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.