Billions in Debt, Trillions in Trade

http://www.renaud-bray.com

http://www.renaud-bray.com

Sultan Ahmed bin Sulayem’s personal story is also a history of modern Dubai, whose economic miracle he has played a central role in developing for more than 40 years. In this memoir he recalls in candid detail the trials and triumphs of his colourful and successful career.Sultan Ahmed bin Sulayem is the chairman CEO of DP World, which he founded 25 years ago and which now handles 11.5 per cent of world trade, more than $3.7 trillion of goods every year. At its heart is the port of Jebel Ali. Dismissed as a ‘white elephant’ when bin Sulayem joined as a humble customs official in 1982, it is currently ranked fifth in the world as a commercial maritime shipping centre. This is the story of a remarkable man who has played a central role in Dubai’s unprecedented economic success over the past 40 years. Bin Sulayem offers a new insight into the visionary genius of the Maktoum family, particularly Sheikh Rashid and his son Sheikh Mohammed, the present Ruler, to whom he gives much of the credit for Dubai’s success. Many of the most iconic developments originated in the Ruler’s fertile mind, and it was bin Sulayem who brought them to life.Until now bin Sulayem has remained a deeply private person, but in this candid and often moving autobiography, he discloses secrets from his childhood that were revealed to him only days before his father died. He also reflects on his education in America, his own personal challenges as a father and, ultimately, the ingenuity and skills he needed to overcome many obstacles in a lifetime of extraordinary achievement. There were many crises along the way, and bin Sulayem gives a frank and open account of the impact of the 2008–9 financial crash on the Dubai economy, as well as on him personally. He was widely criticised for expanding too fast on borrowed money, but within a year Dubai had bounced back stronger than ever – a central theme of bin Sulayem’s book, as alluded to in the title, is that the billions Dubai borrowed have created trillions in trade.