Day 5 - Desert Safari and Desert Party, Sunday January 2

When was the last time you saw a Toyota Land Cruiser off-road? Not counting the snow back home, I don't think I've seen one except on Discovery Channel. Today we got to experience that first-hand.. more on that later, and first I will discuss a few highlights from our classes today: "Financial Centers in the Gulf Region" and "Islamic Banking in the Gulf Region." Alot of ground was covered in both these classes today, but some key takeaways were the following: Qatar has the highest GDP per capita in the world, at $94,783. The geography of the GCC region is critical to the world economy since it sits between Europe/Americas and Asia. A challenge the GCC will have to overcome is that these Gulf states are capital exporters and their domestic capital base is small, partly because of state ownership and partly because of reliance on family-owned companies. However, the UAE has signed a double-tax avoidance treaty agreement with over 45 countries, to encourage businesses to transact locally. The NASDAQ Dubai opened about 5 years ago, in 2005 and 135 of the Fortune Global 500 Companies have established operations in Dubai. Now, the concept of Islamic Finance comes to this: It is based on Islamic canons, that state finance must operate within the framework of the religion, based on Quran and Sunna. Forbidden within this framework are gambling, liquor, hoarding, and usury-based lending. On any investment, principle is guaranteed but profits are variable. The intricacies of how business is dealt with Shariah-compliant versus non-compliant companies is so detailed that we didn't have enough time in class to really open it up! But, you get the idea of what the goal is: conservative investing.
After class, we left for our Desert Safari on our Fancy Bus (The bus company name is "Fancy" and is prominently shown on the front of the bus) and once in the holding area for the Safari, we walked the grounds and saw a few exotic animals including monkeys, a camel, an emu, and a falcon. Then it was time for our ride into the desert. A caravan of 6 new, white Land Cruisers arrived and we all piled into our SUVs. I had no idea what to expect, but definitely buckled up when I saw the cage and roll bars inside our vehicle. As soon as our doors were closed, the drivers hit the gas pedal and we sped off into the desert in a single file. We drove up and down the dunes and drifted from side to side in our own desert roller-coasters. We were riding the crests of the dunes and then breaking off to a side hard so the car would slide. At times I looked down and saw a drop right below of 30-40 feet! At other times we would spot a cluster of high dunes that were enclosed, and we would drive from the top to the bottom in a funnel-fashion, much like water going down a drain. It was a thrill and had us laughing and screaming the whole time. On top of all this, my driver was playing old-school rap music as our soundtrack the entire time, and I was treated to NWA, EPMD, and Salt N Pepa. Although the SUV was moving very quickly, the vehicle was extremely sure-footed. This is why I say with confidence the Toyota Land Cruiser is a great off-roader. After we took a brief stop in the desert to get out, walk around and take pictures, we were whisked back to the camp in the fashion of which we came.
With smiles on our faces, we loaded onto the Fancy Bus for our next leg of the trip- a Desert Party! Our meeting point was on the side of the road, and once again we were driven from the paved road into the desert by SUVs at sunset (civilized driving this time). We got out of our trucks and walked toward the sound of music playing. The picture is exactly how you would imagine it- like a scene from a movie with an oasis in the middle of the desert. It was an outdoor party, and as I walked around I saw a few small shops, a soft and hard drink bar, rows of low tables with pillows as seats, an area for dancers, and outside the perimeter- camel rides, ATVs for rent, and sandboarding. The ladies of our class went to receive their Henna designs on their hand as well (see photo). My favorite spot was a circle of pillows to sit on, on top of a huge rug, where we could enjoy the atmosphere and have a huka (ergeela). As it became dark we were served dinner and a little show with a diverse group of dancers. The dancers wore loose clothes with lights inside of them, so that their movements were all glow-in-the dark. Time flew by and when we had to depart, none of us wanted to leave! It was an immensely cultural and fun day, and upon arrival back to IMT a few of us were ready to go to sleep while others made a run into the city to hit the nightlife. It was one of my favorite days here in Dubai.
-Pete