There is a precedent for yesterday’s extraordinary announcement that executive control of Dubai World is to be handed over to a Government-appointed “chief restructuring officer” as a prelude to a radical reshaping of the group.
General Motors (GM) had the same kind of status in the US that Dubai World has in that emirate: an iconic corporation that encapsulated the ethos of its country.
GM was Cadillac and Chevrolet, brands as American as baseball and apple pie. Dubai World is DP World and the Palms, businesses that have come to symbolise the emirate’s dynamic growth and glamour.
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