Word: dubai
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...Dubai's embrace of Western business principles was no match for Western politicians with security fears, either real or politically opportunistic. The Bush Administration, stung by a rebellion in its own party, announced last week that it would review a deal by another Dubai firm to buy a British company, Doncasters, which makes precision parts for U.S. military aircraft and tanks at plants in Georgia and Connecticut...
Senators who want to block the ports deal, such as New York Democrat Charles Schumer, point out that the 9/11 attackers laundered money through Dubai and that the sheikdom participates in a boycott of Israel by the United Arab Emirates, of which it is one sheikdom among several. (Despite the boycott, DP World does business with Israeli firms.) Congressman King, for one, told TIME he wants assurances that al-Qaeda supporters "will not be able to work their way into the company." That task might fall to the chief operating officer of DP World--a guy from New Jersey named...
...Dubai certainly isn't short on big names coming to its aid. Power brokers Bill Clinton and Bob Dole (whose spouse is a North Carolina Senator), along with Madeleine Albright's lobbying shop, have advised DP World. Clinton has described the U.A.E. as a model Middle East government and in 2002 gave two speeches in Dubai, pulling in $450,000. Nor is the Bush Administration unfamiliar with DP World. Critics grouse that Treasury Secretary John Snow's former company, transportation giant CSX, sold its international port operations to DP World in 2004, for $1.15 billion. Dubai also works with...
...congressional uproar leaves Dubai's bosses feeling burned by a double standard, one that promotes globalization only when it is within the U.S.'s comfort zone. "The media is saying 'The world is flat', but when it comes to Arabs there are a lot of barriers," says a Dubai official. "People are thinking about the clash of civilizations. It's important for the world to see us working together." Sheika Lubna al-Qasimi, Dubai's Minister of Economy and Planning, predicts that the bottom line will win out after the review. "At the end of the day, this is about...
...going to block deals for what Dubai sees as political reasons, there is less of an incentive to trade with American companies--and it could bolster Dubai's effort to attract Arab capital to its nascent financial center. More concretely, Dubai is committed to $200 billion in projects, including expanding the city of Dubai's airport, and tons more hotels and condos. Dubai recently unveiled a plan to create a "global aerospace manufacturing and services corporation" that will offer leasing and repair services, challenging firms like General Electric (start-up funds: $15 billion). Emaar is building an entire city...