Sheikh Mohammed bin Rashid al Maktoum

Ruler of Dubai

Sheikh Mohammed bin Rashid al Maktoum, 58, has created a boomtown out of dreams and sand. Unlike neighbors Qatar and Abu Dhabi, Dubai has little oil and gas. Instead, Sheikh Mohammed has sold his city-state as a tourist destination, transport hub, and, increasingly, a financial center, where most of the world's top banks have set up their regional headquarters. This year his aides struck a deal to buy 20% of Nasdaq, a move aimed at boosting the fortunes of the Dubai International Financial Exchange, which will use the Nasdaq brand. While there is some concern about growing debt, overstrained infrastructure, and unrest among the large expatriate Asian labor force, Dubai for now is the envy of its oil-rich neighbors.