Every Friday, we challenge our readers with five financial trivia questions drawn from the international/offshore world…
To see the answers, go to page 2. To suggest a question, email iieditorial @odmpublishing.com.
1. Dubai is known for being a key regional port city; a major regional financial centre; a tourist destination and healthcare tourism hub; and construction centre, among other things. Less well known is the fact that it is the world’s fifth largest producer of a certain metal. Which one?
a. gold b. titanium c. aluminum d. palladium
2. What was the original name of Dubai’s Burj Khalifa, the world’s “tallest artificial structure” and one of its tallest buildings, which opened in January 2010?
a. Burj Mohammed b. Burj Rashid Al Maktoum c. Burj Dubai d. Burj Jumeirah
(Bonus question: Why was the name changed?)
3. Many observers of Dubai’s recent development in terms of property and infrastructure say that this extraordinary building boom was kicked off by something that Dubai ruler Sheik Mohammed bin Rashid Al Maktoum did in 2002. What was it?
4. Most of the UAE’s residents are non-UAE citizens. What percentage actually are Emiratis?
a. less than 5% b. around 10% c. around 20% d. around 25%
5. This building, below, is:
a. The Address Hotel b. The Princess Tower c. Almas Tower d. The Atlantis
6. Bonus question: Which sport’s organisational body has its global headquarters in Dubai:
a. F1 car racing b. Horse racing c. Camel racing d. Cricket
To see the answers to this quiz, go to page 2.
Answers to the International Investment Daily Financial Trivia Quiz:
1. (c.) Aluminum.
Emirates Global Aluminium, or EGA, is owned by Abu Dhabi’s Mubadala Development Co and Dubai’s Investment Corp, and it is currently the world’s fifth largest aluminum producer. Its Dubai smelting operations are combined, for reasons of efficiency, with a power generating facility, which is also linked to a water desalination operation.
2. (c.) Burj Dubai. The name change was announced, to the surprise of many people (including the makers of truckloads of Burj Dubai-labeled souvenirs), during the tower’s 4 Jan 2010 opening ceremony, to honour Khalifa bin Zayed bin Sultan Al Nahyan, the emir of Abu Dhabi and, at that time as now, president of the UAE.
The name change was said to have been carried out as a gesture of thanks to Sheik Khalifa for his efforts on Dubai’s behalf during the global financial crisis, which had begun in 2008.
3. In 2002, Sheik Mohammed decreed that non-UAE citizens could own property outright in “freehold” areas, and would be issued with a title to the property in their name.
Syed Ali explained the effects of Sheik Mohammed’s decree in his 2010 book, Dubai Gilded Cage, as follows: “[This] decision…led directly to a property building and purchasing frenzy…property owners were able to get residence visas through the master developers, a big draw for expatriates from developing countries and retirees.
“Thus a market was born, as was a massive construction boom.”
4. (c.) Around 18% to 20% of the UAE’s residents are Emirati nationals, though the percentage in Dubai is said to be even lower, perhaps closer to 10%.
5. (a.) The Address Hotel (specifically the Address Downtown Dubai Hotel). It was the site of a major fire three months ago, on New Year’s Eve.
6. (d.) The International Cricket Council has its head office in Dubai Sports City. (There may well also be world headquarters for a camel-racing organisation in Dubai; anyone with information on this is urged to contact [email protected])
To see last week’s Friday financial trivia quiz (the Ferrari edition), click here.