Khalid Abdulrahim Al Zarooni

'We are happy to report that the contractor is making very good progress. We are not suffering from delays but are actually ahead of program,' says President Khalid Abdulrahim Al Zarooni.

'The main construction contracts for the project have been let, most recently the substations to Siemens and sewage treatment. There is already grass on four of the holes of our golf course, and the showroom villa will open in summer of 2007.'

This organized and on-time approach contrasts with the complaints now being heard about some developments in Dubai. Residential sales at this ambitious cluster of sports facilities, part of the Dubailand theme park behind the coastal strip of urban Dubai, are also going well.

Mr. Zarooni reports that 65 per cent of the 600 villas in Phase one of Victory Heights, next to the Ernie Els golf course are sold, and 60 per cent of the Canal Residence West apartments and the Gallery Villas have all gone.

'Most of the buyers are end-users and not speculators,' he says. 'We have a big mixture of buyers but UK and subcontinent expatriates predominate, and are often second home buyers.

'Dubai prices are still very attractive in global terms in comparison with London or Bombay or Tehran. Central London will cost you $4,000 per square foot for what you would get in Dubai for $400.'

But is the amount of development in Dubai worry, and what about all the competition?

'We think there is room for all but at the Dubai Sports City we do have something that is genuinely unique to offer with world-class sports facilities built to the highest standards. This is something that other parts of Dubai do not have to offer.'

There is also plenty more to watch out for in the Dubai Sports City: a 1.8 million square foot shopping mall as big as the Deira City Centre to open by 2009, two hotels, several 40-storey office towers, as well as Phase two of the Canal Residences, Gallery Villas and Victory Heights.

'We are concentrating on delivering what we have promised in terms of the level of quality, and will deliver on time. Our project is focused and we are confident about the future of Dubai which is a very young economy and has further to grow.

'Just look at the Government's plans for a new airport and exhibition complex and the commitment to tourism. We are going to develop sport tourism which is something completely new.'

Mr. Zarooni explains that he and his partners are financing the Dubai Sports City from their own resources and profits on the real estate element, and that they hope not to have to borrow at all.