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Home , Dubai, Dubai Properties, Government of Dubai, The World (archipelago)

DUBAI STRATEGY: PAST, PRESENT, FUTURE

Michael Matly and Laura Dillon

Harvard Business School, February 27, 2007

Sponsored by the INITIATIVE, Belfer Center for Science and International Affairs, John F. Kennedy School of Government, Harvard University

I. Introduction of Sheikh Mohammed as ruler of Dubai. Sheikh Rashid understood that compared Dubai is a monarchy, with all power to its neighbors, Dubai had a limited leading towards a single person. Dubai supply of oil and gas reserves (1/20th the has non-transparent government reserves of ) that would run financials. Dubai is situated in a out by 2010 and was determined to build that is strife with conflict, up Dubai’s economy so that could it fundamentalists, and hostile countries survive the end of the oil boom. His including Iraq, , and Pakistan. famous quote was "my grandfather rode Dubai is located in the desert where a camel, my father rode a camel, I drive temperatures can reach 130F in one of a Mercedes, my son drives a Land the most humid locations on the planet. Rover, his son will drive a Land Rover, but his son will ride a camel." This quote Yet, despite all this, Dubai, a tiny - signified Sheikh Rashid’s understanding state, located in the has of the risks involved with the end of undergone an impressive transformation petrol money. Many have argued that over the last four decades, managing to Dubai’s success has been one of luck shift their economy from that of fishing rather than a thought-out development and trading to , mass strategy. We intend to argue that Dubai communications, shipping, and finance. has been on a pathway set for nearly Dubai has created for itself an image thirty years, and while the rate of growth synonymous with luxury, multi-billion in the last decade may have been dollar real-estate ventures, 12 million surprising, the actual growth is not. visitors in 2005; and as Vanity Fair has Dubai’s Minister of Finance claims that described it, a “city on crack”.i there is a legend among the locals that in fact Sheikh Mohammed (the current II. Creation of Dubai, Inc. ruler of Dubai) has only implemented one of the three strategic road maps that But how did Dubai begin her Sheikh Rashid planned for Dubai. transformation? Locals attribute the key Whether true or not, the economic milestones to be the dredging of the development path of this tiny city-state, and the establishment of in the minds of the citizens, is largely Port (in the late 70s), both under the attributed to their early rulers. sterwardship of Sheikh Rashid Al Makhtoum, ii,iii and finally the ascension

1 Boats and Planes successful trade with Europe, , and South . This history is By establishing itself as a hub of trade still engrained in the minds of the by sea and a center of tourism and modern generation of Dubai’s prominent business travel by air. The Mina (Port) families.viii This set a cultural norm Rashid was completed in 1972 and by from the leadership of Dubai, planting 1978 the port had increased to 35 berths the seeds for a people open to the west, - including five berths large and deep foreigners and their culture. Unlike enough to handle the largest container other Arab kingdoms whose borders vessels. By 1979, the Jebel Ali Port was were practically closed to westerners and completed, located 35 km southwest of those that were open forced expatriates Dubai, and became ’s largest within fenced communities, Dubai man-made and the biggest port citizens lived and worked with their in the Middle East. In fact, by 1979, foreign partners. When the first bars Jebel Ali Port ranked alongside the Great opened in UAE, the local response was Wall of China and the Hoover Dam as nearly muted. And it is this very culture the only three man-made objects that and openness that has now propelled could be seen from space.iv The Jebel Dubai past its GCC neighbors in terms Ali Free Zone quickly followed in 1985 of FDI. with an airport currently under construction. The facilities are a In addition to the creation of the ports, significant distance from Dubai, in the Sheikh Rashid placed air travel as a top midst of the desert and when initially priority for Dubai’s development. The planned, Sheikh Rashid’s advisors did Dubai airport was established in 1959, not believe that the Jebel Ali Port would early in terms of Dubai’s economic be successful.v Jebel Ali is also home of situation at the time. In fact, Sheikh DP Ports, one of the world’s largest port Rashid purchased the plans for the operators. The development of the ports airport construction from the Ruler of was also a slow, step-by-step process by who sanctioned a study to build an Dubai, which had been known as ‘the airport in Qatar, but after local city of merchants’. DP ports has since disapproval, the plans weren’t carried become the #3 operator in terms of through. To complement the airport, global coverage and #1 from to Dubai established its airline, Caribbean.vi In 2004, Dubai was the Airline, in 1985 with a $10 million USD third most important re-export center in capital infusion from the Dubai the world trailing Hong Kong and government.ix Emirates Airlines has Singapore with imports more than now become one of the most successful doubling between 1998 and 2004.vii airlines in the world. For 2004–05, Emirates paid an increased dividend of Sheikh Rashid’s strategy was to build on Dh368 million ($100 million USD) to Dubai’s successful history as traders. the , compared to From its earliest history, Dubai was a Dh329 million the year before. In the trade hub from to textiles. Many first six months of the current financial of Dubai’s prominent families built their year, Emirates Airline has reported a net financial empires not on oil (like profit of US$323m, up 29% from neighboring Abu Dhabi) but on US$251m for the same period last year.

2 The Dubai Government is still the sole Financial center (DIFC), a cluster owner of Emirates Airline, despite not initiative dedicated to the financial putting any money into it except the industry. original $10 million USD. By the time Sheikh Mohammed had Another important initiative of the late begun his rule, the concept of a free- Sheikh Rashid was the creation of the zone was already well established in the Trade Center which was GCC, pioneered by the Jebel Ali Free built in 1979, standing 39 stories, it was Zone. A free-zone created a more liberal the largest building in the Middle East at regulatory environment which not only the time. It has evolved as the center of included freedom of ownership and the largest exhibition center in the management without taxes, but also a Middle East with 7 exhibition halls. The simplified approach to documentation World Trade Center now also hosts and government regulations. What was government think tanks such as the new was the creation of business parks Dubai School of Government which has dedicated to specific industrial sectors. partnered with the Harvard Kennedy And, in 1999, the School of Government as a center of was announced, Dubai’s first fusion policy research and training for Dubai /free-zone. 364 days later and the region’s future government (as a testament to Dubai’s speed) the officials.x result was 30 square million feet of land with 4 buildings representing 1 million Dubai, Inc. was now up and running. square feet of leasable space. One While Abu Dhabi and neighboring hundred and eighty tenants had joined in countries were busy building their the first year including , economies around the vast oil reserves, Oracle, IBM, , Siemens, Canon, and Dubai was developing an economy that SonyEriccson. As Wadi Ahmad, would be founded upon trade, business, Director of Marketing stated: and an airline to link it to the world. “We have made Porter’s theory a Business Parks and more Business Parks reality. If you bring all the companies from the same Sheikh Mohammed bin Rashid Al segment together, channel Maktoum is considered by many locals development opportunities as responsible for Dubai’s next phase of materialize. It’s real life development. He is responsible to networking. It is bringing the setting the “Dubai Vision 2010” which integrator together with the would attract the world’s top companies software developers. Our ICT to transform Dubai to a knowledge- cluster includes 600 companies based economy. And in 2006, it is working within 2 km of each working: one fourth of the world’s other. Our clients set up joint global 500 companies have a presence in ventures together and do trade Dubai.xi In fact, between 2004-2009, together. We are the only Dubai has earmarked $40 - $60 billion managed entity in the work to USD to projects like , The house that many brands. Palm and the Dubai International Everyone who is anyone in the

3 industry is here. Silicon Valley class shopping and (2) unique, world- has some similarities but it is an class projects. Whether it was through area, not a single managed the famous souks or the top couture entity.”xii fashion boutiques, Dubai has established itself as a shopping destination. This is And with the successes of Dubai Internet further supported by Dubai’s infamous City, business parks began springing up shopping festival known as the Dubai all over Dubai: , Dubai Shopping Festival in which 3,000 retail Studio City, Dubai Health Care City, outlets and 40 shopping malls offering Dubailand, Dubai Humanitarian City, huge discounts.xiv The shopping Dubai Knowledge Village, Dubiotech, festivals coupled with mega-projects and Dubai Industrial City. And with such as The Palm, The World, the Burj each park came revenue from land sales, Al Arab, Dubai is now placing itself on revenue that was re-invested in new the global map beyond business but as a business parks. major tourist destination.

Hotels, Gucci, and Snow Mountains III. Economic Profile

With a clear business park/freezone- Over the past decade, Dubai has cluster development strategy being recorded significant GDP and economic implemented in Dubai, Sheikh growth, primarily driven by the non-oil Mohammed turned to his second sectors. Dubai represents approximately objective, transform Dubai into a 29% of the UAE’s GDP and in 2005, tourism destination. The group Dubai’s GDP recorded a nominal growth was established in 1997 to develop and of 27%.xv Compared to other emirates operate five-star luxury in Dubai and countries in the region, Dubai has and more recently the world. Creating relatively little oil and as previously land-mark hotels such as the famous mentioned, its reserves are estimated to and Medinat Jumeirah last about another 10 years.xvi As a result (which is part of a traditional Arab city of this, Dubai has encouraged private full of , canals, and luxury spas). sector activity and had been very In 2004, the Bab Al Shams resort was successful in creating a diversified built in the desert as a luxury desert oasis economy which is no longer primarily and spa. By 2006, Jumeirah reliant on oil and hydrocarbons. Exhibit International had purchased international 1 shows that only 5.4% of Dubai’s GDP properties such as The Essex House comes from the oil sector with the (Central Park, NYC). Jumeirah is dominant sector now being trade and currently boasting an average occupancy repairing services, which in 2005 of more than 90% across its many represented 22.8%, emphasizing Dubai’s properties, some of the highest in the dominant position as a trade center. world.xiii Other major drivers of economic growth include manufacturing, construction, real With hotels and luxury resorts in place, estate, financial services and the next challenge was to create storage and communication also shown attractions for tourists, this was in Exhibit 1. accomplished in two ways: (1) world

4 Dubai has grown very aggressively in construction there are many other many sectors including tourism where ambitious projects being planned for the Dubai leads the region with innovative next 10 years including Dubai Land, and modern multi-billion dollar projects. Dubai Light Rail Transport and Dubai also focuses on attracting business redevelopment of Dubai’s World Trade conferences, new festivals and also high Center.xvii profile sporting events to the country, in addition to heavily investing in Real estate has also been a key driver of to promote Dubai as the growth and has been a steady and robust tourist destination in the Middle East. performer over the past 5 years. The Exhibit 2 shows the significant increase vision of the government to turn Dubai in tourism numbers over the past 5 years into the trade hub of the region has which demonstrates the success of these stimulated interest and much economic initiatives. Dubai’s strategic positioning activity. Factors that have been critical midway between Europe and Far East to the strong development of this sector has assisted this tourism growth, but has include property rights, transaction costs also led to a strong trading and and capital gains taxes. With the opening transportation hub with a large re-export up of the market to allow freehold market. Exhibit 2 also shows the ownership of properties to foreigners in increase in transportation and freight Dubai there has been an excess demand numbers from 1990 to 2001. As has been for buildings relative to the supply. previously described, over the decades International investors have driven a Dubai has heavily invested in large huge demand for properties and over the infrastructure and companies such as past few years, given the limited supply, ports, airports, Emirates Airlines and prices and rents have sharply increased. Dubai Ports which leaves this small Real estate prices and returns are emirate very well positioned to capture expected to stabilize over the coming this market. Exhibit 3 highlights Dubai’s years as supply begins to match demand increasing role as a major re-exporter with the entrant of new private and hub in the region – exports from developers such as Emmar, Nakheel and Dubai to other GCC countries increased .xviii 49% to AED 19.2 billion in 2005 with Saudi Arabia being the dominant trade There also appears to be a significant partner. relationship between the real estate sector and the financial sector in Dubai. In addition to trade and tourism, much of Exhibit 5 shows a statistical significance Dubai’s economic prosperity is due to its between the trends in share prices of booming real estate and financial companies in the finance sector and real services sectors. Construction estate sectors. The finance sector contributed 11.9% to total Dubai GDP represents almost 10% of Dubai’s GDP and Dubai represented 48% of total and has been growing strongly. Dubai construction in UAE. As demonstrated also wishes to position itself as the in exhibit 4, Dubai has a vast range of financial services hub of the Middle East projects in its construction pipeline that and the DFM () represents approximately $25 billion. In commenced operations on 26th March addition to the projects currently in 2000.xix Dubai is also currently

5 developing a banking “free zone” called Zone, and the . The Dubai International Financial Center has also pegged (DIFC) and is replicating global best its currency to the US dollar which gives practices. The UAE’s capital markets investors relative confidence. From an have also undergone rapid growth and export perspective this currently makes development in recent years. The DIFC Dubai very attractive and puts it in a launched the Dubai International very competitive position. However, Financial Exchange (DIFX) in pegging the currency to the USD also September 2005 and the Dubai Gold and has other implications which will be Commodities Exchange (DGCX), the discussed later with the challenges that Middle East’s first gold exchange was are currently facing Dubai. started in November 2005.xx As of 31st May 2006, the DFM comprised 34 IV. Why Dubai? public joint stock companies with a total market capitalization of AED 316 Western investors have turned to Dubai billion. The DFM is highly concentrated to establish their regional headquarters in a few companies and hence due to while young entrepreneurs are creating these dominant businesses, individual companies in this tiny emirate; yet, with movements of stocks can swing the Qatar, , and establishing overall market to a significant extent. similar incentives on paper, why is Exhibit 6 shows the DFM performance Dubai still the destination of choice? from May 2000 to May 2006. It is We argue it is due to three drivers: (1) interesting to note the sharp market speed, (2) culture and (3) Governance. decline in 2006 which is very difficult to explain in terms of market fundamentals. Dubai has astonished its western Potential reasons for this sharp decline partners in the speed from project idea to may include lack of investors confidence launch.xxii In a region where speed is not due to limited transparency and lack of known, Dubai’s growth rate is one of the trust in financial statements and analysts highest in the world. Sheikh recommendations. Speculative trading Mohammed has established a reputation and desire to cash in on market gains are for being notorious for his time additional explanations for the change in requirements. He has taken projects investor confidence.xxi away from prominent families because of delays; in fact, one requirement to Other factors that have contributed to the invest in the free-zones, development economic growth and activity are due to must begin within 24 months. However, the government’s vision including speed has its disadvantages including strategic and policy changes. Free-zones poor construction quality and labor in Dubai have attracted a lot of FDI from abuses. foreign owned companies. These economic free-zones have various Pro-western culture has also been economic incentives to encourage attractive for the foreign investor. Dubai investment and commercial development is notorious for being open to western and examples include the Internet and culture, full of night clubs, world-class Media , the International Financial restaurants, and open to alcohol Centre, Maritime City, the Airport Free consumption. Locals and expatriates live

6 and work together, creating a nurturing Roman Catholic Church xxv and a environment for the western expatriate. collection of Christian churches in Jebel While other countries have attempted to Ali Free Zone (St. Francis of Assisi create similar incentives for FDI, they Church, Mar Thomite Church, the still lack the cultural platform to support Anglican Church, Syrian Orthodox new entrants and this may remain the Church and the Dubai Evangelical most significant challenge for new Church Centre).xxvi market entrants, attempting to capture a share of this emerging market. V. Why not Dubai?

The third strategic point for Dubai that The rapid growth and fast pace of makes it stand out is its attempt to Dubai’s economic development also improve governmental transparency. brings with it challenges and problems Gulf countries are notorious for their which need to be addressed. Some of lack of transparency in government these potential issues include inflation, finances as well as how the royal revaluation of the currency, talent drain, family’s finances are intertwined with increasing inequality between the the government. Dubai hopes to change classes, clash of cultures, transparency, that, first by creating an executive expatriate community integration, council which would serve as a allocation of resources, leadership and legitimate forum for governance as well the potential for the ‘bubble to crash’. as improve financial accountability Leadership and governance is among the Ministries (known in Dubai increasingly important and complex as as Departments).xxiii In addition, free Dubai grows to a high profile and zone governances have also been dominant position in the Middle East. It incredibly thorough in order to maintain is very important to balance economic credibility among large multinationals. growth and prosperity with traditional For example, the Dubai International culture and norms. As the economy Financial City (DIFC) modeled their develops and life becomes increasingly regulatory framework after many of the complex, it becomes more and more UK charters, even the royal government difficult for Sheikh Rashid to anticipate can (should this say cannot Michael?) the need’s of Dubai’s population. In intervene in the governance of the addition, conflicts of interest are also DIFC.xxiv appearing that may mean what is best for Dubai Inc. is no longer best for the Dubai is also very open from a religious overall population of Dubai.xxvii An perspective and this is another example of this is the increasing traffic differentiating factor from other problem in Dubai, which could be countries in the region. While is solved with more roads. Dubai’s the official religion of the UAE, Dubai is authorities have apparently refused to very respectful of other religions. build the extra roads however, due to the Foreigners are free to practice their own fact that this would lower property prices religion. There are a number of inter- in Dubai and raise them in due denominational churches in Dubai to increases ease of access. It is including Holy Trinity and United speculated that this may be true due to Church of Dubai (UCCD), St Mary’s the levels of investment that Dubai’s

7 ruling family have in the Dubai real exhaustion or from falling off the high estate market. Dubai’s lack of rise buildings that they are democracy is also a concern for investor constructing.xxix confidence and from a transparent political and business perspective. As Dubai’s population increases there are infrastructure and transport In addition, global terrorism is an challenges. In addition, the high inflation increasing concern particularly in some rates are leading to an increased cost of of the countries in Dubai’s neighboring living and higher costs for businesses, . Dubai’s increasing dependence making Dubai relatively less attractive. on tourism and its increasing high profile Individuals and businesses are beginning status leaves it particularly vulnerable to to look towards some of the other terrorist attacks. In addition to the surrounding emirates and countries as potential of terrorist attacks, Dubai could alternatives. The surrounding regions are struggle to meet its ambitious tourism looking to increase foreign investment targets due to aircraft delays. Emirates and hence they are beginning to replicate Airlines has very aggressive expansion some of the free zones and methods of plans and has ordered 43 A380s from attracting foreigners to invest in their Airbus Industrie, a European aircraft countries. Dubai free zones are being manufacturer which announced long given a run for their money as regional delays in delivering these double-decker free zones expand and upgrade as they aircrafts.xxviii try to lure investors from Dubai to other Arab countries. If something is not done There are also social implications of this to control the skyrocketing costs in rapid economic growth. The majority of Dubai, free zones could see an outflow people living in Dubai are foreign of companies to other regional free workers and particularly in the zones offering the same facilities but construction sectors, these workers come having lower operational and production from Asia with the dream of earning costs.xxx good wages and moving to a better life. The reality that they find once they reach The fast pace of construction in Dubai Dubai is very different. Workers live in has also led to questions over the labor camps an hour outside the city in sustainability of the building and the deserts and live in very small, construction quality. It has been rumored cramped rooms. that some of the large construction have said that Sheikh Mohamed and the projects under-taken in Dubai, when UAE government have done very little they were tested for building quality, to protect workers rights. These foreign were found to leak from the floors and laborers are working in a system where roofs. Speed and fast development can they are not free to leave their job, where be very beneficial for economic growth, their passports are withheld and but if not achieved in a sustainable and employer’s consent is required to change quality fashion, this will lead to long jobs. In addition, safety and the safe term problems and require many repairs. working conditions of these laborers are Other challenges which the high speed is a growing concern, where hundreds of causing include lack of prioritization and them are dying either from heat wasted resources.

8 Other challenges for Dubai include has set the company back in terms of building a strong talent base of Dubai international publicity. nationals and becoming less reliant on foreigners and expatriate workers to help VI. Beyond Dubai lead Dubai to the next phase of economic growth. Also, cultural Dubai’s phenomenal growth over the differences between UAE nationals, past decade has spurred a great expatriates and tourists need to be entrepreneurial spirit and led people to carefully managed to ensure that cultural have even greater dreams and visions. traditions and standard of living are Dubai’s next phase of growth includes maintained. Also, the sharp decline in international expansion. Dubai has the stock market as witnessed earlier in changed from a region heavily reliant on 2006, shows the volatility of the stock oil and hydrocarbons to a truly market and its reliance on investor diversified economy. The next phase is confidence. The decline in the market to diversify their investments and even though there was no change in holdings geographically. Dubai will economic fundamentals, leads me to be continue to focus on its ambitious concerned for the fickleness and internal development including all the transience of the capital in the DFM. In aspects discussed in this paper with addition, the dependence of the UAE particular emphasis on their huge Dirham on the dollar is of concern. The construction projects, tourism and the dollar has declined relative to other financial markets. major currencies and as the AED is International investors have pegged to the USD, the cost of imports found Dubai to be an attractive to Dubai has increased and the value of investment opportunity and now Dubai the AED has also decreased. From a is similarly looking to expand its global foreign investment perspective, capital reach. Clear examples of this invested in Dubai is subject to a international diversification include the depreciating dollar and hence declining Dubai Investment Group which is the in value. has revalued its global financial investor of Dubai currency and leaves the question as to Holding and has local presence in New whether the UAE will revalue the York, , Hong Kong and Kuala Dirham in the future. Currently using the Lumpur. In the tourism sector, Jumeirah Big Mac Index and on a PPP basis, the was established in Dubai in 1997 and UAE Dirham appears to be under-valued now has the goal “To be a world class (however, relative to the other GCC international and hospitality countries is the least under-valued).xxxi company, committed to being the This undervaluation is good for Dubai’s industry leader in all our activities competitiveness and exports, however through dedication to our customers and may cause other economic problems colleagues”.xxxii They already have such as high inflation and issues hotels in London and and regarding imports. have announced new plans for Asian Finally, the Dubai World Ports expansion. In transport, trade and fiasco which occurred in February 2006 logistics, DP World is one of the global has damaged the reputation of Dubai and leaders in international marine terminal operations and development, logistics

9 and related services and is headquartered in Dubai. In addition to traditional businesses, Dubai is looking at investments in other sectors too – such as investing in sports teams such as Liverpool Football Club in UK. As is clearly seen, Dubai businesses are expanding not only within UAE and Gulf Region, but are truly expanding and making investments globally. Sheikh Mohammed’s goal to build Dubai into a major commercial and economic center is becoming a reality. The real questions are how do they sustain the momentum and ensure long term growth sustainability of the investments?

10 Exhibits:

Exhibit 1:

11 Source: UAE Ministry of Economy ;, “The Economic Bulletin, September 2006, Volume 3, Issue 27”

Exhibit 2:

Source: Dubai International Airport, Dubai Tourism and Marketing Department, “EIU - UAE Country Profile 2006”

12 Source: An Economic Profile of Dubai, DubaInc

Exhibit 3:

13 14 Source: UAE Ministry of Economy, “The Economic Bulletin, November 2006, Volume 3, Issue 29”

Exhibit 4:

15 Source: UAE Ministry of Economy, “The Economic Bulletin, February 2006, Volume 3, Issue 20”

Exhibit 5:

16 Source: UAE Ministry of Economy, “The Economic Bulletin, January 2006, Volume 3, Issue 19”

Exhibit 6:

17 Source: Dubai Financials Market, UAE Ministry of Economy, “The Economic Bulletin, November 2006, Volume 3, Issue 29”

Exhibit 7:

Source: Dubai Financials Market, UAE Ministry of Economy, “The Economic Bulletin, October 2006, Volume 3, Issue 28”

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i “Dubai” Vanity Fair. Monday, May 29, 2006

ii Author’s interview with Saeed Al Muntafiq (CEO, Tatweer), Nov. 1, 2006

iii Author’s interview with Mohammad Sharaf (CEO, DP Ports), Nov. 1, 2006

iv “Jebel Ali – History” http://www.dpworld.ae/sublevel.asp?PageId=3 Accessed Nov. 20, 2006.

v Author’s interview with Mohammad Sharaf (CEO, DP Ports), Nov. 1, 2006

vi Author’s interview with Jamal Bin Thania (Group CEO, DP World)

vii “Dubai Internet City: Serving Business” IMD International. 224: v 07.01.2005. p. 2

viii Author’s interview with Mohammed Al Shehi (Director of Finance, Dubai Government), Nov. 3, 2006

ix “Emirates Airline” http://en.wikipedia.org/wiki/Emirates_Airlines Accessed Nov. 19, 2006.

x Authors interview with May Al Dabbagh (Senior Researcher, Dubai School of Government), Oct. 31st, 2006.

xi “Dubai Internet City: Serving Business” IMD International. 224: v 07.01.2005. p. 2

xii “Dubai Internet City: Serving Business” IMD International. 224: v 07.01.2005. p. 5

xiv “Dubai Shopping Festival 2006-07, a 45 day long event” http://www.gowealthy.com/realestate/news/1757/detail.asp Accessed on , 2006.

xv UAE Ministry of Economy, “The Economic Bulletin, September 2006, Volume 3, Issue 27”

xvi Oxford Business Group, “Dubai Country Profile”

xvii Dubai Chamber of Commerce and Industry, “The Economic Bulletin, February 2006, Volume 3, Issue 20”

xviii Dubai Chamber of Commerce and Industry, “The Economic Bulletin, March 2006, Volume 3, Issue 21”

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xix Dubai Chamber of Commerce and Industry, “The Economic Bulletin, November 2006, Volume 3, Issue 29” xx Oxford Business Group, “Dubai Country Profile” xxi Dubai Chamber of Commerce and Industry, “The Economic Bulletin, November 2006, Volume 3, Issue 29” xxii Author’s interview with Saeed Al Muntafiq (CEO, Tatweer), Nov. 1, 2006 xxiii Author’s interview with Fahd Al Shehi (Deputy-Director for the Department of Finance), November 2, 2006. xxiv Author’s interview with Dr. Martin Berlin (Chief Strategist, The Executive Office), November 2, 2006. xxv The Emirates Academy of Hospitality Management, December 2006 xxvi www.stfrancisjebelali.com, December 2006 xxvii “The Milken Institute Review”, Fourth Quarter 2006 xxviii Economic Intelligent Unit, “UAE Country Report November 2006” xxix ABC News, “Dark Side of Dubai’s ”, November 17, 2006 xxx Khaleej Times Article, 5 November 2005 xxxi Dubai Chamber of Commerce and Industry, “The Economic Bulletin, October 2006, Volume 3, Issue 28” xxxii www.jumeirah.com, December 2006

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