I don't know what it is about Jake van der Kamp! I've only formally met the SCMP columnist once, although I have certainly been on the receiving end of his barbed comments. Once, I recall, was when I publicly questioned the low standards of English in this city - a question that was on the minds of many at that time and, it seems, those concerns have not diminished. On another occasion he took me to task for using a phrase which had by then already slipped into modern usage, even though I did not actually even like it myself very much. It was "Human Capital" - but sadly for Jake he discovered the next day a large advertisement in his own newspaper, announcing the paper's sponsorship of a - yes, you guessed it, "Human Capital" Conference.
Jake has a job to do. He is, I think, meant to be provocative in his column, and in a society like Hong Kong where freedom of speech is still practiced, he is entitled to his opinions and biases. That is what freedom of speech is all about and I am not going to take him to task for any of that but I do wish he would investigate his stories with more care.
Today's Monitor column (Oh! alright Jake, some free advertising for you, even if you don't deserve it) talks about Dubai in terms that suggest he has never set foot in the place. More specifically he goes on to talk about the Dubai International Financial Centre (DIFC). (What's that Jake? You really didn't know I was the DIFC Chairman?)
If I were to respond to each of Jake's rather (at least in my opinion) derogatory comments in turn, we would be here all night and use too much space. He refers to a comment from the Heritage Foundation, which he quotes as reserving some choice words for the UAE, such as "...incompetence and corruption are rarely challenged". Contrast that statement Mr. van der Kamp if you will, by an excerpt from the IMF Article IV Consultation in September 2007 which reads "...Moreover, the development of the DIFC continues to support the diversification and international standing of the UAE's financial sector."
"Building on Dubai's aggressive diversification drive, the Dubai International Financial Center (DIFC) is increasingly promoting the U.A.E. as a regional financial hub. Activities in the DIFC are supported by an impressive physical infrastructure and sound legal framework aligned with best international practices."
The report goes on to state, "The DIFC might best be desc ribed as a future regional financial center. The Center has well defined regulatory and supervisory systems that are on par with other regional financial centers (such as Singapore and Hong Kong)"
Jake's view of the bankers who have registered with the DIFC is no less jaundiced, saying that they are "playing the game" and fulfill their obligations they "...put in three juniors, two of them local hires, give them a pair of scissors..."
Instead of the guessing game Jake, try these: As at February 2008 we have over 11,000 people employed by companies registered in the DIFC; a number we expect to grow to 50,000 in two years, by 2010. The contribution of financial services to Dubai's GDP will more than quadruple from USD3.4bn today to USD15bn by 2015. We are the only jurisdiction in the region with a data protection regime. The securities regulator, the DFSA, was established from the outset as a world class regulator and the list goes on and on...
Is Dubai perfect? No of course not - but then having read your column once or twice it seems that Hong Kong is not that perfect either - in your view. But it is trying hard to be different. It is looking at success stories elsewhere, which is a new departure for them, and it is taking its head out of the sand - whereas I am not quite sure where you are putting yours!
One of those moments where I wanted to stand up on my chair and cheer!
Posted by: Cristina | 10 April 2008 at 11:55