Dubai an Investment Hot Spot

Which banks are in the lead?

Citigroup is ahead in the game. ABN Amro(ABN) is offering those type of products, so is UBS and HSBC(HBC). These banks have opened Islamic financing windows which help them to originate Islamic financial products. You'll see more.

What about Dubai investing abroad like the Nasdaq deal?

It's quite clear that they have the dollars and they are getting aggressive. More importantly, they have developed the capabilities to run a global business out of Dubai. They are now demonstrating that they have good governance principles which will enable them to manage international assets. The Nasdaq and other deals are examples of their ability to channel petrodollars and enter the international financial community.

What about the scuttled Dubai port deal which received so much attention here in the U.S.? Any lingering backlash?

I don't think so. They are beefing up their own governance principles so they will be able to do those types of deals in the future. They are working to prove themselves to the international community and they are doing a good job of it. You can see it by the private equity and banks streaming over there. Just watch. You'll see.

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