Dubai Executive Council Chairman Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, with a model of Universal City Dubailand

To herald the launch of Emirates Airlines’ non-stop flights to New York, creative outdoor media specialist - Mediahub - placed this awe-inspiring 185meter high Statue of Liberty, on Dubai’s busy Sheikh Zayed Rd. Reportedly the tallest advertisement in the world, the statue image towered over twice the height of the original statue and was visible from over 15kms away.

It’s indicative of the growing stature of Dubai that rarely a day goes by without news of a major U.S. corporate setting up an office or operation in the city, with the oil, legal and hospitality sectors proving the strongest magnets.

Rosewood Hotels recently announced plans to debut in the U.A.E. hospitality industry with a luxury hotel due to open in the Dubai International Financial Center (DIFC) in late 2009, the first project by a U.S.-based developer in Dubai.Daman Investments and JMJ Hospitality are the investors in the 200-room property, which will also contain 55-managed residential properties.

John Scott III, president and CEO of Rosewood, chose the DIFC because of its prime city center location and ideal positioning within the financial district. JMJ is hopeful that the DIFC venture will serve as a springboard for more investment across the region.

Those that have had the foresight to establish themselves in Dubai are expanding rapidly to keep up with rising demand.

Marriott is opening 16 new hotels in the Middle East in the next three years, including the 300-room Renaissance Dubai Marina that will open in 2010 and the JW Marriott Hotel Dubai Lifestyle City that will contain 102 chalets and 68 rooms. The 14-storey Ritz Carlton at the Dubai International Finance Center is due to open by the end of next year.

Last September, Akin Gump became the first U.S. law firm to receive a license from the Dubai Financial Services Authority to provide legal services to financial institutions operating in the Dubai International Financial Center. The firm recently took on an additional partner and senior associate.
Demand among regional and international clients for legal expertise in relation to investment funds, private equity and Islamic finance has grown considerably.

Universal rides on Dubai success
It’s official: Disneyland is coming to Dubai. The 22 million square feet Universal City Dubailand is about to shoot up in the city at a cost of $2.2 billion.

The centrepiece will be a Universal Studios theme park covering 6.5 million sqare feet. The city will also include more than 4,000 hotel rooms, 100 restaurants, retail outlets, commercial offices and residential areas.

Saeed Al Muntafiq, executive chairman of tatweer, said there is no doubt that the new project will contribute to highlighting Dubai as a global tourist destination, providing the tourism sector - one of Dubai’s most active sectors - with a strong drive to further diversify the economy. “Universal City Dubailand’s unique offering is in its diverse components which will attract visitors from around the world, including the Asian subcontinent, central and east Europe and South Africa.”

Universal Studios Dubailand will attempt to blur the line between fact and fiction, enabling visitors to relive their favourite stories on the silver screen. Scenes from the biggest names in filmmaking history such as ‘Jurassic Park’ and the motion picture ‘King Kong’ among many others will be transformed into adventures with the completion of the project, which will contain four zones, including Hollywood zone, Metropolis zone, and Adventure zone.

Thomas L. Williams, chairman and CEO of Universal Parks & Resorts, said: “The vision of the leadership of Dubai, the investor-supportive environment and the convenient geographic location of Dubailand, combined with other strategic and iconic offerings, all contribute in making Dubai our location of choice for our first branded theme park in this region.”

With three-time Academy Award winner Steven Spielberg on board as a creative consultant, its theme parks are known for some of the most thrilling and technologically advanced ‘ride-the-movies’, motion picture and television show-based attractions.

Universal operates theme parks in Los Angeles, Florida, Japan and has licensing agreements with existing parks in development in Singapore. Universal Parks & Resorts worldwide enjoys more than 46 million guests annually to its theme parks, hotel facilities and CityWalk entertainment centres.
Al Muntafiq added that the Universal Studios Dubailand will be one of four similar family entertainment destinations around the world. Universal Studios Dubailand will be in addition to the other ‘Universal Studios’ in Los Angeles, Orlando and Japan.

Halliburton commits to Dubai
Undoubtedly the biggest corporate move of the year concerned the relocation of Halliburton’s headquarters from Houston to Dubai in May.The office, located on Sheikh Zayed Road on two floors of the Al Moosa Tower 1, is operating with an initial staff of about 10 to 15 employees and it is thought CEO Dave Lesar will also make the move to the United Arab Emirates.

The relocation threatened to create the same political furore as the U.S. ports acquisition involving DP World, with Hillary Clinton among the most vocal opponents.

But Halliburton, which is no stranger to the Middle East, employing around 3,000 people stuck to its guns, and the commercial and geo-political benefits of moving to centrally located, secure Dubai have proved too good to resist. Analysts predict the move will save the company several million dollars.

Halliburton’s Dubai base will provide closer access to the growing Asian markets. About 38 per cent of its $13 billion oil-field services revenue is now derived from the East.
The United Arab Emirate’s proximity to Iraq and Iran is clearly another draw. Halliburton is estimated to have scooped up contracts worth $25.7 billion from war-torn Iraq.

Commercial ties strengthen across region

Trade between the Gulf Cooperation Council (GCC) countries and the United States totaled $53.8 billion in the first 11 months of 2006, 8.7 percent higher than 2005.

The IDEX defense exhibition at Abu Dhabi in February attracted 40 U.S. exhibitors and received strong U.S. embassy support, while the American Education Expo had to be expanded over two days.
U.S. Under Secretary of State for Management, Henrietta Fore, recently flew in to meet with U.A.E. government officials and the American Business School.Etihad Airways started flights to New York last year, and Emirates, which already serves New York, launches non-stop services to Houston in December – set to be the longest flight in its network at 17 hours. That is sure to be good news for Halliburton boss Dave Lesar, as he prepares to shuttle between Texas and the United Arab Emirates.