Paguyuban Blog EL2003 ITB

I was googling around new movies to watch on christmas holiday when i found about Invictus.  Directed by Clint Eastwood (yes, the man behind success of Mystic River, Million dollar baby, and Gran Torino), this film starring Morgan Freeman and Matt Damon tells a story of Mandela life after the fall of apartheid in South Africa.  During his first term as a president, he hosts Rugby world cup and seek this opportunity to unite his countrymen.  

So, where does the title “invictus” come from? its actually based on fact that Nelson Mandela has the poem “Invictus” written on a scrap of paper at his prison cell, before his presidential election. Invictus is a short poem written by William Ernest Henley, as follow:

OUT of the night that covers me,
Black as the Pit from pole to pole,
I thank whatever gods may be
For my unconquerable soul.

In the fell clutch of circumstance
I have not winced nor cried aloud.
Under the bludgeonings of chance
My head is bloody, but unbowed.

Beyond this place of wrath and tears
Looms but the Horror of the shade,
And yet the menace of the years
Finds and shall find me unafraid.

It matters not how strait the gate,
How charged with punishments the scroll
I am the master of my fate:
I am the captain of my soul.

The interesting thing is, William Ernest Henley itself a man that never give up despite his disability. He had tubercolusis on 12 years old, and has his foot amputated.. Yet, he still lives with full of spirit. He is still the captain of his soul..   This poem will be one of the thing that reminds me not to give up and live to the fullest.. Be the master of my fate.. be the captain of my soul…

27 Nov 2009, Reuters

DUBAI (Reuters) – The “Dubai vision,” which has suffered a crushing blow from the freewheeling Gulf emirate’s sudden debt crisis, is the creation of one man who failed to apply the rules of open governance.

The city state’s rapid growth revolved around the ruler Sheikh Mohammed bin Rashid al-Maktoum, who outlined his ideas in a book, “My Vision,” where he suggested other Arab countries could replicate Dubai’s success. Now the model — always controversial among Gulf Arabs since it involved building shining cities in the desert at breakneck speed through the import of foreign residents, finance and labor — is on the ropes.

Questions will surface over what went wrong.

This week Dubai said it wanted to delay payment on billions of dollars of its total $80 billion debt, sending global markets plummeting as investors feared defaults could hit the global economy just as it was recovering from the financial crisis.

“Where next for the ruling family in Dubai?” said British historian Christopher Davidson. “The massive loss of legitimacy that the ruler is now facing, the massive loss of legitimacy that his son and crown prince face after lying to the World Economic Forum last week — where do these guys go from here?”

Sheikh Mohammed, whose face and words grace posters all over town, told the forum this month that the worst had passed for Dubai which was well-placed to pursue its development plans.

The news that investment vehicle Dubai World could not pay a $3.5 billion bond was released just before the Muslim Eid al-Adha holiday and UAE national day on December 2. Local media have almost entirely avoided comment on the debacle.

“Dubai could not be more transparent and open about the challenges it is facing due to the global economic downturn as it has been,” the English-language Gulf News said. The Arabic daily al-Khaleej praised the UAE’s investment climate.

There is uncertainty about what assets are owned personally by the ruling family, directly by the government or simply sponsored either by the ruler or the government.

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So, the question next is, what will dubai do? Will it rectify mistakes quickly? 

It has 90US$ Bn debt, in which US$ 20 Bn will due next year..  If they decide not to honor debt, the consequences paid  might be bigger than that.. Dubai will lose its credibility and will be much more difficult in attracting foreign investment.. The country will suffer.. 

Their future will depends a lot on  how this country handle its debt negotiations over the next months.  Given its limited natural resources compare to  much stronger neighbour such as Abu Dhabi, Dubai government certainly can not just simply neglect international investor interest or prioritize its local lenders.

It will be interesting to see how the government act and hopefully, their action is for better than for worst..