Update on the Arabian Sand Shortage

You may recall that the new Gulf financial blog Suq al-Mal has been on the critical issue of Saudi Arabia's shortage of sand — which was hurting Bahrain's construction industry — from the start. Oman is now coming to the rescue, and Bahrain is importing Omani sand.

While about half of "Abu ‘Arqala"'s postings sare beyond me (if I can keep track of my debit card purchases, I'm happy), he's got a good eye for the absurd, including this current posting, in which he notes the recent discovery of a managing director of a Kuwaiti holding company that the company he has taken control of, well, let him tell it:

Nayef AlEnizi who recently acquired a majority of Shabka's shares and is MD and Board Member described the company to AlQabas using the phrase "la wujud laha nihaiyan". "No existence to it in the final analysis".

If that wasn't enough:

1. The company has no office.
2. The new board can't locate records or financial statements.
3. The company doesn't have a finance director.
4. The new board isn't sure what the assets or liabilities are. (See #2 above)
   
5. The Ministry of Commerce is delaying issuing certificates to the new board members,
   

And if that weren't enough, he expects that the company will lose the suit brought against it by International Leasing.

Of course, Suq al-Mal uses a photo of Kuwait's infamous Suq al-Manakh informal stock market, which imploded in 1982, as its banner, so a certain ironic appreciation of Kuwaiti business, uh, laissez-faire is perhaps already present.