A Visit To Dubai Inc.

(CBS)  This segment was originally broadcast on Oct. 14, 2007. It was updated on July 30, 2008.

Dubai is a tiny sheikdom nestled along the Persian Gulf on the eastern edge of the Arabian peninsula and part of a tiny, oil-rich country called the United Arab Emirates. Over the course of just a few decades, it has transformed itself from a spit of sand about the size of Rhode Island into the Singapore of the Middle East.

It's a political, economic and financial success story, in a region torn by conflict, and as 60 Minutes first reported last October, it's all the vision of one man, Sheikh Mohammed bin Rashid al Maktoum. He rarely gives interviews and but he gave one to correspondent Steve Kroft, along with a tour of his sheikhdom.

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No matter how many articles you read or how many pictures you see, they don't quite capture the enormity and the energy of Dubai. It is a physical manifestation of Arab oil wealth set in concrete, glass and steel, a place so rich and ambitious that is changing the geography of the world as a business center, transportation hub, and tourist destination.

It's a 21st century city at the crossroads of a new world. Skyscrapers rise in clusters, man-made islands rise from the sea, and entire neighborhoods with hundreds of office buildings and apartments that rise from the sand. And it is all Sheikh Mohammed's vision.

One project, called by some the "largest construction site on earth," was just desert several years ago. The site employs half a million laborers, working 12-hour shifts on a reported $300 billion worth of projects, building Sheikh Mohammed's dream of a modern, efficient and tolerant Arab city with fine restaurants, a vibrant nightlife, that is both the playground and business capital of a new Middle East.

"What are you trying to do here? What do you want this place to be?" Kroft asks.

"I want it to be number one. Not in the region, but in the world," Sheikh Mohammed says.

Asked what he means by "number one in the world," Sheikh Mohammed says, "In everything. High education, health, housing. Just making my people the highest way of living."

At 59 years old, he is one of the richest people in the world, a member of the Maktoum family which has ruled here for nearly two centuries. He is a former air force pilot and an avid horseman who competes in cross country endurance races and is one of the largest breeders of thoroughbred race horses in the world.

By Western standards his marital situation is a little complicated. He's married to Princess Haya, the daughter of the late King Hussein of Jordan, but he also has another wife who is rarely seen in public.

He is frequently described as a workaholic and, as 60 Minutes found one morning, always in motion. The sheikh, who likes to stay on his feet, walks around without a security detail.

He is famous for dropping in unannounced at construction sites and government offices to see how things are going.

He uses his cars as mobile offices, traveling most of the time by himself.

There is a little bit of Donald Trump in him, at least when it comes to showmanship and getting people to come to Dubai. "You know this building up here? This is where we have snow skiing," Sheikh Mohammed points out.

The strange looking building the sheikh had pointed out is the world's tallest indoor ski slope. Outside it may be 120 degrees but inside it feels like the Alps.

There is the Dubai World Cup, showcasing the fastest horses in the world running for the world's richest purse. Not to mention the most luxurious hotel in the world, the Burj al Arab, where the cheapest room is $2,000 a night.

"Why do you want everything to be the biggest, the tallest?" Kroft asks.

"Steve, why not? Why not? If you can have it in New York, why can't we have it here?" Sheikh Mohammed asks.

"Why are you in such a hurry? Most people would try and do this in a lifetime, not five years," Kroft asks.

"I want my people to live better now. To go to high school now. To go to good health care now. Not after 20 years," the sheikh explains.

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[Travel_guide]

The impact of regional unrest on foreign investment in Dubai, will be positive in general. But this is not the first time. This is what has happened during all the decades that have passed.

http://www.guide2dubai.com/

[dubairent]

That topic is very interesting and useful for dubai investors. They can easily judge dubai recent situation through this article. Economy in Dubai or anywhere around the world is almost very frustrated.?

http://www.bayut.com

[atiqsusan]

Well, nice to know this and its Sheikh. It's really wonderful and fantastic.

[Eternalspring]

I understand that for 60 minutes it might be difficult to find out the truth or get the courage to report on it but if you live in the city for any length of time few things become apparent:
Emeratis are some of the worlds most racist people. They have zero respect for Southeast Asians!
You can be jailed for for kissing in public and yet there are more prostitutes than in Amsterdam....by order of magnitude.
Picture of the Shaik Mohamed is EVERYWHERE! The crew who was working on this documentary could not have possibly miss it. And they do make an statement that it is not a free country but it is so blatantly obvious when you land there that it is not even funny!
They will attack you and there is no recourse if you question they culture even just out of curiosity. They will attack you if you try to ware their cloth. Yet they come to the free world to EU and US and are free to criticize, free to live by our rules.
It was mentioned that education is free and the the Shaikh is trying to create better world for the citizens. Well, the emirates are a fraction of the population, around 15%. I met without any problems people of Indian origin born in UAE who have no prayer of getting citizenship in Shaik Mohameds country! Nor do any of the kids of the Indian workers who live their lives in UAE get free education or healthcare, that is only for the Emeratis! And what about the fact that the employers hold the workers passports? Workers have to beg the employer for passport to go for a funeral to India.
Well, yes a few things were left off, but agreed those things left off are difficult to talk about. I believe it is out duty to talk about all those difficult things.

[fingerson-2009]

Where are they getting their electricity? Nuclear plants?

[Eternalspring]

They run diesel generators. Oil there is cheap. The funniest thing is that they burn oil to power desalination plants to generate massive amounts of water to irrigate the desert and you see lush green lawns in the city and plenty of trees and they call themselves 'green'.

[nagma-2009]

Except for a pithy reference to ''building without regulation'' and ''changing of geography,'' you avoided the expose of a gigantic environmental disaster that the planet and world''s people will ultimately have to pay for. The long-term forecast for Dubai society does not look very promising either.

[nagma-2009]

Except for a pithy reference to ''building without regulation'' and ''changing of geography,'' you avoided the expose of an environmental disaster that the planet and world''s people will ultimately have to pay for. The long-term forecast for Dubai society does not look too promising either.

[revcsg]

PLEASE could we not get it right? Burqa is a word used to describe the women''s blue tent like garb (that has a woven net over the eyes)in Afghanistan which is not an Arab country. In the Middle East it is not used. In the Arabian Gulf region including Dubai, Qatar the word most used is Abaya. I have heard the word Burqa used time and time again recently in the States.It is not correct and thus we are embarrassing ourselves by our ignorance certainly in the eyes of others who know better.

[kffinance]

Great sales pitch for Dubai. Mr. Kroft never mentioned that you will not be allowed in Dubai if you have an Israeli stamp in your American passport - traveller beware.....

[xlib]

Oh veteran, no, no, no. See, this is the place that bubba made big, big bucks. See, you''re still buying into that class envy thing. That doesn''t work anymore. Do some research and see just who are the rich scumbags. I do believe there would be many, many dems. Besides, why so jealous??