Chapter 277: Dubai Beckons

Unlike its neighbors in the Middle East, Dubai possessed scant oil resources, leading it to develop early on as a logistics hub for the region.

In the 2000s, Dubai’s growth, fueled by massive borrowing of foreign capital and colossal civil engineering projects, became a symbol of hyper-fast development.

In July 2006, Dubai, an autonomous government within the United Arab Emirates (UAE), recognized the need for a corporation to spearhead these vast reconstruction projects and established Dubai World.

As a state-owned enterprise, Dubai World took the lead in directing and guiding this incredible development, announcing the Dubai World Central plan, starting with the world’s largest artificial island, ‘Palm Jumeirah,’ the Palm Jebel Ali bridge project, and the ‘Burj Al Arab,’ known as a 7-star hotel.

Dubai World Central aimed to construct Dubai Al Maktoum International Airport and various facilities around it, literally transforming it into a central global city. Once completed, it was projected to handle 160 million passengers and 12 million tons of cargo annually.

Furthermore, an investment of $2.6 billion was planned for logistics facilities in the Jebel Ali Free Zone, along with a massive urban redevelopment project, aiming to create a metropolis of skyscrapers rivaling New York.

With confirmed investments reaching $30 billion and the potential for even more capital inflow, this land of golden opportunity—or rather, oil wealth—was enticing businesses worldwide.

For Jin Dong-gi, Lee Hak-jae’s proposal to join hands and venture together into such a place was more than welcome.

“I believe Soonyang Construction, Civil Engineering, and Logistics have poured considerable resources into the ‘Burj Dubai’ construction, haven’t they?”

Construction on Burj Dubai began in 2004, becoming a symbol of Dubai’s skyscrapers. Including its spire, it stood at 829.8 meters, with the building itself reaching 828 meters across 163 floors. Upon completion, it would become the tallest man-made structure.

Jin Dong-gi felt a prickle of guilt at Lee Hak-jae’s words but maintained his composure.

“We’ve only deployed a large number of laborers; we have plenty of core personnel to spare.”

If they could draw on HW Group’s manpower, resources, and funds, they could operate much more freely. However, showing any weakness could invite cunning schemes from Lee Hak-jae.

Always projecting an air of confidence—that was crucial in negotiations.

“Then that’s a relief. Anyway, I hope you’ll give my proposal serious consideration.”

“What scale are you envisioning, Chairman? Airport? New city? Or logistics?”

“The more the merrier, wouldn’t you agree? If we could take it all on a turnkey basis, that would be ideal.”

Jin Dong-gi frowned as the predictable words left Lee Hak-jae’s lips.

“For someone who knows so much, you’re being remarkably vague.”

“Funding is readily available. We have the reliable ‘money man,’ Miracle, firmly behind us, and HW Group’s retained earnings are substantial. As I mentioned, our experience is somewhat lacking, and our technological capabilities are a bit short—that’s the gist of it. A consortium is about filling each other’s gaps, isn’t it?”

At this point, Lee Hak-jae presented an option.

“I’m making this offer out of goodwill, considering our past. Speak up now if you’re not interested.”

Objectively speaking, they should join hands immediately. One should be wary of those seeking funds for a promising business plan, but no businessman would refuse someone offering partnership with deep pockets.

However, considering their history, it would be more appropriate not to make such an offer. Soonyang Group might harbor good memories, but the two vice-chairmen of Soonyang would only recall unpleasant ones.

What was Lee Hak-jae aiming for?

Observing Jin Dong-gi’s scrutinizing gaze, Chairman Lee Hak-jae let out a faint, bitter chuckle.

“If you’re not keen, just pretend you didn’t hear it.”

“You know this isn’t a decision we can make on the spot.”

“I do, but your expression, Vice-chairman, doesn’t exactly radiate enthusiasm.”

“Who enjoys sharing the pie?”

“The pie’s so big that one can’t possibly eat it all alone. If you don’t share, you might just have to watch others feast. Anyway… think it over carefully and let me know soon. We can’t wait indefinitely.”

“If I decline, you’ll naturally seek partnerships elsewhere?”

“Of course. In fact, this offer came from Daehyun first. Somehow, they caught wind that I was preparing to rally companies like Seongho Group and Namkwang Group, those a bit lower in the rankings.”

Jin Dong-gi knew both were fabrications, merely shifting the future into the past tense.

It was an implication of what he would do if Soonyang declined.

“We’ll conduct a positive review and contact you promptly, Chairman. After all, isn’t Soonyang Group your family’s company? Our collaboration would be the most natural fit.”

“Looking good is only part of it; we need to ensure mutual benefit. Now, let’s finish our meal.”

The atmosphere remained pleasant as they finished their meal, but Jin Dong-gi couldn’t shake the feeling that Lee Hak-jae’s proposal might be a trap.

A mousetrap baited with savory cheese.

Yet, the image of the trap remained elusive, only the enticing aroma of cheese lingered.

* * *

“Let’s consider that unreasonable request withdrawn, Uncle.”

“Why is it unreasonable? Isn’t it logical?”

“It’s not a matter of logic versus unfairness. It’s beyond my authority.”

Is becoming more brazen with age a male trait? Or is it specific to the men in our family?

His second uncle was suggesting diverting the funds Miracle intended to invest in HW Group towards Soonyang for the Dubai boom.

He surely knew that I was aware of his meeting with Chairman Lee Hak-jae, yet he was still trying to cut in line.

“Miracle wouldn’t lose out either, would they? HW Group just acts as an unnecessary buffer. Our Soonyang is the main player in the project, right?”

“I understand, Uncle. But Korea Miracle now operates under decisions made by the board of directors, pending final approval from the US. It’s a decision made by the US side after CEO Oh Se-hyun effectively stepped down. I can’t even attend Korea Miracle’s board meetings. My role is that of an investment reviewer.”

“My gut tells me you have more decision-making power than that.”

“Yes, I have more. The power of an investment reviewer with a strong voice. That’s all.”

He drove the point home, noticing his skepticism.

“Besides, Miracle is HW’s major shareholder. They’re more likely to prioritize their own, not our Soonyang.”

“Is that so? Well… I briefly entertained a pointless hope.”

His expression shifted, but he didn’t seem genuinely disappointed.

“Then how about this?”

This was it. His second uncle’s real motive for sounding me out would emerge now.

“As you know, the Dubai new city construction requires a massive upfront investment. Chairman Lee Hak-jae’s consortium offer is just him wanting to be the ‘money man.’ HW, formerly Dae-ah Construction, is useless for such large-scale projects. It’s a ploy to get some funding and steal Soonyang’s know-how.”

While his assessment was wildly inaccurate, I nodded in agreement and listened intently.

“We can secure funding from various sources. But I don’t see any reason to use external funds.”

“Exactly. We use group funds and only bring in the shortfall.”

“But the heavy industries sector has already poured money into the Middle East. Their financial capacity is depleted. That leaves electronics and finance.”

Was that true?

Had the primary sectors of construction and heavy industries really exhausted their funds?

“Diverting funds from electronics is problematic… So, what if you, from the finance division, secure the funds? We wouldn’t need to involve HW.”

I needed to answer carefully. I wasn’t sure if he genuinely wanted to use internal group funds or if he was trying to confirm if Lee Hak-jae’s initial approach was because of me.

In such situations, it was best to establish my non-involvement first.

“I don’t have spare funds either.”

Keep the answer brief. Lengthy explanations often sound like excuses or lies.

His second uncle wore a look of disbelief.

“A financial executive with no funds? Are you unwilling to proceed with business alongside me?”

“No, that’s truly the case. I’ve invested all my spare funds in US derivatives for the past two years. You can verify it yourself if you’re skeptical.”

“Derivatives?”

“They’re stable investments that consistently yield more than double the market interest rate of 4%.”

“All in, instead of diversification?”

“Yes. Diversification is the standard practice, but I had no choice. I only selected Triple-A rated investment products. Safety is paramount with company funds.”

“Double the interest rate, Triple-A rating, that’s too good to be true.”

What was this now?

Regardless, his eyes gleamed at the mention of making money.

“Exactly. Why else would I have used all of the company’s surplus funds?”

If he couldn’t use the group’s funds, would his uncle choose Lee Hak-jae? Or would he temper his ambition and proceed only with what he could manage?

Choosing the easy path was a transaction, not business.

And wasn’t Vice-chairman Jin Dong-gi, above all, a businessman?

* * *

“Take a look at this. Jin Dong-gi sent over a joint venture proposal.”

Chairman Lee Hak-jae seemed slightly annoyed. Reviewing the proposal, it was clear they saw HW as mere pushovers.

“Basically, ‘provide the funds and get a little bit of the profit,’ is that it?”

“Even less than the bank interest rate.”

“Take it or leave it, that’s the vibe?”

“Exactly. Considering their situation, they shouldn’t be so arrogant… I wonder if he’s just trying to avoid meeting me.”

“He seems to be testing the waters cautiously.”

“Testing? Me?”

“Yes. He’s operating under the assumption that you wouldn’t approach with genuine goodwill. He’s convinced there’s a hidden motive but is uneasy because he can’t figure it out.”

Chairman Lee Hak-jae shook his head slightly.

“A partnership between HW and Soonyang Construction is off the table. That bastard won’t bite.”

Then we’ll make him bite.

“The bait might be too weak. Let’s toss him something bigger.”

“What? He’s rejecting money?”

“But he’ll hate seeing others make money even more.”

“What are you talking about? Be clear.”

He hadn’t yet grasped the meaning behind the smile on my face.

“Wouldn’t around three hundred billion tempt him to take the bait?”

His expression showed frustration at my continued cryptic remarks. Before he could get angry, I quickly elaborated.

“Consider it writing off three hundred billion and go in solo. And I mean genuinely going in, not just pretending. You won’t receive the construction fees anyway. Or, you might, but they’ll likely remain bad debt for a long time. But if we go in alone, he’ll believe we’re serious.”

He wasn’t particularly fazed by the mention of forfeiting three hundred billion.

Having nothing but money had its conveniences in situations like this. It allowed them to freely use means that could shift the entire landscape.

It might seem crazy to others, but that was the privilege and power of the wealthy.

“Let’s make the bait even bigger.”

Lee Hak-jae said with a grin.

“I’ve already spread a lie; if we make it true, the stakes will be even higher. We’ll bring in Seongho Group and Namkwang Group. Each will invest three hundred billion… No, let’s make it an even one trillion won and enter Dubai. Vice-chairman Jin Dong-gi will be hopping mad!”

If three mediocre players joined forces to snatch at the feast, he’d quickly rush in, wanting to be the leader. With Lee Hak-jae not alone, suspicions would dissipate…

I wanted to slap my knee in admiration.

“Our Chairman Hak-jae, you’re a true pro.”