Word: dubai
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...pole routing. Continental Airlines, for example, flies from Newark, N.J., to Hong Kong, a 16-hour ride, which until recently was the longest. (There are already dozens of flights in the 13-hour range.) Next up: Emirates Airlines plans to start flying nonstop from New York City to Dubai later this year, a 13-hour haul. When Boeing launches its 777-200LR in 2006, it will be a marathon machine with a range of more than 10,000 miles...
...everyone. The deal highlights the competition among the cash-rich gulf states for clout and glory. As Dubai was finalizing its plans to buy OMX and trade it for 20% of NASDAQ, Qatar suddenly triggered a potential new bidding war by swooping up a nearly 10% share of the Nordic exchange. There may be room for more than one financial center in the region. Yet Dubai and Qatar seem bent on a showdown, with Dubai betting on its venture with the Americans and Qatar with the Europeans. "Both of them," one banker tells Time, "think there can only...
...outdone, Dubai's regional rivals have been making some bold global deals of their own. Doha's Qatar Investment Authority is seeking some $2 billion worth of shares in two European stock exchanges, the LSE and Stockholm's OMX, as well as the purchase of the U.K. supermarket giant J Sainsbury. Abu Dhabi, like Dubai, a constituent part of the United Arab Emirates, says its Mubadala Development Co. will pay $1.35 billion for a 7.5% share of the U.S.-based private-equity investment firm Carlyle Group, which owns a diverse range of megacompanies, from chipmaker Freescale Semiconductor and nursing...
...these guys, anyway? Dubai's Sheik Mohammed bin Rashid al-Maktoum, Qatar's Sheik Hamad bin Khalifa al-Thani and Abu Dhabi's Sheik Khalifa bin Zayed al-Nahayan are sons of gulf royalty. But these are not their fathers' investments. Gulf money 20 years ago was being sunk into safe-bet, low-yield U.S. Treasury bonds--or the arms bazaar. Some recent deals--Dubai's brief holdings in DaimlerChrysler and Madame Tussauds, for example--have been opportunistic. But Dubai's bid for NASDAQ is part of a vision for positioning the city-state as a world-class business center...
Indeed, the NASDAQ deal illustrates the sophistication of gulf boardrooms, not to mention a determination to proceed with economic development in spite of the region's political instability. Borse Dubai originally got into a bidding war with NASDAQ over OMX. But when an intermediary suggested that they form a partnership instead, Borse Dubai quickly agreed. According to Borse Dubai chief Essa Kazim, the new arrangement gives Dubai access to even more expertise and global investors than it would have received in a partnership with OMX alone. "We felt we can complement each other," Kazim says. "NASDAQ can continue to expand...