(As overheard at a dinner party)
- Get land in a prominent area of Dubai “gifted” to you by the Sheikh
- Go the banks and obtain finance using the land as security
- Use the funds to buy a hotel in New York / London / Cape Town
- Cut out plots on the land
- Market the plots to developers. Increase the price of the land by 10% every week.
- The plots are snapped up easily
- Use the money from the plots to start your Real Estate Company and spend like there’s no tomorrow
- It’s not necessary to manage your cash because money flows freely in Dubai
- Market your brand; market Dubai – heck, market anything – as long as you’re spending the money.
- Hire completely useless expats (preferably British and American) who will help you to burn cash.
- Oops – here comes the Global Financial Crisis!
- Developers stop paying
- The cash well is suddenly not bottomless
- Lay-off the useless expats with an hour’s notice
- Hope and pray for a bail-out from the Sheikh