Chapter 289: Building Higher Than Soonyang

“Then build it just one floor higher than Soonyang’s headquarters.”

“See? Even Chairman-nim gets competitive, doesn’t he? Heh heh.”

The superiority of looking down on a competitor. That too, is a number. Even just one more floor, even just one meter higher… It’s just the number 1, but astronomical amounts of money are poured in to obtain it.

“Anyway, once we finish up here, let’s get started.”

Chairman Lee, caught with his true feelings showing, turned his face away.

He wouldn’t have that kind of expression when he met with someone tomorrow evening. With nothing to hide, there’s nothing to be caught doing.

“Then shall we indulge in another extravagance today? At a 7-star hotel?”

“Officially, it’s a 5-star. It’s just that it’s on a different level from other 5-star hotels.”

“The nightly rate is incredible, too. Over 30 million won per night.”

“Isn’t that why they send these limousines to pick us up?”

Chairman Lee Hak-jae tapped the roof of the limousine with his hand.

Upon arriving at the hotel, a dozen or so staff members, who would be in charge of our service during our stay, lined up at the entrance and bowed their heads.

As we were guided into the hotel lobby, I couldn’t help but gape again at the entirely gold, real gold, interior.

“You’ll drool. Don’t embarrass me, close your mouth.”

It felt like witnessing the pinnacle of luxury. Dubai’s moratorium declaration was inevitable.

History tells us that the extreme of extravagance, from ancient times to the present, leads to ruin. This place was a re-enactment of that history of ruin.

After a good night’s sleep, when morning dawned, Chairman Lee Hak-jae hurriedly swallowed a piece of bread and went out.

“I’m going to take a look at the site. Relax here, I’ll contact you in the afternoon.”

I thought about going with him but decided against it. It wasn’t ideal for authority to be divided.

Until Chairman Lee returned, I basked in the intense heat and the blue sea at the ‘Palm Jumeirah,’ a 1.7 million pyeong artificial island that showcased another level of extravagance.

Chairman Lee’s expression was grim when he returned late in the afternoon.

“The atmosphere is terrible. Even European companies that are already withdrawing have appeared. The morale of the site workers is so low that it took a while to reassure them.”

“Their morale will go up once they know we’re the only ones surviving.”

“We have to make it that way. Let’s go. Even though they’re contractors who aren’t paying, they’re still the top dogs. It would be rude to keep them waiting.”

We moved to the hotel’s private yacht, which emitted dazzling lights and floated on the sea.

There’s no better place for a quiet conversation.

I expected the middle-aged man with the long name, ‘Ahmed bin Saeed Al Maktoum,’ to appear wearing the traditional Middle Eastern attire, a ‘kandura’ and a ‘keffiyeh,’ but he showed up in a neat Western-style suit.

Although he was only the Chief Financial Officer of Dubai World, as a scion of the Dubai royal family, he held power beyond a simple executive.

Ahmed, the son of Saeed from the Maktoum family. That’s the meaning of his long name. I briefly pondered what to call him, but Chairman Lee Hak-jae, who had met him before, cleared my worries.

“It’s a pleasure to see you again, James.”

“Good to see you, Mr. Lee. You haven’t been waiting long, have you?”

His American English pronunciation was perfect.

Ah, this old man must have also lived a privileged life in the US since he was young.

When Chairman Lee introduced me, I also gave my English name.

“It’s an honor to meet you. I’m Howard Jean.”

Chairman Lee Hak-jae explained to him, who looked slightly puzzled.

“Howard is the director of Miracle, the investment firm that is HW Construction’s largest shareholder.”

Largest shareholder, and an investment firm.

His eyes changed, as if he was intrigued by these words.

After exchanging some polite, perfunctory conversation while hiding our true intentions, Director Ahmed asked.

“Is HW Construction also planning to withdraw?”

“We have no choice but to follow Soonyang Construction’s lead. If they pull out, we have to go back together.”

“Then there’s no particular reason for you to meet me… You didn’t come all the way from Korea just to tell me that, did you?”

“This friend here will have news that James will be happy to hear. I’m just curious about how your conversation will end today. Haha.”

“Is that so? Then shall we hear what he has to say?”

When his gaze turned to me, I mentioned two numbers first.

“80 billion dollars. And 60 billion dollars. Am I right?”

The two men were surprised at the same time, but they knew what these numbers meant.

It was just that Chairman Lee was surprised because the number was larger than expected, and Director Ahmed was surprised because the number was almost exact.

“Our company believes that you have already lost the ability to pay. Right now, discussions about whether or not to declare a moratorium are probably heated at Dubai World.”

Director Ahmed, with his lips pressed tightly together, remained silent. His expression grew stiff, as if his feelings were hurt.

“To be clear, I have come to offer a proposal, just like Mr. Lee said. Whether Mr. Ahmed will welcome this proposal or not, I do not yet know.”

“Let’s hear the proposal. I hope it’s good news.”

“Dubai’s total debt is 80 billion dollars, of which Dubai World’s debt is 60 billion dollars….”

“59 billion dollars to be exact. Of course, this number is based on the end of this year. It’s also an estimate.”

“Yes. Our company also predicts that it won’t increase further.”

It couldn’t increase further. They were about to declare a moratorium because they couldn’t handle this debt.

“Fortunately, our company still has available funds.”

“That’s good news. But your company… Miracle, you said? How does Miracle’s financial capacity relate to us…? Wait… could it be Miracle Investments in New York…?”

“Yes. We are the same company.”

Director Ahmed’s eyes widened even further.

He had also heard. That in this financial crisis originating in the US, Miracle was the only company that not only survived the devastation of Wall Street but also made astronomical profits amounting to tens of billions of dollars.

So, he would have realized the extent of the ‘available funds’ I just mentioned.

“I see. Please, continue.”

Now he leaned forward, eager to hear my proposal.

“If the Korean companies, Soonyang and Daehyun, decide to withdraw, what are your plans?”

“We’ll have to accept it. There’s no other way.”

Since a wealthy man was sitting in front of him, he didn’t hesitate to whine.

“The areas that the two companies are in charge of are the key Al Maktoum International Airport and Dubai World Central. There are also residential areas in the new city, among others.”

“Howard, are you suggesting that you’ll lend funds to Dubai World to prevent the withdrawal of the two Korean companies? Then HW Construction will also continue….”

“No. I’m not generous enough to support Soonyang and Daehyun with our company’s money. However, if the two companies withdraw, I’d like to ask if you would consider entrusting the ongoing projects to HW Construction.”

“There’s no reason to object. We’ve already seen HW Construction’s capabilities firsthand. But….”

They didn’t have money. The Middle Eastern royal in front of me couldn’t bring himself to say it.

“In that case, we will take responsibility all the way to the ribbon-cutting ceremony. Don’t worry about the money.”

“Could you elaborate on ‘don’t worry about the money’?”

“We will give you a sufficient grace period. Isn’t Dubai World a state-owned enterprise? Moreover, the jewel of the Middle East…. It’s a AAA-rated bond that’s much more trustworthy than anything on Wall Street. I believe you’ll be able to resolve it in a reasonable amount of time.”

Ahmed’s expression suddenly changed to one of overflowing delight.

“If you could do that, it would relieve a great deal of worry. Do you happen to know the exact amount?”

“Yes. I recall that the total outstanding amount for Soonyang and Daehyun is a little over 7 billion dollars.”

“You probably also know that it will cost over 10 billion dollars to complete, right?”

Chairman Lee Hak-jae, who had been listening until now, interjected. It wasn’t to warn me, but to show off in front of the Middle Eastern royal.

“Of course. We have the capacity to handle it.”

It was too sweet of an offer to refuse, but it’s normal to be suspicious when accepting an act of kindness with an unknown motive. Director Ahmed asked cautiously.

“This generous offer, which seems almost too good to be true, is greatly appreciated. But could you tell me the reason why you’re making this offer when everyone else is trying to withdraw?”

There’s no need to beat around the bush here. Nothing will change even if he knows my intentions.

“Soonyang and Daehyun are competitors who are far ahead of HW. If we build the new city by overtaking them, it will be an opportunity for us to surpass them. We have the financial resources, and they don’t. Isn’t it natural to compete by leveraging our strengths?”

Competition is a simple reason, but there’s nothing more powerful than that.

“Furthermore, we hope for a strong bond between Dubai and our HW Group.”

Chairman Lee Hak-jae showed off once more.

Whatever the reason, isn’t someone who helps in times of difficulty a true friend?

The Dubai royal with the long name showed a very satisfied smile.

“To forget about dinner, I have committed a great discourtesy to a friend who has come from afar.”

And a very long dinner followed.

* * *

Seo Hyung-kyun, the president of Soonyang Construction, became the CEO thanks to Vice-chairman Jin Dong-gi’s recommendation. And he had been managing Dubai, the largest project since his inauguration as CEO, without any problems, but today he had to settle the biggest issue.

However, he could tell from his first impression.

He wouldn’t be able to resolve the biggest problem. Getting paid by Dubai World was a lost cause.

The final step in business is collecting payment.

No matter how high the sales are, no matter how much profit is left, if you don’t get paid, it’s all for naught.

Director Ahmed, representing Dubai World, ended the negotiation with a single sentence.

“The Dubai government will be making an official announcement soon. Please wait until then.”

“Please tell me what the announcement will be about. We can’t just keep waiting.”

“I’m not in a position to speak on behalf of the government.”

He was firm but also had an air of composure. Because of his relaxed expression, President Seo Hyung-kyun couldn’t completely let go of the sliver of hope.

Daehyun Construction also hadn’t received the official announcement from the Dubai government that President Seo Hyung-kyun hadn’t heard.

They played their last card, threatening to halt all construction and withdraw if the overdue payments weren’t guaranteed, but the answer they received was the same.

“We respect your company’s decision, but we ask for your understanding that we cannot make any promises at this time.”

Unlike Soonyang, Daehyun understood that Dubai World’s attitude wasn’t composure but resignation.

The last words of someone cornered: “Sue me.”

Daehyun heard these words clearly.

Before long, Dubai World shouted ‘Sue me’ to the whole world. In the seemingly innocuous term of a moratorium declaration!

This headline was the common expression used by the global media to describe the Dubai crisis.

The miracle had collapsed, and the Korean stock market had also collapsed.

2009 was a year in which many things disappeared.

A respected cardinal passed away, and state funerals were held for two former presidents.

And a global pop star, whose like would be hard to see again, departed amidst the tears of his fans.

Chairman Jin Dong-gi trembled as he held the paper filled with dense numbers. The numbers felt like a death sentence.

An amount he could neither be responsible for nor handle. He was in a daze, unable to do anything.

There was another person who felt the same way. The chairman of Daehyun Construction.

As time passed, they regained their senses and knew exactly who could save them. They placed all their remaining hope on him.

“Put in a call to the Blue House. Tell them I urgently want to meet. Discreetly.”