Dubai: City of Money and Mystery



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Dubai: City of Money and Mystery (44:00)
Item# 40550
©2008

It has the tallest building in the world, the biggest shopping mall on earth, and economic growth rivaling China’s. This CNBC Original documentary takes viewers to Dubai, a Persian Gulf city with huge business and investment opportunities—many of which have nothing to do with oil. With insight from American corporate leaders, including J. W. Marriott Jr. and GE’s CEO Jeffrey Immelt, the program features commentary from Mohamed Ali Alabbar, chairman of construction and real estate giant Emaar, and Sultan Ahmed Bin Sulayem, chairman of Dubai World and perhaps the region’s most important businessman. Thoughts from American expatriates shed further light on the depth, strength, and diversity of Dubai’s economy.

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Segments in this Video - (32)

1. Welcome to Dubai (01:04)
 Available for Free Preview

Dubai is a city at the center of the world's attention for its stunning growth and development.

2. Sheikh Mohammed Bin Rashid Al Maktoum (01:02)

Sheikh Mohammed had the vision to understand that oil was a limited resource, so he invested oil money to build a city that would be come the financial and tourism capital of the middle east.

3. Sheikh Mohammed's Top Advisers (00:34)

Mohamed Ali Alabbar, is chairman of construction and real estate giant Emaar. Sultan Ahmed Bin Sulayem is the chairman of Dubai World, the government's holding company. Sulayem controls 100 companies

4. Constructing the Worlds Tallest Building (01:17)

At 156 floors, the building is 70% complete. The majority of building was sold two years ago in about 48 hours. The building will house a luxury hotel, about 800 apartments, and executive office floors.

5. Financing the Development of Dubai (01:03)

Emaar is a public company with 60,000 shareholders. With strong pre sales, and the steady income from Dubai Mall tenants, Emaar can use its own capital and avoid leaning on banks.

6. Hub of the Middle East (01:01)

With 400 million people and no "Chicago" or "New York," the Middle East needs a cultural and financial hub. Dubai's government is all about the creation of that hub and is "serious about what they do every morning!"

7. Sultan Ahmed Bin Sulayem (01:15)

Sultan Bin Sulayem owns Barney's New York and a stake in major Las Vegas resorts. The builder of the palm shaped islands of Dubai and its World Island. Bin Sulayem says confidence is the key to Dubai's attractiveness.

8. Globalization: Interconnectedness of Dubai and U.S. Economies (00:57)

The U.S. continues to be an important market for Dubai. Goldman Sachs and Halliburton have a presence in Dubai, along with 80% of Americas Fortune 500 companies.

9. Dubai's Palm Shaped Islands (00:49)

A decade ago Dubai had only 10 miles of coastline; today it boasts 530 miles of beachfront property. After building the first island, Dubai's government studied the environmental impact, erosion and reclamation, before building the next island.

10. 25 Billion Dollar Development Project (01:28)

Developers are carefully screened before they can buy an island for between 30-100 million dollars. The project is due for completion by 2019, its islands are not sold to individuals, but developers who then build homes for residences.

11. Simple Game: Demand and Supply (01:15)

With 7 million visitors a year and a growing deficit of hotel rooms, Dubai's real estate market remains strong. Dubai's biggest challenge is to come up with something new--everything in Dubai is a "limited edition."

12. Political, Not Economic: Dubai Port Deal (02:41)

Dubai responded to the failed "Dubai Ports" deal by investing 3.5 billion into the U.S. rather than investing in "P.R." to convince Americans not to be afraid of Dubai's involvement in U.S. economy.

13. Citigroup Wealth Management CEO: Sallie Krawcheck (02:03)

Krawcheck says that this region has size to it, but is still growing. Citigroup will be putting bankers and other investment professionals in the region as Dubai's economic growth significantly outstrips that of the U.S.

14. What American CEOs Have to Say About Dubai (01:26)

Perspective on the economic significance of Dubai is given by: Cisco Chairman and CEO John Chambers, General Electric Chairman and CEO Jeff Immelt, Virgin Group Chairman and founder Sir Richard Branson, Marriott International Chairman and CEO J.W. Marriott Jr., and Boeing Commercial Airplanes CEO Scott Carson.

15. Jumeirah Beach Hotel (01:21)

Each room in this world famous sail-shaped hotel is a 2 story suite complete with a staff of 8. Prices range between $1800 and $2500 per night.

16. United Arab Emirates & Natural Resources (02:08)

The UAE tops the U.S. in its use of natural resources per capita. Dubai's government acknowledges its responsibility to minimize the environmental burden.

17. Dubai Demographics (01:48)

Dubai's population has doubled in the last 10 years. Eighty percent of its 1.5 million residence are from somewhere else. The majority of expatriates are Asian, but the number of Americans is growing.

18. An American Family in Dubai (00:59)

An American expatriate appreciates having control over what her children are exposed to in the culture; she says this is a positive contrast to living in the U.S.

19. Dubai: Bridge Between Cultures (01:03)

An American expatriate who feels at home in the U.S. and Dubai talks about whether or when he would return to the U.S. with his family.

20. Living in Dubai: Safe City (01:23)

An American expatriate says he feels safe in Dubai. He states that crime is virtually nonexistent. Women make up only 22% of the population. One American woman says she feels safe, and that she has freedom and luxury.

21. Homesick for America? (01:14)

An American expatriate says that living in modern Dubai does not mean going without quintessential American things; he and his son enjoy American sports television just like back home.

22. UAE and Immigrant Labor Laws (02:29)

Laborers from all over the world work in poor conditions to move Dubai forward. Mohamed Ali Alabbar compares the situation with that of U.S. immigrant labor. He says the government is responding to the problem.

23. Shopping in Dubai (01:18)

Dubai will soon be home to 3 of 10 of the world's biggest malls. At four times the size of the Mall of America, Dubai Mall will be the world's largest shopping mall.

24. Ski Dubai: Desert Oasis (01:18)

With 5 slopes as big as 3 football fields, his indoor ski resort attracts 9 million visitors a year.

25. Dubailand (01:59)

Upon completion, Dubailand will boast 100 square miles of the world's greatest entertainment, including 50 hotels.

26. Theme Parks in Dubailand (00:40)

Universal Studios, Dreamworks, and Six Flags will all have theme parks in Dubailand.

27. Retaining Local Culture in Dubai (01:46)

Alongside Western luxury shops in the mall, Hanayen sells abaya, a customary garment for women. A "plain" abaya can be purchase for about $60, while an abaya adorned with Swarovski crystals goes for about $920.

28. The Other Dubai (00:40)

The local population of Dubai retain their cultural traditions. Islam is official religion, Arabic the traditional language.

29. Dubai's Gold Souk (01:15)

In a space of only 1500 square feet, 300 merchants sell gold. Tax free, duty free shopping is what makes Dubai the gold hub of the world.

30. Camel Racing: Traditional Sport of Dubai (01:50)

There are 15 camel racing tracks across the nation, with 14,000 racing camels in the UAE. Gambling is illegal, but winners receive luxury prizes and cash.

31. Camel Racing: Sport of the Elite (00:50)

Trainers pace their camels from SUVs, driving alongside the track. Human rights activists brought an end to the practice of using child jockeys, so camels wear remote controlled mechanical jockeys.

32. Desert Dreams (00:21)

The future of Dubai unfolds as the world watches.



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