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Sunday, September 19, 2010

Inexperienced grads 'can't cope' with crisis..

His words had enterpreted my views, which I kept hidden avopiding hurting some nice guys I do know..!! Regradless if they Know or Not..!!

The chairman of one of the UAE’s largest conglomerates has blamed inexperienced graduates for their role in the global economic downturn. Khalaf Al Habtoor, the founder of Al Habtoor Group, told Arabian Business that despite obtaining degrees from some of the best universities in the world, recent graduates were not properly equipped to cope in the wake of the economic crisis. “I support conventional management rather than the new boardroom management, which pushes out into disaster,” he said. “Graduates from the likes of MIT and Harvard, they say on their judgment. This is the reason of the collapse all over the world.
“Most of them have the best PhDs and degrees from the best universities but they fail on practicality. This is why I would like to support the conventional business, like the old [family-run businesses], which are run in a proper way.”

When asked about family-owned companies’ lack of transparency Al Habtoor said private companies didn’t need to be transparent. “They should not be transparent because they are private companies, they don’t have their results published in the paper and in the media,” he said, adding that “their balance sheet is stronger than the public companies”.
It is not the first time Al Habtoor has made controversial comments in the wake of the downturn. In November 2009 he blamed analysts for the onslaught on media attention following Dubai World’s announcement to restructure its debt. “The worst people are analysts. They've damaged Europe before, with their analysis, they've damaged America, the dollar has weakened, and they've damaged Japan with their stories of the yen,” he said. “They can't make an economic call themselves - they are the worst people on earth.”
Al Habtoor Group is one of the UAE’s most prominent firms, employing an estimated 40,000 staff across a number of sectors, including construction, hotels and real estate.


  1. From my own observations, academic degrees and professional certifications became a huge business.. People earn living by assisting the earners in many ways.. Others extensively help to score fast.. and many social networking are born to in...cubate, promote and lobby the holders.. Respect for gray hair inappropriately diminished.. Go-Getter became a praised behavior, against all epistemic foundations.. It became a market fryer, not a an urban booster.. therefore, collapse was inevitable and widely spread.. It was messy and aimless.. I do agree with Mr. Habtoor on his findings..See more

  2. Couldn't agree more ...
    Zainab AlRustamani

  3. with all our respect to Al Habroor, I don't think that coping with the crisis is about inexperienced graduates...
    lack of transperancy that accumulated over many years in the world's largest economy resulted in this severe cope ...with it you need to understand it and it seems that no one yet understands it well and that is leading to conflicting speculations....sometimes we hear we are on the recovery path amd sometimes we hear the worse is yet to come and we are moving into whats called a double dip...
    what is needed is a corageous write off of the previous financial order with all its losses and start a new transperant order that will pave the way to a new start... will the US accept that? even if it puts them behind the newly emerging economic powers? I doubt..
    Jehad Makhoul

  4. Jihad; At the end, who will understand, analyze, speak or recommend?? it is the human resources, who are the gear for all organizations, entities and governments.. If these are less competent, qualified or capable to perform, disaster is wr...itten to happen.. We learned decades ago, that academic degrees are only for academia, not for professional employment.. Look around on the vacancy ads calling for MBAs, MSs or PhDs.. Either HR authorities don’t know, or such qualifications are not academic anymore..!! Same applies to professional certifications, which failed to add value to most endeavors.. For example; how many PMPs can produce a proper project Plan..?? This is the merit of his words, and mine as well..See more

  5. I agree that academics alone is not a prerequisite to excel on problem solving or crisis management...yet, the crisis he is referring to is a very complex one that is a compilation of misuse and fraud and a system that allowed misuse and fraud.... I say that the swindlers are better capable of attending to the crisis because they created it...
    Jehad Makhoul

  6. But if they are allowed to search solutions, they will swindle again.. I agree, it is complex and complicated, yet at least someone speaks out that "Ivory Qualifications" are in great doubt..!!
    I think the guy himself had paid a heavy price for some MBAs he had taken on board..!!

  7. BTW, even UN and int'l entities had fallen in the same trap.. where all JDs are crowned by MBAs, Mss and PhDs.. while int'l efforts are dramatically fallen and people are helplessly crying for help against disasters, poverty and famine everywhere..!! I believe the accreditation bodies had played a good job, not only promoting, but lowering passing criteria (almost next to nothing..) As a LBS-MBA Holder had told me: "It is only good for networking, and getting a better pay.." Mercy for all..!