Forbes urges Gulf to re-evaluate peg

Forbes urges Gulf to re-evaluate peg
Posted in 7days online
http://www.7days.ae/en/2007/11/19/forbes-urges-gulf-to-re-evaluate-peg.html

Calls for Gulf countries to revalue their currencies gained momentum yesterday as American entrepreneur Steve Forbes recommended a one-time adjustment. Speaking at the Leaders in Dubai Business Forum, the editor-in-chief of Forbes magazine advised continuing the peg to the dollar, but to re-evaluate rather than devalue currencies.

“The thing that should not be done now is to allow your currency to float,” he said. “Eventually, and rather than going for a basket of currencies, Gulf countries should do a one-time revaluation and keep it fixed, whether it is 8 per cent, 10 per cent or 12 per cent and then re-peg to the dollar.” Forbes hit out at the US Federal Reserve for inviting the ongoing credit crisis, and called upon Gulf states to act now to correct the Fed’s mistakes and protect themselves from any further depreciation of the dollar.
“Currencies should be stable in value – that’s the first rule. Look at what the Federal Reserve has done in the US. By printing too many dollars and allowing the property sector to build four years worth of houses in two years, it has created a credit crisis.

“Even though the pound, yen and euro have appreciated, they all have inflation. They have all sinned, but the Federal Reserve is the biggest sinner of all,” he said. By re-evaluating, Forbes claimed, Gulf governments would buy themselves time to make a decision over going for a basket of currencies in future.
He also criticised the International Monetary Fund for wrongly encouraging countries to keep their currency values low.

Dubai's Own Little Manila

Dubai's Own Little Manila
By Jay B. Hilotin, Chief Reporter
http://www.xpress4me.com/news/uae/dubai/20003763.html

A strip in Satwa from the Iranian Hospital to Al Maya Lal’s Supermarket is becoming a replica of Manila’s old downtown.

Satwa’s Al Hudaiba Street is often referred to by Filipinos as Dubai’s “Little Quiapo” after Manila’s busiest commercial district. Satwa offers a slice of home for thousands of Filipinos in Dubai where they socialise with their kababayans (compatriots) in restaurants offering Filipino food or while killing time on the steps of Al Maya Lal’s.

A Filipino-style ukay-ukay (secondhand) shop sits next to a row of Filipino restaurants. where bargain-hunters rummage for pasalubong (homecoming gifts) like shirts, electronics, toys and perfume to fill up their balikbayan (returner’s) boxes.

“Almost 90 per cent of our customers are kababayans,” said Al Maya Lal’s Supermarket cashier Ellen J., 32, who hails from Cavite, a coastal province in south Manila.

Filipino delicacies and foodstuff – from balut (boiled fertilised duck egg), daing na bangus (dried milk fish) chicharon (chicken skin or cracklings) and longanisa (Philippine-style sausage that evolved from the Spanish chorizo) – are in steady supply at Al Maya Lal’s as well as a number of supermarkets and grocers in Satwa.

Also competing for Filipinos’ attention are the DeBelchior Supermarket (opposite Al Maya Lal’s) and Philippine Supermarket which is strategically located near the junction of Al Wasl Road and Al Hudaiba Street.

Satwa’s downtown area is dotted with Filipino restaurants such as Chowking, Salt ’N’ Pepper, Big John and DeliBite.

Newly-arrived Filipinos are immediately baffled by the fine dining ambience at Jollibee on Al Diyafah Road which contrasts with the self-service style in the Philippines’ most popular fastfood chain.

Raju Gidwani, import and distribution manager of Dubai-based Shankar Trading Co, said the Filipino food market in the UAE has “doubled” in 2006 to about 600 container vans from 2000.
“Filipinos look for their own taste,” said Gidwani, whose company looks at an annual growth of up to 25 per cent for Manila’s Mama Sita, Jack n Jill, Lucky Me and Universal Robina food products.

Satwa is quite unlike the Filipinotowns in New York’s First Avenue or San Francisco’s Stockton or Batha in Riyadh.

Dubai’s “Little Manila” lies in the shadows of skyscrapers on Shaikh Zayed Road, near Burj Dubai, slated to be the world’s tallest man-made structure.

“Satwa is like a bedroom for Filipinos working in Al Quoz industrial area or Jebel Ali or one of Dubai’s many free zones,” said Merle Alba, a Filipino teacher working in the UAE for over 20 years and a Satwa resident.

Filipinos, like many Indians and Pakistanis here, live mostly in shared accommodation in flats or old villas whose owners have moved to the more posh districts.

Divine T., who lives in Al Jaffliya and who works for a cargo forwarding company, said: “Filipinos who came here for cheap accommodation have, in a way, enriched the character of Satwa.”
For an idea of how much Pinoys have integrated with Satwa’s daily life, check out Al Maya Lal’s message board, which is awash with ads for bunk bed or shared room accommodation “for Filipinos”.

A 10-minute head count on a lazy weekend afternoon on Al Hudaiba Street reveals that six of 10 people passing by are Filipinos.

A Philippine Consulate official estimates that up to 250,000 Filipinos have made the UAE their second home following the economic boom across the Emirates.

June B., one of the Filipino engineers helping build Dubai’s Metro rail system, said he feels at home walking around Satwa. “The skyscrapers and the occasional conversations in Hindi, Urdu or Arabic, however, are reminders I’m still in Dubai,” he said.

Proud Pinoy

Pinoy is a term used by Filipinos in referring to their compatriots in the Philippines or anywhere else in the world.

Pinoy is a term of endearment and is rarely used in formal settings. The term is akin to that of a nickname which is used by close family members and friends so that one who uses it has somehow already developed some close ties with Filipinos. It is sometimes used to display Filipino pride.

VIEW FROM BURJ DUBAI - 134TH FLOOR

Let me take u there..on the 134th floor of Burj Dubai.
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