from Nassau to Miami.
Lynden Pindling International Airport is scheduled to close tomorrow afternoon.
“We’re expecting a Category 3 now and certainly do not want visitors here. We need to take care of our own people,” she said.
“We don’t want tourists to get harmed.”
What else is being done to protect tourists? Read the full story!
http://www.thenassauguardian.com/index.php?option=com_content&view=article&id=12368&Itemid=2
CEO suffered 'disjointed' relationship with BPC Board
Jeffrey Todd
Published on August 16 2011 in the Nassau Guardian
The former CEO of the Bahamas Petroleum Company (BPC) suffered from a “dislocated” relationship with the Board of Directors leading up to his resignation last Friday, according to Mike Proffitt, the company’s Finance Director.
Meanwhile, plans to replace the senior executive are in full swing.
Proffitt told Guardian Business yesterday that BPC has come to an understanding
with a high-profile CEO from a major oil and gas company, with the name
to be released in the coming weeks.
“We do have our sights on a very qualified fellow to fill his shoes,” the BPC Finance Director said from the company’s head office in the Isle of Man. “It has been the intense subject of discussion over the last few weeks. As for Paul, I think it’s down to where the CEO must work effectively with the Board of Directors. He is a great geologist, but his role as CEO was a constant source of discussion.”
The apparent fracture within BPC sheds light on previous reports that Dr Paul Crevello left the company due to “personal reasons”. Proffitt added that the incoming CEO is “removing himself from his current position” and the appointment is still pending final board approval.
“When we announce it, the company plans on bringing him out to Nassau to meet the stakeholders,” he said.
“When the new man comes in, we will push forward.”
The turbulent news comes at a crucial time, as BPC continues to push for approval from the government to commence oil exploration before their current license expires in April 2012. The company has already invested millions in the project, and in March, BPC raised approximately $73 million from private stakeholders.
According to reports commissioned by the company, billions of barrels of oil are lurking beneath the ocean surface.
Read the full story!
http://www.thenassauguardian.com/index.php?option=com_content&view=article&id=12196:ceo-suffered-disjointed-relationship-with-bpc-board&catid=40:business&Itemid=2
Blackouts burn profits
Jeffrey Todd, Published on August 9th in the Nassau Guardian
On a recent trip to Florida, Zhivargo Laing, the Finance Minister, was shopping in a BestBuy when suddenly the lights went out.
As frantic staff herded confused customers to the exits, somewhere in the chaos he heard a cashier scream – “I just lost a sale for $1,100!”
For Laing, the incident was a poignant reminder of the need for Bahamians to shed some light on the country’s own blackout problem.
“Blackouts that are happening with any level of frequency will have an affect on commerce,” he said.
“They need to serve their clients and it’s a problem for their revenue stream. I raise this example to show how commerce is impacted. We are working desperately we improve our power supply.”
The minister’s concerns come after yet another blackout stuck New Providence on Monday night.
In a written statement, The Bahamas Electricity Corporation (BEC) acknowledged on Tuesday that Skyline Heights, Soldier Road, Fox Hill Road and some areas of Eastern New Province had their power disrupted for several hours.
According to the company, power has been restored to these areas.
Winston Rolle, the President of the Bahamas Chamber of Commerce, was one of thousands who were affected that night.
At around 9:30pm, Rolle said he was performing a series of transactions from home as part of his technology business when the corporation pulled the plug. Fortunately, he had a generator to keep the power flowing.
But Rolle says generators are a luxury most small business owners cannot afford.
“I hear complaints all the time,” he said.
“It’s hard to calculate the overall cost of these blackouts on business. There is the lost productivity, the lost revenue, and equipment tends to get damaged. I know BEC for a time was offering to replace equipment damaged in blackouts, but many business owners couldn’t be bothered with all the red tape. They saw it as an unfortunate cost of doing business here.”
Monday’s blackout was the latest incident in a series of blackouts rolling across New Providence, affecting residences and businesses alike. Last month, during July’s Independence Day Weekend, Staniel Cay was plagued with blackouts for as long as 12 hours. As of July 20, BEC told customers they could expect no further blackouts, as the corporation was adding three large generators to the Clifton Pier plant.
What does the power company have to say? Read the full story!
http://www.thenassauguardian.com/index.php?option=com_content&view=article&id=12051:blackouts-take-heavy-toll-on-commerce&catid=40:business&Itemid=2
On a recent trip to Florida, Zhivargo Laing, the Finance Minister, was shopping in a BestBuy when suddenly the lights went out.
As frantic staff herded confused customers to the exits, somewhere in the chaos he heard a cashier scream – “I just lost a sale for $1,100!”
For Laing, the incident was a poignant reminder of the need for Bahamians to shed some light on the country’s own blackout problem.
“Blackouts that are happening with any level of frequency will have an affect on commerce,” he said.
“They need to serve their clients and it’s a problem for their revenue stream. I raise this example to show how commerce is impacted. We are working desperately we improve our power supply.”
The minister’s concerns come after yet another blackout stuck New Providence on Monday night.
In a written statement, The Bahamas Electricity Corporation (BEC) acknowledged on Tuesday that Skyline Heights, Soldier Road, Fox Hill Road and some areas of Eastern New Province had their power disrupted for several hours.
According to the company, power has been restored to these areas.
Winston Rolle, the President of the Bahamas Chamber of Commerce, was one of thousands who were affected that night.
At around 9:30pm, Rolle said he was performing a series of transactions from home as part of his technology business when the corporation pulled the plug. Fortunately, he had a generator to keep the power flowing.
But Rolle says generators are a luxury most small business owners cannot afford.
“I hear complaints all the time,” he said.
“It’s hard to calculate the overall cost of these blackouts on business. There is the lost productivity, the lost revenue, and equipment tends to get damaged. I know BEC for a time was offering to replace equipment damaged in blackouts, but many business owners couldn’t be bothered with all the red tape. They saw it as an unfortunate cost of doing business here.”
Monday’s blackout was the latest incident in a series of blackouts rolling across New Providence, affecting residences and businesses alike. Last month, during July’s Independence Day Weekend, Staniel Cay was plagued with blackouts for as long as 12 hours. As of July 20, BEC told customers they could expect no further blackouts, as the corporation was adding three large generators to the Clifton Pier plant.
What does the power company have to say? Read the full story!
http://www.thenassauguardian.com/index.php?option=com_content&view=article&id=12051:blackouts-take-heavy-toll-on-commerce&catid=40:business&Itemid=2
The business of being charitable
Jeffrey Todd, Published on February 12, 2011 in The National
Kevin Spacey was at the top of his game when he decided it was time to help those closer to the bottom.
After the success of American Beauty, for which he won the Oscar for Best Actor, Spacey knew his place among Hollywood elite was assured. But rather than stay in Tinseltown, he moved to London and became the artistic director of the Old Vic Theatre.
The experience of raising money for the stage and running educational programmes for young people has led him to his greatest passion - The Kevin Spacey Foundation.
He says starting a foundation has been the most challenging and meaningful investment in his life.
"I didn't want to pursue the same dream," Spacey says.
"I know lots of people who find their niche. I wasn't interested in that. I wanted to take all of the incredible good fortune that happened for me and put it towards something else outside of my ambition."
Established just one year ago, The Kevin Spacey Foundation supports a variety of causes, such as Keep Memory Alive, which helps raise money for Alzheimer's research, and Sense, the UK's largest organisation for children and adults who are both deaf and blind.
But at the heart of the foundation, Spacey adds, is support for young actors, writers and directors hoping to break into the industry.
This week, in partnership with the UAE-based Crescent Investments, the American actor announced the formation of the Middle East Theatre Academy at the Capital Club in Dubai.
What does it take to start your own foundation? Read the full story!
http://www.thenational.ae/lifestyle/personal-finance/in-dubai-kevin-spacey-gets-into-the-business-of-show
Kevin Spacey was at the top of his game when he decided it was time to help those closer to the bottom.
After the success of American Beauty, for which he won the Oscar for Best Actor, Spacey knew his place among Hollywood elite was assured. But rather than stay in Tinseltown, he moved to London and became the artistic director of the Old Vic Theatre.
The experience of raising money for the stage and running educational programmes for young people has led him to his greatest passion - The Kevin Spacey Foundation.
He says starting a foundation has been the most challenging and meaningful investment in his life.
"I didn't want to pursue the same dream," Spacey says.
"I know lots of people who find their niche. I wasn't interested in that. I wanted to take all of the incredible good fortune that happened for me and put it towards something else outside of my ambition."
Established just one year ago, The Kevin Spacey Foundation supports a variety of causes, such as Keep Memory Alive, which helps raise money for Alzheimer's research, and Sense, the UK's largest organisation for children and adults who are both deaf and blind.
But at the heart of the foundation, Spacey adds, is support for young actors, writers and directors hoping to break into the industry.
This week, in partnership with the UAE-based Crescent Investments, the American actor announced the formation of the Middle East Theatre Academy at the Capital Club in Dubai.
What does it take to start your own foundation? Read the full story!
http://www.thenational.ae/lifestyle/personal-finance/in-dubai-kevin-spacey-gets-into-the-business-of-show
Next in line
Jeffrey Todd, Published on February 5, 2011 in The National
Bahrain // Death has changed the way Caroline Fattal Fakhoury looks at life.
While attending university in Paris, Mrs Fakhoury got a call announcing that her father had suddenly died. But as she flew home to Lebanon to join her mother and two sisters, there was more to consider than funeral arrangements.
At 18, she found herself in the middle of inheritance negotiations for an international family business with more than 100 years of history.
Mrs Fakhoury is now a firm believer in careful succession planning.
"It was felt that I was strongest to deal with emotional moments," she says. "It was an immense shock to lose a father and I felt the weight of responsibilities, especially when you need to deal with succession and inheritance all at the same time."
Twenty years later, Mrs Fakhoury is the first female board member of Khalil Fattal & Fils, the distributor of a range of luxury products, such as electronics, beauty products and medical equipment, across the Middle East and North Africa, and parts of Europe. After her father died, one of his cousins was appointed as the new chairman of the company.
However, keeping the company stable was far from easy.
Without any specific plans in place, Mrs Fakhoury, who is based in Dubai and represents the fourth generation of her business, says the process was stressful and challenging. The task of dividing assets and responsibilities, while balancing emotional and complex relationships, is enough to tear some family empires apart.
It's for this reason she attended last month's Family Business Retreat in Manama, the capital of Bahrain. The four-day event was dedicated to helping family owned businesses across the GCC plan for the next generation and institute effective corporate governance. From major conglomerates to modest enterprises, members of the family businesses listened to speakers and participated in workshops.
Read the full story!
Meet major players on the GCC family business scene and see how they are dealing with succession planning:
http://www.thenational.ae/lifestyle/personal-finance/making-way-for-the-next-generation
A family empire learns the value of succession planning the hard way:
http://www.thenational.ae/lifestyle/personal-finance/value-of-succession-plan-was-learnt-the-hard-way
Tips from Barbara Hauser: http://www.thenational.ae/lifestyle/personal-finance/succession-tips-for-businesses
Bahrain // Death has changed the way Caroline Fattal Fakhoury looks at life.
While attending university in Paris, Mrs Fakhoury got a call announcing that her father had suddenly died. But as she flew home to Lebanon to join her mother and two sisters, there was more to consider than funeral arrangements.
At 18, she found herself in the middle of inheritance negotiations for an international family business with more than 100 years of history.
Mrs Fakhoury is now a firm believer in careful succession planning.
"It was felt that I was strongest to deal with emotional moments," she says. "It was an immense shock to lose a father and I felt the weight of responsibilities, especially when you need to deal with succession and inheritance all at the same time."
Twenty years later, Mrs Fakhoury is the first female board member of Khalil Fattal & Fils, the distributor of a range of luxury products, such as electronics, beauty products and medical equipment, across the Middle East and North Africa, and parts of Europe. After her father died, one of his cousins was appointed as the new chairman of the company.
However, keeping the company stable was far from easy.
Without any specific plans in place, Mrs Fakhoury, who is based in Dubai and represents the fourth generation of her business, says the process was stressful and challenging. The task of dividing assets and responsibilities, while balancing emotional and complex relationships, is enough to tear some family empires apart.
It's for this reason she attended last month's Family Business Retreat in Manama, the capital of Bahrain. The four-day event was dedicated to helping family owned businesses across the GCC plan for the next generation and institute effective corporate governance. From major conglomerates to modest enterprises, members of the family businesses listened to speakers and participated in workshops.
Read the full story!
Meet major players on the GCC family business scene and see how they are dealing with succession planning:
http://www.thenational.ae/lifestyle/personal-finance/making-way-for-the-next-generation
A family empire learns the value of succession planning the hard way:
http://www.thenational.ae/lifestyle/personal-finance/value-of-succession-plan-was-learnt-the-hard-way
Tips from Barbara Hauser: http://www.thenational.ae/lifestyle/personal-finance/succession-tips-for-businesses
Courage under fire
Jeffrey Todd, Published on November 28, 2010 in The National
The bonfire has been reduced to a smoldering carpet of burning-hot coals.
More than 20 men and women have formed a tight circle around the pit, each staring into the heavy glow and contemplating the task that lies before them. A small band of drummers pound their instruments and chant into the night. Slowly, a young woman steps forward.She stands in front of the coals and shifts her abaya nervously, willing herself to take that first step. But she remains frozen.
The agonising seconds drag on as the woman stares at her fiery path. She advances, stumbles and begins to walk away, but suddenly, a companion swoops in and takes her by the arm. Together, with heads held high, they both stride confidently over the coals.
Nabila Usman, 24, wasn't going to let her friend give up.
"I didn't want her to quit," she says.
"We're here because we can do whatever we want to do. I'm here because I need the courage to stop putting myself down. Courage is everything."
By the end of the night every person had triumphantly walked across the coals, without injury.
"I believe most of us are unaware that we're driven by certain beliefs," says Carol Talbot, a learning and development consultant with Matrix Training Solutions, who recently organised a fire-walk in Dubai.
"Sometimes we can sabotage our success. These reasons challenge our fears and limiting beliefs. Then you break through them."
The fire-walk was a surreal and impressive display, but this isn't the first time Ms Talbot has hosted this kind of event. Since 2005, she has held dozens of public and corporate fire-walks throughout the region. Last year, she arranged an 80-person event for General Electric in Dubai after a request by the company's managing director. In 2007, she organised her largest fire-walk so far for the Hilti Corporation, which featured three pits for more than 300 participants.
AXA Insurance, du, PriceWaterhouseCoopers and Intercontinental Hotels Group are all local companies that have voluntarily walked the fire over the years. The Young President's Organisation, a global network of executives with more than 17,000 members, is also among Ms Talbot's clients.
But the flames, drums and coals are only secondary to the central idea behind the exercise, Ms Talbot says. Since she arrived in the UAE 20 years ago, she has made a business of coaching and developing individuals and executives to ensure they reach their maximum potential.
She believes that the money we earn and the growth we achieve in our careers are dependent on the intangibles - our image, our attitude and the will to succeed.
Why did these people actually walk across the coals? For answers to that, and my interview with international image consultant Gloria Starr, visit
http://www.thenational.ae/lifestyle/personal-finance/courage-under-fire-to-coax-out-real-world-potential
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Sorry sir, but it's Dh10 million a plate
Beyond the byline
I had been to Emirates Palace several times before. One time I went there to interview Fayez Barakat, the owner of the Barakat Gallery.
Scattered along the long hallways, around 10 metres high and covered with gold leaf, there are polished display cases filled with artifacts which are literately thousands of years old. The Roman Empire, Greek antiquity, the Ming Dynasty in China - it's all there.
Essentially, you can window shop for history.
I also enjoy collecting old things. I have a small and probably worthless collection of old knives and swords from around around Asia and the Middle East. I have often reveled in these modest discoveries in the corner of some filthy souk, as if I just dug them up myself.
There are clearly ethical issues involved in buying items that belong in a museum. But I could at least understand why someone would spend millions of dollars on an ancient crossbow.
Bidding for licence plates, however, felt like an entirely different matter.
Have you entered a room filled with more than one hundred people, and know, 100 per cent, that you're the poorest person there?
It's a strange and humble feeling. It made me fascinated and furious at the same time. We're in the middle of a recession, right?
Mass unemployment? People losing their homes? Entire financial systems collapsing?
Meanwhile, with the flick of a paddle, these guys are spending what I would work years to put away. Sure, there is a legitimate secondary market. People really are wheeling and dealing these numbers on thin pieces of aluminum for profit.
But how can they morally justify it? To what extent is it insulting to the rest of humanity?
That said, it's their money. And a product's worth is based on demand and scarcity. If both exist, how is it any different than gold?
I still feel divided on the issue, although I'll never forget the Emirati who turned to me before leaving, and said: "These people need psychologist."
Scattered along the long hallways, around 10 metres high and covered with gold leaf, there are polished display cases filled with artifacts which are literately thousands of years old. The Roman Empire, Greek antiquity, the Ming Dynasty in China - it's all there.
Essentially, you can window shop for history.
I also enjoy collecting old things. I have a small and probably worthless collection of old knives and swords from around around Asia and the Middle East. I have often reveled in these modest discoveries in the corner of some filthy souk, as if I just dug them up myself.
There are clearly ethical issues involved in buying items that belong in a museum. But I could at least understand why someone would spend millions of dollars on an ancient crossbow.
Bidding for licence plates, however, felt like an entirely different matter.
Have you entered a room filled with more than one hundred people, and know, 100 per cent, that you're the poorest person there?
It's a strange and humble feeling. It made me fascinated and furious at the same time. We're in the middle of a recession, right?
Mass unemployment? People losing their homes? Entire financial systems collapsing?
Meanwhile, with the flick of a paddle, these guys are spending what I would work years to put away. Sure, there is a legitimate secondary market. People really are wheeling and dealing these numbers on thin pieces of aluminum for profit.
But how can they morally justify it? To what extent is it insulting to the rest of humanity?
That said, it's their money. And a product's worth is based on demand and scarcity. If both exist, how is it any different than gold?
I still feel divided on the issue, although I'll never forget the Emirati who turned to me before leaving, and said: "These people need psychologist."
A licence to make money
Jeffrey Todd, Published on Oct 2 2010 in The National
The bidding begins ...
Patricia Santos
Instead of a gavel, he wields a golden pen.
All eyes are drawn to the auctioneer as it gleams above his head amid spotlights and lasers.
"Thalatha … ethnein. Mabrou …"
"Dh10 million!" the gentleman in the front row screams, stopping the countdown with a last-second bid.
The boom of drums and an explosion of chatter ripple through the auditorium at Emirates Palace in Abu Dhabi. The attention of the audience immediately shifts to his rival in a grey suit, also in the front row.
He sits hunched with his face buried in his jacket, concealing the microphone to a wireless headset. The audience waits with anticipation as he whispers to an anonymous bidder on the other end of the phone. More than 10 minutes of furious bidding have come down to this moment.
"Thalatha … ethnein …" the auctioneer pauses. "Mabrouk!" The golden pen comes down. A round of applause fills the hall as the winner collects his prize - a black briefcase.
But inside is neither diamonds, gold nor rare art. It's a thin piece of aluminium bearing the number nine. "Some people focus on horses, stocks and others on cars," says Ahmad Ahli, an investor from Abu Dhabi and the owner of the prestigious plate.
"I came to this auction specifically to buy number nine."
Last Saturday, Emirates Auction hosted its latest licence plate sale. It was an astonishing scene watching hundreds of thousands of dirhams being spent with the flick of an auction paddle, galaxies away from a world still struggling under the weight of the financial crisis. After number nine reeled in an incredible Dh10m, plate number 19 fetched Dh3.35m. Number 77 came in at a close third with Dh3.3m, while the cheapest plate, 6444, went for a mere Dh50,000. By the end of the night, every one of the 81 lots were sold off for a total of Dh30m.
In association with Abu Dhabi Police, Abu Dhabi Islamic Bank and Emirates Palace, these numbers were the latest batch released by the Government, with the proceeds going towards the building of the Middle East's first rehabilitation centre for victims of car accidents. Of course, in the UAE, the wheeling and dealing of licence plates is hardly a new attraction.
Since May 2007, Emirates Auction has held 22 sales in Abu Dhabi, while in Dubai the Roads and Transport Authority (RTA) has hosted 66 gatherings for its "distinguished number plates". In February 2008, the phenomenon attracted international interest when Saeed Kouri famously bought number one for a record US$14m (Dh51.4m), commenting that he purchased the plate "because I want to be the best in the world".
Indeed, more than anywhere else in the world, the number on the back of your car matters, indicating hierarchy, status and wealth. But the strange and high-flying world of UAE licence plates has evolved in recent years. Mr Ahli has no intention of installing this recent acquisition on the back of a Lamborghini. Instead, he and a team of three other investors are serious players in one of the more unusual commodity markets in the world.
Believe it or not, but there really is a method to the madness of licence plate investing. Read more:
http://www.thenational.ae/business/personal-finance/the-man-who-spent-dh10m-on-a-licence-plate
All eyes are drawn to the auctioneer as it gleams above his head amid spotlights and lasers.
"Thalatha … ethnein. Mabrou …"
"Dh10 million!" the gentleman in the front row screams, stopping the countdown with a last-second bid.
The boom of drums and an explosion of chatter ripple through the auditorium at Emirates Palace in Abu Dhabi. The attention of the audience immediately shifts to his rival in a grey suit, also in the front row.
He sits hunched with his face buried in his jacket, concealing the microphone to a wireless headset. The audience waits with anticipation as he whispers to an anonymous bidder on the other end of the phone. More than 10 minutes of furious bidding have come down to this moment.
"Thalatha … ethnein …" the auctioneer pauses. "Mabrouk!" The golden pen comes down. A round of applause fills the hall as the winner collects his prize - a black briefcase.
But inside is neither diamonds, gold nor rare art. It's a thin piece of aluminium bearing the number nine. "Some people focus on horses, stocks and others on cars," says Ahmad Ahli, an investor from Abu Dhabi and the owner of the prestigious plate.
"I came to this auction specifically to buy number nine."
Last Saturday, Emirates Auction hosted its latest licence plate sale. It was an astonishing scene watching hundreds of thousands of dirhams being spent with the flick of an auction paddle, galaxies away from a world still struggling under the weight of the financial crisis. After number nine reeled in an incredible Dh10m, plate number 19 fetched Dh3.35m. Number 77 came in at a close third with Dh3.3m, while the cheapest plate, 6444, went for a mere Dh50,000. By the end of the night, every one of the 81 lots were sold off for a total of Dh30m.
In association with Abu Dhabi Police, Abu Dhabi Islamic Bank and Emirates Palace, these numbers were the latest batch released by the Government, with the proceeds going towards the building of the Middle East's first rehabilitation centre for victims of car accidents. Of course, in the UAE, the wheeling and dealing of licence plates is hardly a new attraction.
Since May 2007, Emirates Auction has held 22 sales in Abu Dhabi, while in Dubai the Roads and Transport Authority (RTA) has hosted 66 gatherings for its "distinguished number plates". In February 2008, the phenomenon attracted international interest when Saeed Kouri famously bought number one for a record US$14m (Dh51.4m), commenting that he purchased the plate "because I want to be the best in the world".
Indeed, more than anywhere else in the world, the number on the back of your car matters, indicating hierarchy, status and wealth. But the strange and high-flying world of UAE licence plates has evolved in recent years. Mr Ahli has no intention of installing this recent acquisition on the back of a Lamborghini. Instead, he and a team of three other investors are serious players in one of the more unusual commodity markets in the world.
Believe it or not, but there really is a method to the madness of licence plate investing. Read more:
http://www.thenational.ae/business/personal-finance/the-man-who-spent-dh10m-on-a-licence-plate
Home with a bellhop
Jeffrey Todd, Published on Sept 25 2010 in The National
Taufic Dandachi is in no rush to find an apartment.
Since moving to the UAE nearly four years ago, Mr Dandachi, 55, a contractor from Lebanon, has lived in two villas in Abu Dhabi. His first place, located in Khalifa City A, was a large villa costing a total of Dh550,000 a year, or Dh183,000 between him and two friends. With the rent exceeding his budget, Mr Dandachi eventually moved out and found a more reasonably priced villa in the Al Bateen area.
But several months ago, to his dismay, the landlord served him with a notice announcing that the property would be gutted for renovations. Mr Dandachi checked himself into the Holiday Inn on Airport Road in Abu Dhabi. Three months later, he still calls his room on the 8th floor home.
“If you want to compare it to a one-bedroom apartment, I think the rent in Abu Dhabi would be about Dh120,000 per year,” he says, eating cakes and sipping coffee in the hotel restaurant.
“Then you must add on such things as furnishings, utilities, parking and amenities. I think you come out ahead staying in a hotel.”
At the Holiday Inn, Mr Dandachi pays Dh350 a day to live there full time. That’s about Dh10,645 a month, or Dh127,750 a year. He believes that living in a hotel makes financial sense.
While the “rent” is more or less equivalent to market prices, the extras – free internet and cable TV, free daily housekeeping, free parking, utilities, pool and work-out facilities, and free furnishings – add up to thousands of dirhams every month in savings.
Also, as a single professional on the go, it represents a hassle-free and convenient lifestyle.
But Mr Dandachi is not an isolated case. While in many countries the idea might seem extravagant, reserved for the rich and famous, high rent prices, a transient expatriate population and an exploding hospitality industry have caused more and more UAE residents to consider hotel living as a flexible and affordable housing option.
Demand is so hot that establishments are specifically targeting long-term guests.
Keep reading and meet the family of four that live in a hotel apartment full time:
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100925/PERSONALFINANCE/709249914&SearchID=73404767336869
Since moving to the UAE nearly four years ago, Mr Dandachi, 55, a contractor from Lebanon, has lived in two villas in Abu Dhabi. His first place, located in Khalifa City A, was a large villa costing a total of Dh550,000 a year, or Dh183,000 between him and two friends. With the rent exceeding his budget, Mr Dandachi eventually moved out and found a more reasonably priced villa in the Al Bateen area.
But several months ago, to his dismay, the landlord served him with a notice announcing that the property would be gutted for renovations. Mr Dandachi checked himself into the Holiday Inn on Airport Road in Abu Dhabi. Three months later, he still calls his room on the 8th floor home.
“If you want to compare it to a one-bedroom apartment, I think the rent in Abu Dhabi would be about Dh120,000 per year,” he says, eating cakes and sipping coffee in the hotel restaurant.
“Then you must add on such things as furnishings, utilities, parking and amenities. I think you come out ahead staying in a hotel.”
At the Holiday Inn, Mr Dandachi pays Dh350 a day to live there full time. That’s about Dh10,645 a month, or Dh127,750 a year. He believes that living in a hotel makes financial sense.
While the “rent” is more or less equivalent to market prices, the extras – free internet and cable TV, free daily housekeeping, free parking, utilities, pool and work-out facilities, and free furnishings – add up to thousands of dirhams every month in savings.
Also, as a single professional on the go, it represents a hassle-free and convenient lifestyle.
But Mr Dandachi is not an isolated case. While in many countries the idea might seem extravagant, reserved for the rich and famous, high rent prices, a transient expatriate population and an exploding hospitality industry have caused more and more UAE residents to consider hotel living as a flexible and affordable housing option.
Demand is so hot that establishments are specifically targeting long-term guests.
Keep reading and meet the family of four that live in a hotel apartment full time:
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100925/PERSONALFINANCE/709249914&SearchID=73404767336869
Bare truth behind a week of the easy life
Jeffrey Todd, Published Sept 25 2010 in The National
Groggy and sleepy, I rolled off the bed and stumbled into the bathroom.
Turning on the taps, I gratefully indulged in the most important of rituals – the morning shower. But as I rubbed shampoo into my hair, there was a frantic pounding at the door. At first I tried to ignore it. But the banging and rapping, the intense sound of fists punching wood, just wouldn’t go away.
Dripping wet and with soap running down my face I turned off the shower and threw a towel around my waist.
My mood went from fury to panic in the space of a few seconds, the time it took to reach the front door. Is there a fire? Some horrible accident?
Swinging open the door I saw a middle-aged man, dressed in a grey suit. He jumped back with surprise.
“Oh, sorry!” he screamed.
“Is this 414?”
“No, it’s 413!” I replied, slapping the door closed.
Suffice to say my experience of living in a hotel wasn’t going terribly well. After speaking with UAE residents who have left the rental scene behind, I thought it only appropriate to check in to the Holiday Inn on Airport Road in Abu Dhabi last week to see whether it was as convenient as it sounds.
And, rude interruptions aside, I found it really was an easy and affordable way of living.
While I only stayed for the week, Holiday Inn set me up with the summer full-time rate of Dh350 a day, which included breakfast, free wireless internet and two pieces of dry cleaning each day.
It’s a decadent experience arriving “home” every night to clean sheets, fresh towels and pressed shirts hanging in the closet. The morning breakfast buffet was an extensive spread of hot and cold foods, with a friendly cook in a white chef’s hat ready to prepare eggs to my liking. And the wireless internet, 60-odd channels on the TV, and a pool and fitness centre weren’t bad either.
At a cost of Dh350 a day, or Dh10,645 for the month, hotel living isn’t cheap.
But after the up-front cost, I found that I didn’t need to spend money on much else.
Dinners, however, were an issue. Without a kitchen, I was forced to forage on my own each night, which resulted in some dramatic swings in spending.
On the first night I enjoyed a three-course meal at the hotel restaurant for a very reasonable Dh99, while on the second I simply ordered room service at just Dh50.
So far so good, I thought.
But on the third night, I caved in and broke the bank at Hakkasan, the Michelin-starred Chinese fusion restaurant at Emirates Palace.
About Dh350 later, I returned to my fresh sheets in shame.
I did manage to reel in my spending for the rest of the week, but this splurge made me realise that even the easy life requires budgeting.
Turning on the taps, I gratefully indulged in the most important of rituals – the morning shower. But as I rubbed shampoo into my hair, there was a frantic pounding at the door. At first I tried to ignore it. But the banging and rapping, the intense sound of fists punching wood, just wouldn’t go away.
Dripping wet and with soap running down my face I turned off the shower and threw a towel around my waist.
My mood went from fury to panic in the space of a few seconds, the time it took to reach the front door. Is there a fire? Some horrible accident?
Swinging open the door I saw a middle-aged man, dressed in a grey suit. He jumped back with surprise.
“Oh, sorry!” he screamed.
“Is this 414?”
“No, it’s 413!” I replied, slapping the door closed.
Suffice to say my experience of living in a hotel wasn’t going terribly well. After speaking with UAE residents who have left the rental scene behind, I thought it only appropriate to check in to the Holiday Inn on Airport Road in Abu Dhabi last week to see whether it was as convenient as it sounds.
And, rude interruptions aside, I found it really was an easy and affordable way of living.
While I only stayed for the week, Holiday Inn set me up with the summer full-time rate of Dh350 a day, which included breakfast, free wireless internet and two pieces of dry cleaning each day.
It’s a decadent experience arriving “home” every night to clean sheets, fresh towels and pressed shirts hanging in the closet. The morning breakfast buffet was an extensive spread of hot and cold foods, with a friendly cook in a white chef’s hat ready to prepare eggs to my liking. And the wireless internet, 60-odd channels on the TV, and a pool and fitness centre weren’t bad either.
At a cost of Dh350 a day, or Dh10,645 for the month, hotel living isn’t cheap.
But after the up-front cost, I found that I didn’t need to spend money on much else.
Dinners, however, were an issue. Without a kitchen, I was forced to forage on my own each night, which resulted in some dramatic swings in spending.
On the first night I enjoyed a three-course meal at the hotel restaurant for a very reasonable Dh99, while on the second I simply ordered room service at just Dh50.
So far so good, I thought.
But on the third night, I caved in and broke the bank at Hakkasan, the Michelin-starred Chinese fusion restaurant at Emirates Palace.
About Dh350 later, I returned to my fresh sheets in shame.
I did manage to reel in my spending for the rest of the week, but this splurge made me realise that even the easy life requires budgeting.
The times they are a-changin' - The Redundancy Support Group
Jeffrey Todd, Published March 28 2008 in The National
Photo: Cover of The Times of London in November 2009, pulled from shelves
in Dubai according to the Dow Jones for its coverage of the debt crisis
On a sunny patio at The Lakes Club, just a stone’s throw from villas overlooking the
Emirates Golf Course in Dubai, more than a dozen professionals are having a meet-
ing. White coffee cups, BlackBerrys and sunglasses cover the polished glass table.
Six months ago these same people might have met over brunch, discussing their
children and holiday plans.
Today, they are here because they just lost their jobs.
Last Sunday, a group of local financial advisers and economists held an official
Redundancy Support Group meeting – an open seminar for unemployed individuals
seeking counselling and financial advice in the economic downturn.
“These people are hurting,” says Debbie Steedman, one of the group’s organisers.
“And what time does it take? Three hours? If we don’t take the time to help
these people, what does it say? We need to help them feel better about themselves.”
Off to the right, shying away from the group, sits a blonde woman with blue
jeans and a simple white shirt.
Tears in her eyes, she has come for emotional support.
“The resources are here,” Mrs Steedman tells her. “You just have to use them.”
As the patio fills, people slowly divide into subgroups. Some talk about losing
their jobs. Others need help with debt, extending their visas or finding work.
It’s a surreal scene, far removed from the prosperity that’s often synonymous
with Dubai. And while this group might be the first of its kind in the Emirates,
it’s indeed the new reality.
Photo: Cover of The Times of London in November 2009, pulled from shelves
in Dubai according to the Dow Jones for its coverage of the debt crisis
On a sunny patio at The Lakes Club, just a stone’s throw from villas overlooking the
Emirates Golf Course in Dubai, more than a dozen professionals are having a meet-
ing. White coffee cups, BlackBerrys and sunglasses cover the polished glass table.
Six months ago these same people might have met over brunch, discussing their
children and holiday plans.
Today, they are here because they just lost their jobs.
Last Sunday, a group of local financial advisers and economists held an official
Redundancy Support Group meeting – an open seminar for unemployed individuals
seeking counselling and financial advice in the economic downturn.
“These people are hurting,” says Debbie Steedman, one of the group’s organisers.
“And what time does it take? Three hours? If we don’t take the time to help
these people, what does it say? We need to help them feel better about themselves.”
Off to the right, shying away from the group, sits a blonde woman with blue
jeans and a simple white shirt.
Tears in her eyes, she has come for emotional support.
“The resources are here,” Mrs Steedman tells her. “You just have to use them.”
As the patio fills, people slowly divide into subgroups. Some talk about losing
their jobs. Others need help with debt, extending their visas or finding work.
It’s a surreal scene, far removed from the prosperity that’s often synonymous
with Dubai. And while this group might be the first of its kind in the Emirates,
it’s indeed the new reality.
Beyond the byline
A few days after this article appeared on the cover of Personal Finance, I received a call from the head of Helping Hands, a charitable organisation in Dubai. She told me about sudden appearance of "tent cities" along the highway, filled with the desperate and homeless. She described the soup kitchens where they provide food and basic products such as soap and toilet paper.
But unlike the Redundancy Support Group, these services weren't geared towards Westerners and white-collar workers.
Rather, they were populated by Indians, Pakistanis and Filipinos who had previously served the rich prior to the crash.
They were gardeners, chauffeurs and housemaids.
She described how many of these breadwinners, often supporting entire families in their native countries, were fearful to return home in shame. Some had resorted to suicide rather than return to their village. Sure, the rich lost millions, but these were the stories that were rarely told.
But unlike the Redundancy Support Group, these services weren't geared towards Westerners and white-collar workers.
Rather, they were populated by Indians, Pakistanis and Filipinos who had previously served the rich prior to the crash.
They were gardeners, chauffeurs and housemaids.
She described how many of these breadwinners, often supporting entire families in their native countries, were fearful to return home in shame. Some had resorted to suicide rather than return to their village. Sure, the rich lost millions, but these were the stories that were rarely told.
