PROTECTION AND WEALTH BUILDING STRATEGIES 227some banging and a need to change elevators halfway because
the lift could not be completed in one ride.
The name Burj Khalifa is a constant a reminder of the out-
of-control development and investment policies of Dubai before
the 2009 crash. The building was originally called Burj Dubai.
However, Dubai received its financial rescue in 2010 from the
ruling family of nearby Abu Dhabi and the central bank of the
UAE, which is based there.
As a sign of gratitude and respect, the ruler of Dubai, Sheikh
Mohammed bin Rashid Al Maktoum, changed the name of the
building to honor the ruler of Abu Dhabi, Sheikh Khalifa bin
Zayed Al Nahyan.
Burj Khalifa reminds Dubai that despite its glitz and status
as a destination in that part of the world, it is still financially
subordinate to Abu Dhabi, which holds the real oil and finan-
cial power in the UAE.
Surrounding the Burj Khalifa is the Dubai Mall. This is the
world’s largest mall, with over 1,200 shops, and is the largest
visitor destination in the world, with over 80 million visitors
per year — more than Disney World or the Eiffel Tower.
I walked through Dubai Mall on my way to the observation
deck elevator for Burj Khalifa at 10:00 p.m. It was jammed
with shoppers and gawkers from Asia, Africa and Europe and
felt like a true crossroads of the world.
One way to participate in the UAE comeback story is to buy
the iShares MSCI UAE Capped ETF, (NASDAQ: UAE).
It consists of the largest property developers, banks and
industrial companies in the UAE. Since oil prices are near re-
cent lows and the dollar is near recent highs, this could be a
good entry point for UAE.
Any reversal in these macro oil price and dollar trends will
amplify the underlying returns from the companies in the UAE
ETF. We won’t be making UAE one of our portfolio holdings.
But an investment of this type allows you to diversify away