Word: dubai
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Without much oil under its sands, Dubai is no petro powerhouse. But you can't beat it for being the most colorful sheikdom in the Middle East--or the most ambitious. What other desert land can claim one of the world's largest indoor ski slopes, featuring fresh powder year round? While flying in on the stylish, state-owned Emirates Airlines, you might notice the artificial islands in the shape of a palm tree or the 56-story Burj al-Arab hotel, as tall as the Eiffel Tower, built like a billowing sail. Westerners are welcome, along with their vices...
...took some members of the U.S. Congress about a day and a half to accomplish as much notoriety for the place, such was their outrage over the latest piece of Dubai's economic development. A state-controlled company, Dubai Ports World, which aims to be a major player in the global-shipping industry, last November agreed to pay $6.8 billion to buy a British firm, Peninsular & Oriental Steam Navigation Co. (P&O), which controls terminal operations under five U.S. port authorities, including those in New York City, Baltimore and Miami. Citing security issues and a lack of information from...
...emblematic of a Middle Eastern merchant state on the rise, one that aspires to be much more than an amusement park for jet-setters. Run since 1995 by a press-shy crown prince, Mohammed bin Rashid al-Maktoum, who became emir this year (Sheik Mo, to finance types), Dubai has established a network of holding companies, funds and corporations with more than $15 billion in overseas investments and a domestic goal of turning Dubai into a hub for everything from financial services to biotechnology. Call it Dubai Inc., a conglomerate with Sheik Mo as CEO. "We are not that different...
...most metrics, the plan has worked brilliantly. Dubai's economy is the healthiest in the Middle East, growing at a 16% annual clip and diversifying well beyond oil (which accounts for just about 6% of GDP). Dubai's ports and free-trade zones bustle. The government has built high-tech centers, including Dubai Media City and Dubai Internet City, attracting companies from Microsoft to IBM. A research park called DuBiotech is luring drug companies. The Dubai International Financial Center, a "financial free zone," aims to lead the region's securities exchanges, although there will be plenty of competition for that...
...interest in the sport is blossoming worldwide, making televised matches?along with advertising slots and sponsorship deals?more valuable. Membership of the ICC, the sport's international governing body, has expanded from 47 countries in 1997 to 96 last year. The ICC also moved its headquarters from London to Dubai and aims to grow top-level Test cricket from 10 sides today to a 20-strong second tier of cricket-playing countries that include China, the Netherlands and Canada...