CNBC's Street Signs Recap Nov. 19th
Erin talked about the bullish Dubai and how they bought 20% of the Nasdaq and is building up its infrastructure. US bankers are betting big on the success of Dubai. Krawcheck, the CEO of Smith Barney says that economic growth in the Middle East is tremendous. 30% of CITI's global wealth management is outside the U.S. Growth is much faster in the Middle East than in the United States. She says the revenue from oil is being used wisely to build up infrastructure and to diversify their economies. A lot of US investors are closed off to the Middle East because they associate opportunities too much with Iraq and Iran. She believes a recession is very likely in the US.
Then she talked to Sameer Ansari, Dubai International CEO. He said they are looking to take stake in more large public companies, but would not say with whom. He said they would be billion dollar stocks, within companies that exchange within Dow Jones. The Marriott CEO said they are also building up in Dubai and the Middle East and it is working out well for them.
Erin came back saying that UAE citizens use more of the world's national resources per capita than anyone else, including US citizens. She talked with Gerald Lawless, a chairman at Jumeirah Group. They discussed their new hotel they are building in Dubai and how it is a very spectacular sight and only consists of sweets. It has a boat, canal, and 44 restaurants. Jumeirah will generate about 35% of its income from Asia by 2011. They have 11 hotels in Dubai. He says they are on the way to being up with the best hotels in the world. He expects tourism to reach $15M each year through 2010. They will eventually look to the Caribbean and South America.
Business at the port of Dubai is up 17% in just a year and has become the 8th busiest port in the world. Erin talked with CEO of Dubai Aerospace Enterprise, Bob Johnson, who spent $30B on aircraft from last week. They are currently building a world-class aerospace hub in Dubai. They will add more than 100 aircraft each from Airbus and Boeing. They have a university that will train pilots, an engineering program, and a science program among other things. Their airport is expected to be operational by 2008. Infrastructure costs around $33B.
She then talked with Muhamed Alabbar about the biggest building in the world, which is currently around 156 stories, but is adding a floor every 1.5 days. He says they have about 30% to go. It will be about 40% taller than anything ever built, over 200 stories. He says they provide their own capital, and that oil has nothing to do with their size. They do not underestimate the US economy, but doubts how strong and leveraged it is. They are looking to buy a stake in a US homebuilder within the next 12 months.
Erin talked with Arora, the Google president of Mid East, Europe and Africa. They want to make products accessible to 300 million Arabic speakers. They have had a huge surge in the last 12-18 months.
80% of the people that live in the UAE are not actual residents. Many have gone on strike from poor wages and living conditions. Alabbar said that it's a young country with some issues. He thinks the government is taking the issues seriously. Nevertheless, businesses and leaders are very excited about the economy.
Then she talked to Sameer Ansari, Dubai International CEO. He said they are looking to take stake in more large public companies, but would not say with whom. He said they would be billion dollar stocks, within companies that exchange within Dow Jones. The Marriott CEO said they are also building up in Dubai and the Middle East and it is working out well for them.
Erin came back saying that UAE citizens use more of the world's national resources per capita than anyone else, including US citizens. She talked with Gerald Lawless, a chairman at Jumeirah Group. They discussed their new hotel they are building in Dubai and how it is a very spectacular sight and only consists of sweets. It has a boat, canal, and 44 restaurants. Jumeirah will generate about 35% of its income from Asia by 2011. They have 11 hotels in Dubai. He says they are on the way to being up with the best hotels in the world. He expects tourism to reach $15M each year through 2010. They will eventually look to the Caribbean and South America.
Business at the port of Dubai is up 17% in just a year and has become the 8th busiest port in the world. Erin talked with CEO of Dubai Aerospace Enterprise, Bob Johnson, who spent $30B on aircraft from last week. They are currently building a world-class aerospace hub in Dubai. They will add more than 100 aircraft each from Airbus and Boeing. They have a university that will train pilots, an engineering program, and a science program among other things. Their airport is expected to be operational by 2008. Infrastructure costs around $33B.
She then talked with Muhamed Alabbar about the biggest building in the world, which is currently around 156 stories, but is adding a floor every 1.5 days. He says they have about 30% to go. It will be about 40% taller than anything ever built, over 200 stories. He says they provide their own capital, and that oil has nothing to do with their size. They do not underestimate the US economy, but doubts how strong and leveraged it is. They are looking to buy a stake in a US homebuilder within the next 12 months.
Erin talked with Arora, the Google president of Mid East, Europe and Africa. They want to make products accessible to 300 million Arabic speakers. They have had a huge surge in the last 12-18 months.
80% of the people that live in the UAE are not actual residents. Many have gone on strike from poor wages and living conditions. Alabbar said that it's a young country with some issues. He thinks the government is taking the issues seriously. Nevertheless, businesses and leaders are very excited about the economy.
Labels: Citigroup Inc., CNBC, Dubai, Erin Burnett, Marriott, Street Signs, UAE
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