A Tribute to Andy Rooney: A Look into the UAE's Economy.

It’s summer, it’s hot and who wants to wade through an 800 word article? So I’ll base this article on the infamous segment “A Few Minutes with Andy Rooney” from the hit show 60 Minutes, and I’ll simply give a series of light vignettes to whet the appetite and stimulate thought, without overwhelming the senses.

The UAE’s Telecommunications Regulatory Authority frequently bans voice and video over IP (VoIP), a cheap way to communicate with the world. This is significantly beneficial to the oligopoly of Etisalat and du. Yet a regulator is supposed to be protecting the consumers. Banning VoIP because it competes with regular phones is like banning email because it competes with faxes, telegrams and letters. Dear TRA, that was a plea to allow VoIP, not an excuse to ban email. It was also a polite reminder that the consumer is your client, not the telecom companies.

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Consumer power requires unity

The editors at The National give me constant feedback on how my articles are received. A recent article of mine using game theory as a lens into the persistent over supply of banks in the UAE was widely read, garnering many hits on the online article. The National’s editors informed me that the interest was due to the consumer driven view of the article. In a follow-up article I proposed how shareholders could improve the sector via the inclusion of activist asset managers. Today I would like to touch upon how consumers, be they customers in the financial services sector or other sectors, might be able to drive improvements in products and services sold to them.

Sometimes one has to find a completely new solution. Other times one can look at analogies. In this case the solution actually exists in another market. It not only exists, it is extremely powerful. Consumers, if you have never heard of it please let me introduce you to the most powerful consumer protection product on earth – Consumer Reports, a magazine that tests, reviews and compares products and services offered in the American market.

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