Business | Investment
Dubai World finds new business opportunities amid global crisis
Dubai World has taken full advantage of business opportunities that have opened amid the global credit crisis, the company's chairman, Sultan Ahmad Bin Sulayem, told Gulf News.
- By Jane Ferguson, Sub Editor
- Published: 14:09 November 17, 2008
Miami: Dubai World has taken full advantage of business opportunities that have opened amid the global credit crisis, the company's chairman, Sultan Ahmad Bin Sulayem, told Gulf News.
Speaking on the sidelines of the grand opening weekend of the Fontainebleau Miami Beach resort—the latest high-profile investment for Dubai World in the US—Bin Sulayem outlined their investment strategy to make the most out of the troubled times ahead.
The chairman stressed the need to see opportunities at a time of global financial strife. "There are opportunities and you sometimes have to assess opportunities in a crisis," Bin Sulayem told Gulf News. "We have perhaps missed opportunities in past crises."
In reference to the Fontainebleau Miami Beach resort, which Nakheel Hotels, a business unit of Nakheel, a part of Dubai World, bought a 50 per cent stake in April for $375 million, Bin Sulayem said the credit crisis had undoubtedly helped to secure the investment.
"Had we done this investment two or three years ago, it would have been four times the cost," he said. "Something that did not make economic sense two years ago makes sense now; and value wise, this could never be repeated again."
The chairman also drew on developing markets as a key interest in Dubai World's hotel investment plan. "We have had a lot of time to identify locations in China," he said.
India is also an area being viewed favourably by the company. "Goa is going to be an important area," said Bin Sulayem. "It is the holiday place in India."
The chairman sees India as a good investment area for hotel development and Goa is going to be central to the country's tourism industry in the future, he said.
Dubai World plans to maintain its strategy of investing in landmark hotels around the world, with uniqueness and exclusivity to remain as their most attractive qualities.
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