Skiing in Dubai - Emirates Mall

[MEIST - Dubai 1, 2, 3, 4, 5, 6, 7, 8-Abu Dhabi - Jordan]

I had made a snow board trip with a buddy of mine to Glen Eden for just this reason. It would be attrocious to ski in Dubai without having done it in Canada first (Should the opportunity arrise, which it did). There were about 5 runs (including a terrain park and half pipe) and a two stage chairlift with a cafe at the midway point.

There were a few other guys who were interested in going as well. We decided to split off from the group in order to take a few quick runs down the artificial winter wonderland. We didn't have time to go back to the hotel to change (since we were quite a distance from the hotel returning from Sharjah) so we decided to go in suits.

We met some South Africans who were kind enough to take photos for us. One of the staff also commented: "In the three years I've worked here, I've never seen people ski in suits before."

Last Full Day in Dubai

[MEIST - Dubai 1, 2, 3, 4, 5, 6, 7, 8-Abu Dhabi - Jordan]

Today’s visits began with AECOM’s professional services arm where we learned some of the history of Dubai’s development including a copy of a document which was the original contract for the Dubai International Airport and another primary bridge. The contract was dated in 79 and was only two pages long, one in English and one in Arabic. In the bidding processes, we talked about how projects are equally weighted on their technical as well as financial merit and what prevents engineers from achieving success in upper management.

Our next stop was SS Lootah, originally a construction company which had diversified into natural gas, Islamic banking, health care, education, hospitality and others.
SS Lootah started the first Medical and Pharmaceutical school for girls (not women… There is a cultural distinction in the meaning of the words – calling a female a woman usually implies a married woman). There was a bit of scandal as some of the gentlemen in our group shook hands which they weren’t supposed to do, but caught themselves fairly quickly. Generally, there have been very few cultural hiccups as Dubai’s culture (especially in the expat zones) so closely mirror our own.

With my experience in Malaysia, I was particularly interested to hear about what they were doing in in their Hospitality arm where they had opened Shariah compliant hotels. Shariah compliance implies:

• Halal food
• No alcohol on premises
• Visitors not allowed to meet guests in room
• Separate allocations
• 2.5% profits shared in accordance with “Zakat”
• Only use Islamic banks
• Private room to eat for families (women with full veils) that have women servers only.

Lunch at SS Lootah was a sumptuous Middle Eastern buffet spread presented to us by their hospitality arm before they took us on a tour of their subsidiaries: Dubai School of Medicine for Girls, Dubai School of Pharmacy for Girls and the Technical Institute.

After our tour of the major SS Lootah facilities, we hopped back onto the bus to visit the Chairman Salem Lootah. When we arrived, we were formally greeted by the chairman and his son the CEO who acted as a translator for us. It was certainly an absolutely captivating meeting. The Chairman is allegedly worth billions of dollars (as the tour of his facilities would suggest). Yet our discussion didn’t revolve around business but rather studies and family and his philosophy on life. It was an incredible discussion and generated a lot of chatter on our ride to Sharjah.

At Sharjah, we visited the American University in Dubai and spoke with Rotman Alumni and current professors about their vision of the school not just in and of itself, but rather the implications that it had on the future of Dubai and its role in preparing UAE Emirati for the future.

MEIST - Dubai, Day 3

[MEIST - Dubai 1, 2, 3, 4, 5, 6, 7, 8-Abu Dhabi - Jordan]

Today, we started with a trip to Aramex which is a courier company based in Jordan. Unfortunately, I didn’t have my BlackBerry with me today so there are no photos, but we were able to take a tour of their facility and look at how they manage logistics and inventory for a variety of different clients including clothing companies like Mexx who have unique requirements.

Our next stop was Bayt.com, the leading career site in the Middle East. Although an online service, they understand that to be successful in the region requires a physical presence. In an unexpected development, we learned that there was a significant venture capital component arm of their business which is being developed for them to actively manage their excess cash.

Finally, the last visit of the day was EMAAR, the largest real estate company in the world by Market Cap responsible for such projects as the Burj (which opened today).

After the end of the business day, we had the opportunity to drive by the famous Burj Al Arab (sail building) as well as Atlantis and the Palm to wander around and take photos (will be posted on Facebook later).

Our evening ended with a dinner with other Rotman Alumni at the Spectrum on One restaurant in the Fairview hotel. They regaled us with tales of their histories and opinions of working in the region.

Tonight ended up being a short night as everyone has been burning the candle at both ends. In the interest of making the most of our remaining time, most of us have decided to call it in early.

MEIST After Hours - Dubai Mall

[MEIST - Dubai 1, 2, 3, 4, 5, 6, 7, 8-Abu Dhabi - Jordan]

After the business of the day, we were left to our own devices. With the opening of the Burj tomorrow, the largest building in the world, now rendering our own CN Tower a dwarf, we decided to plan our remaining days in Dubai resulting in a trip to the Dubai Mall today for some shopping.

The mall was surrounded by brilliantly lighted trees and we were greeted by the Dubai Ice Rink when we arrived at the official Taxi entrance. After splitting our large group into manageable size by organizing a departure plan, we set out to explore.

It was here that we found also the famous Dubai Aquarium, the largest aquarium in the world (also containing the largest single piece of glass I'm told) which housed a host of aquatic life. Needless to say, I wished I could SCUBA dive (which I'm told is possible) with some proper sharks.We even got to see Candylicious, the competitor to our suggested company in our Market Entry Strategy presentation for my group.

There was every shop imaginable from the GAP to LV. After some retail therapy for some of the participants, we decided to go for a good night out which is where the night ends for this post. We hastily crawl back into bed in the hopes of snagging a few precious winks of sleep in anticipation for an escalating day tomorrow.

Dubai, City of Merchants

Today, our group was up bright and early to make our way down to the DIFC. After a short bus ride, we arrived at our destination. Amidst the towering and ambitious yet relatively young skyline, we proceeded through the glass menagerie of art shops (one shop contained lifelike art paintings with Star Wars ships parked outside of Dubai landmarks, including the Millennium Falcon hanging from the Burg Dubai. Note: The Burj opens officially tomorrow, a HUGE event of providence for us who are 'in the neighbourhood'). Finally, we arrived at the Capital Club.

Although we wouldn't know it when we applied for this trip, most of us would be very aware of the current events in Dubai and the recent complications of Nakheel's Sukuks. This would be a recurring theme in the day’s discussion.

Our meetings began with a presentation in the Tokyo room from Mr. Hani Obeid who, as a fellow Canadian, gave us a unique perspective as head of Investment House. With a wildly successful history, the envy and aspiration of students in the room, he outlined his vision of Dubai, the effects and implications of current events and his perspective. In my role of ambassador, I once told a class of prospective students that Rotman values its international students. I think that goes double for our international relationships as we listened very intently on his pitch on the future of Dubai and why current events were being perceived from a very insightful insider's position.

Following Mr. Obeid's presentation was a series of student presentations from our peers (myself included) about the various companies we would be visiting over our trip and strategizing over what we wanted to get out of each trip.

We had a very 'generous' lunch (Shukran, Walid) at a Lebanese restaurant boasting seating in the outside courtyard (a treat even for natives as the possibilities for appropriate temperature for enjoying a sit down meal outside in Dubai are quite limited. Temperatures of 30- deg C are quite rare). Following lunch, we moved from the Tokyo room to the Dubai room which proved to be much nicer. I joked that perhaps we were afraid the previous room wasn't glamorous enough that we felt we had to upgrade.

Following lunch we had another series of presentations of the lifestyle and work style of the day to day life (and big picture) of Dubai, Abu Dhabi and the UAE in general. The next presentation was a very involved discussion with the CEO of Islamic Advisory Group, the body which has the new CIFE accreditation (Certified Islamic Finance Executive).

The day concluded with a talk from Anesh Jagtiani, CEO of Empowering Leaders who spoke with great animation yet asked some tough questions which really caused the entire Rotman MBA participants to reflect on their purpose and drive for doing the MBA. Once gain, I jokingly remarked: "Why didn't we take this course before we started?"

While the day still seemed relatively light (not too technical for the most part and still relatively soft to warm us up), we were definitely building up momentum as there were some absolutely brilliant questions asked in the class (slightly paraphrased):

- If an Islamic equity is issued in a recapitalization and then later liquidated, how is it valued? (As a percentage of ownership of a cash flow reflecting historical investment principal or of the liquidation of the fair / market value of the asset which backs the security?)

- If many of the instruments of Islamic finance replicate the mechanics of conventional finance, what drives the market demand for Islamic finance?

- Considering the apparent success and scalability of the CIFE program, have you considered licensing the material to providers such as Kaplan?

- What is Dubai’s relationship with its neighbouring cities? It’s big sister relationship, Abu Dhabi? Bahrain as a financial centre? Qatar as a potential younger challenger / usurper?

- In the wake of the recent issues surrounding Dubai's sukuks, what is the cash position of funds in the region? Do they need to raise more funds? Sell at a loss? Or is the market at a 50% off sale an opportunity for cash currently sitting on the sidelines? (Subtly: What is the intrinsic potential which remains in the region)

The Dune Sea

[MEIST - Dubai 1, 2, 3, 4, 5, 6, 7, 8-Abu Dhabi - Jordan]

Our first day in Dubai has been excellent. Our group toured the city in the morning, taking a boat ride along one of the water ways of the city. There was a frenzied purchasing of high quality pashmina's from one of Dubai's ample pashmina shops which seemed a natural complement to the multitude of textile and fabric shops. Many of our classmates picked up gifts for friends and family as we walked through the narrow alleys of Dubai's fabric district.

We stopped at a delightful little waterside cafe, where we had some light lunch (we were told not to eat too heavily for our desert safari later that day). After a quick repas, we made our way back to the hotel in order to prepare for the events of the day.

In the mid-afternoon, all of us promptly showed up for our first official event, the desert Safari. It was on this excursion that I experienced a new type of horizon, a proper desert, with sand as far as the eye could see in every direction. I've been fortunate to have been able to experience different types of horizons: ocean, forest, mountain ranges and even endless wheat fields, but there was a great deal of anticipation and excitement upon leaving the city for the desert.

The ride was absolutely amazing. Split between three white SUV's, our group was making deliberately aggressive driving patterns along the natural embankments along the sand dunes. It was very much like driving a motor boat through rough water in a storm with the car violently pitching in every direction. Our driver, Salem, handled the car with an expert's touch, being a driving instructor for Porsche.


After a few brief pauses to look at camel farms and wild gazelles (and subtle pause-to-prevent-sickness breaks), we arrived at a rather mysterious camp, a small oasis in the desert.

The camp was like those I had only seen in Hollywood movies. Before entering, those of us with "stronger" constitutions following the tumultuous car ride were treated to a camel ride. Shortly thereafter, we discovered the sand boarding we had heard so much about earlier that day. Along the face of a particularly steep sand dune, was a series of torch lamps and at the top were four snowboards with snap on bindings (I think they were snap on bindings). As we waited for them to bring us "boots" they quickly replied: "You don't need them". Without a firm binding, none of us would be "carving" the mountain, but most of us felt brave enough to venture an attempt.

When it came to my turn, I was a little nervous. The hill seemed a bit steeper than an average ski hill and without bindings I was certain I would lose control of the board. However, the ride down was excellent. Not certain how sand would feel under foot, I was pleasantly surprised to discover that it had the same texture and consistency of powder. That's right. Powder. Powder quality texture in an environment where you didn't need to wear winter clothes. And with the powder like texture, the board was also much slower, assuaging my fear of bombing down the hill at a break neck speed.

In the center of was a hearth and along the sides were traditional Middle Eastern tables and cushions. We were entertained with a belly dancing show where all the guests were invited to participate. The show was followed by a generous bbq feast. Finally, as the evening drew to a close, we returned back to our accommodations in order to prepare for the events of the following day, our first official company visits in the Dubai’s International Financial Center.

Rotman International Study Tour - Middle East Begins!

[MEIST - Dubai 1, 2, 3, 4, 5, 6, 7, 8-Abu Dhabi - Jordan]

The majority of the participants have arrived in Dubai later in the evening and we are currently settling in. The schedule is pretty packed and we have some interesting company visits lined up. We'll be in Dubai until Jan 6th after which we will move on to Abu Dhabi for a few days. The last half of our trip will be spent in Amman, Jordan before making the trip back on Jan 17th.

The weather has been quite nice, although arriving at night it's hard to see to much. Most people are quite tired from their trip and getting ready for the whirlwind of activity anticipated in the short time afforded to us here.

Tomorrow we have a Day Desert Safari planned in the mid afternoon to ease us into he Middle East.

[MEIST - Dubai 1, 2, 3, 4, 5, 6, 7, 8-Abu Dhabi - Jordan]