Word: dubai
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...bigger mistake than hiring former Defense Secretary Donald Rumsfeld. Long gone are the days when a Vice President only attended funerals and did not cause them--so many of them. Libby (now Fibby) has been ruined playing a dangerous game for the V.P. and losing. Halliburton is moving to Dubai. Let's hope the company takes Cheney along...
...Dubai lures visitors not only with its year-round sunshine and superlatives - a "seven-star" hotel, the biggest theme park - but also its over-the-top luxury. Heck, even living like a bedouin can be a deluxe experience. Al Maha is set in the 225-sq-km Dubai Desert Conservation Reserve - 5% of the emirate's total land area - and is designed to resemble a bedouin camp. Endangered Arabian oryx (al maha in Arabic), desert foxes and gazelle meander around the grounds and, if you're lucky, quench their thirst in your own private pool. The spa and airy suites...
...like some of its wealth. Though the World Economic Forum last year rated the territory as the world's 11th most competitive economy, Hong Kong is in a race for global business not just with obvious local rivals such as Tokyo and Singapore, but with cities from Shanghai to Dubai who are seeking to benefit from globalization...
...TIME: What city do you benchmark Hong Kong against? TSANG: As an international financial center, there are only two global benchmarks for Hong Kong: New York and London. Other places cannot compare with us. You look at the basic fundamentals to be an international financial center. Dubai doesn't come into the [picture] at all. Singapore doesn't come into it. It still hasn't got the freedoms we enjoy. Benchmarks must be above you, ahead...
...Halliburton is merely the latest in a growing number of banks and other global service companies making Dubai their Middle East hub. At present, oil provides only 3% of Dubai's GDP, with services accounting for three-quarters. As Sheikh Mo noted when he unveiled his government's new Strategic Plan last month, Dubai has no intention of slowing down. The Ruler vowed to pursue 11% annual growth through 2015 to realize Gross Domestic Product of $108 billion and an average personal income of $44,000 a year. That's pretty big talkin', even by Texas standards...