May 02 2010 |
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Dubai investment business hit by $562m loss
The investment arm of Dubai International Financial Centre, the emirate's tax-free financial district, reported a net loss of $562m for 2009 as it wrote down real estate and business investments in the emirate.
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Comments By Our Users (1)
Having lived the DIFC growth from the inside, I can say thatt running the DIFC Investments the way the duette Dr. Omar and Bisher ran it was a great disaster to DIFC and whoever worked hard to make DIFC kickoff and stand on the peak of success.
Dr. Omar was a great charismatic leader, yet when it comes to investments, he should have left it to the experts. Not to Bisher, who started his carrier as an auditor in an audit firm and ended up handling billions of dollars worth of investments!
Yes, the world wide recession toppled many renowned financial entities, but this is not an excuse. The crisis should not act as a cover for the stupidity and the mistakes of leadership and those who dragged their business units in substantial losses due to decessions taken without rational support need to be questioned and need to pay for their "wrong" doings.
Bisher Barazi was paid and bonused astronomically to make DIFC Investment a profitable entity. He failed and his failure was mainly because he turned himself into a tool of Dr. Omar. If he knoew the Dr. Omar's decisions were drasticly irrational, he should have flagged it or he should have resigned. But to be an acomplice to the end, he has a big share of responsibility for the wrong doings.
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