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Sultan Ahmed Bin Sulayem, Chairman of
Nakheel, hosted a luncheon with influential U.S. based business leaders in New York this week. The dialogue
focused on business opportunities in Dubai and how innovative strategies
established by the government are working to help The U.A.E. diversify away
from an oil-centric economy and strengthen its competitive role in today's global
market place. Dubai was presented by Bin Sulayem as "the world's fastest
growing city".
The presentation focused on commercial as well as residential opportunities in
Dubai and highlighted the Nakheel investments of over $15 billion already under
development or contracted in the Emirate. Bin Sulayem shared that in addition to
the over 60 foreign banks that currently operate in Dubai, in the first quarter of
this year, Dubai will undertake its first debt securitization sized at 1 billion US
dollars through Emirates National Securitization and Finance Company (a joint
venture with ESTITHMAR). Of key interest to this group was also the expedience
of development in Dubai itself, the diversification of business and corporate
representation already in Dubai and the boldness of development already underway. The point was clearly articulated about Dubai's development
initiatives being strategic as well as commercially viable.
"This dialogue is part of our continued efforts and commitment to the growth
and development of Dubai's economy and its people," said Sultan Ahmed Bin
Sulayem, Chairman of Nakheel. "Dubai," he continued, "combines three strong
assets: its central location, ideal lifestyle and business reputation. The
worldwide support for our vision in Dubai and The U.A.E. is strengthened by the
enthusiasm that I saw today from some of the top decision makers in the U.S.
and the world."
Many leaders from top U.S. investment banks including Dick Bott, Vice Chairman
of Morgan Stanley, John Mack, Chairman of Credit Suisse First Boston, Steve
Ross, CEO, The Related Companies and Mickey Tarnopol, Vice Chairman of Bear Stearns shared their perspectives and excitement on the great potential for
Dubai. The discussion addressed issues related to continued growth in Dubai
and the potential for the city to become the Middle Eastern center for commerce
and development.
Nakheel teamed with Kerzner International and Island Capital Corporation, LLC
to make the luncheon possible. In September, Nakheel and Kerzner International
announced a joint venture to develop Atlantis, The
Palm, a 2,000-room resort and water theme park located at the center of
The Palm,
Jumeirah.
Butch
Kerzner, CEO of Kerzner International commented, "The story of Dubai's tourism industry is spectacular. The government's unwavering commitment to
developing and strengthening its tourism infrastructure reaffirms our commitment to continuing to operate in this premier destination and was key in
our decision to develop the Atlantis, The
Palm."
Andrew Farkas, CEO of Island Capital Corporation summed up the room's
excitement by stating, "Dubai is perhaps one of the fastest growing markets in
the world," The potential to become a world leader in tourism, technology, and
real estate investment is being made possible by the government's unique
foresight and perspective." |
