Last week the headlines screamed, 'The New Weltmeister: China Upsets Germany as Leading Export Nation.' According to Chinese government figures, exports totalled US$1.2tn in 2009, whilst the German foreign trade organisation, BGA, forecast a final export figure of US$1.17tn for the year.
Tourism was another large slice of this pie in the sky. The most grandiose of all the projects to supposedly entice tourists to Dubai is Dubailand, a sprawling 278 sq km project consisting of 45 mega projects and 200 sub projects costing US$65bn.
Dubai’s vision of needing to diversify its economy away from oil if it was ever going to create any wealth was not unsound.
As an undergraduate studying Economics at Columbia University in the 1980s, I was fascinated by the theory of decision-making under uncertainty.
As a private equity investor, I have a difficult time explaining to most of my friends and people I meet at parties exactly what I do. To anyone not conversant with financial and investment jargon, “private equity” could mean a plethora of things.