U.S. business leaders gather in New York to learn about investment opportunities in Dubai

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."