Dubai

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For Hotels, Upgrades at Top Boost Bottom Line

Making suites even sweeter has trickle-down effect to lower income brackets

(Newser) - Luxury hotels are spending money to make money, but the dollars aren’t flowing into the average traveler’s quarters, the Wall Street Journal reports. With competition growing and demand for rooms lacking, hotels are burnishing their top suites—some costing $30,000 a night—hoping the added glitz will...

Bollywood Exports Dance Craze
 Bollywood Exports Dance Craze 
May 4, 2008 6:37 AM CDT

Bollywood Exports Dance Craze

Indian ex-pats crowd studios offering lessons in how to shake it like movie icons

(Newser) - Bollywood movies have long been a successful Indian export; now they've spawned another booming business, Portfolio reports: studios that promise to teach fans the dance numbers that drive the films' popularity. "Bollywood dancing is no longer an object of ridicule," says one choreographer. "It's serious business and,...

Dubai Sheik Pays $2.7M for Camel

May have been a record; then Abu Dhabi sheik shelled out $7M for pair

(Newser) - A Dubai prince broke the bank yesterday at an Abu Dhabi event billed as the world's top camel festival, spending $2.7 million on a prize-winning female. That was a record—until an Abu Dhabi sheik outdid him, shelling out $7 million for a pair of racing camels, RIA Novosti...

Dubai Is the New Mecca for Theme Parks

Abu Dhabi, Shanghai also among locations planning impressive amusements

(Newser) - The big US amusement companies—Six Flags, Universal, SeaWorld, Warner Bros., MGM—have all seen the future, and it's in Dubai. That's where the world's largest playland—a sprawling $64-billion collection of theme parks, golf courses, museums and hotels—is going up, but it's only the most dramatic of projects...

When It Comes to Yachts, Size Does Matter

Wealthy owners compete for 'bragging rights' with superyachts

(Newser) - Billionaires have a new way to one-up wealthy neighbors: Buy a bigger yacht. Such jumbo boats confer "bragging rights,” one expert says. "No question, that’s a very strong part of the motivation.” And competition is riding a new crest: Four times as many superyachts, all...

Els Tames Tiger for a Day
Els Tames Tiger for a Day
Feb 2, 2008 2:49 PM CST

Els Tames Tiger for a Day

South African shoots a 65 to lead Dubai by one stroke

(Newser) - Ernie Els knows he has a long way to go, but he will take his 7-under 65 today that gave him a one-stroke lead in the Dubai Desert Classic, reports the Associated Press. Tiger Woods' day included a 73 that pushed him four strokes back, lots of missed putts, and...

Mideast Web Woes Persist as 3rd Cable Is Cut

Repairs could take days or even weeks

(Newser) - A third cable carrying Internet traffic to the Mideast was cut today off the Persian Gulf emirate of Dubai, and web and phone service remained disrupted in large areas of the Mideast and India because of breaks in two cables in the Mediterranean Wednesday. The cables severed earlier carried as...

Are Foreign Bailouts Good for the Economy?

Critics worry rush of overseas cash heralds fundamental

(Newser) - Wall Street firms, battered by the collapsing subprime market, shored by their bottom lines by selling ownership stakes to foreign governments. Although the investments represent a significant change in the US economy, they drew little public criticism and no government intervention. That reaction—or lack thereof—follows years of lobbying...

$20M Payday May Await Bill Clinton
$20M Payday May Await
Bill Clinton
Jan 22, 2008 12:30 PM CST

$20M Payday May Await Bill Clinton

Ex-prez will cut ties to Ron Burkle's company, ruler of Dubai

(Newser) - Hoping to insulate his wife’s presidential campaign from potential conflicts of interest, Bill Clinton is negotiating to untangle himself from a business relationship with billionaire Ron Burkle that includes a potentially sensitive link to Dubai, the Wall Street Journal reports. In the process, Clinton could earn a $20 million...

Gulf Arabs Enjoy Iranian Thaw
Gulf Arabs Enjoy Iranian Thaw
Dec 23, 2007 4:30 AM CST

Gulf Arabs Enjoy Iranian Thaw

Tehran gets trade partners; Arabs get peace of mind

(Newser) - Relations between the Sunni states in the Persian Gulf and the Shias in Iran were chilly before Mahmoud Ahmadinejad came to power in 2005, and they became even frostier afterward. But  now the worm is beginning to turn—and former rivals are making nice. Burdened with UN sanctions and needing...

Oil-Price Surge Fuels Global Investing Binge

Producers' deep pockets evident in Abu Dhabi's Citigroup outlay

(Newser) - Petrodollars have fueled an investing binge in companies ranging from chipmaker AMD to private-equity giant Carlyle Group to Citigroup. And, with nearly $5 billion in oil revenue gushing weekly into Persian Gulf nations, the spree won’t likely slow, the New York Times reports. “The oil-producing countries simply cannot...

Dubai Ruler's Fund Invests in Sony
Dubai Ruler's Fund Invests
in Sony
Nov 26, 2007 4:53 PM CST

Dubai Ruler's Fund Invests in Sony

Stake is likely in the range of $500M to $1B

(Newser) - The fund owned by the ruler of Dubai has bought what it calls "a significant stake" in Sony, Dubai International Capital announced today. DIC hasn't let on to how large the investment is, reports the Financial Times, but said today, "we typically take positions of $500m-$1bn." Any...

MTV Launches New Arabic Channel
MTV Launches New Arabic Channel
Nov 18, 2007 11:45 AM CST

MTV Launches New Arabic Channel

Music videos and Arab rap try to woo a huge under-30 audience

(Newser) - How do you say "pimp my ride" in Arabic? Fans will find out when they tune in to MTV Arabia, a new channel launched yesterday in Dubai. The youth brand hopes to deliver its sassy programs to an Arab world, where two-thirds of the population is under 30, without...

Dubai Buys Nasdaq, LSE Shares
Dubai Buys Nasdaq, LSE Shares
Sep 20, 2007 8:01 AM CDT

Dubai Buys Nasdaq, LSE Shares

Oil-rich emirate looks to diversify, picks up 20% of big indexes

(Newser) - Dubai will buy substantial stakes in two stock markets in an attempt to diversify its holdings beyond petroleum, Bloomberg reports. Borse Dubai, the emirate's investing arm, will acquire almost 20% of the Nasdaq and 28% of the London Stock Exchange. The Nasdaq purchase includes a deal for a Norwegian exchange...

Dubai Betting $5B on Vegas Casino Giant

Deal with MGM Mirage gives Persian Gulf state stake in gaming Mecca

(Newser) - Dubai World—a company owned by the government of the oil-rich Persian Gulf state—plans to invest up to $5.1 billion in MGM Mirage, the world's second-largest casino company, Bloomberg reports. The move would give Dubai a presence in booming Las Vegas and free up assets for MGM Mirage...

Dubai Tower is World's Tallest
Dubai Tower is World's Tallest
Jul 21, 2007 3:59 PM CDT

Dubai Tower is World's Tallest

$1B skyscraper at 1,680 feet; final height will be over 2,200 with 160 floors and 56 elevators

(Newser) - An unfinished skyscraper in Dubai is now scraping the sky at 1,680 feet, surpassing Tawain's Taipei 101 as the world's tallest building. The Burj Dubai, which began construction in September 2004, will cost $1B and consist of more than 160 floors and 56 elevators when completed in 2008.

QE2 to Dock, for Good, in Dubai
QE2 to Dock, for Good, in Dubai
Jun 18, 2007 10:41 AM CDT

QE2 to Dock, for Good, in Dubai

Cruising days over, storied ship will be a floating hotel in the Persian Gulf

(Newser) - After 40 years at sea, the glamorous passenger liner QE2 will be sold by Carnival Cruise Lines to a Dubai firm for $100 million, then turned into luxury lodgings. The company promises to restore the interior of the ship, which will be anchored off three man-made islands, and to build...

Does Saudi Arabia Have a Dubai Complex?

Building binge aims to diversify boom-or-bust oil economy

(Newser) - Saudi Arabia is on a building binge. King Abdullah City—a planned $26.7-billion development where multi-million-dollar yachts will dock in the ports that currently welcome 300,000 Mecca-bound pilgrims—is one of five major “economic cities” the government is building in an attempt to spur private-sector growth and...

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