Demonstrating Dubai’s dynamism on the global stage, Dubai World, the government’s holding company, last month agreed a long-term strategic partnership including a $5bn investment with MGM Mirage, the world’s second largest casino operator. At the same time, Borse Dubai was making an all-cash $4bn hostile bid for Nordic exchange operator OMX.
Meanwhile, back in the UAE, two less controversial initiatives, the emergence of the Dubai Mercantile Exchange (DME) and the development of the multi-billion dollar Khalifa Port and Industrial Zone, a joint venture between the Abu Dhabi and Dubai governments, are likely to have a significant international impact.
