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Princess Haya bint Al Hussein

Dubai, already recognized worldwide for its innovative construction projects and sports events, is considering attracting even more global attention.

Unfazed by growing vacancies in the country's real estate industry, Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum has formed a committee to determine if his country is ready to host the  2020 Olympic Games.

In a media interview covered by most of the Mideast print and online press, Mohammed said if Dubai submits a formal bid to host the 2020 Olympic Games, it will be "in it to win it".

The sheikh, who is also vice president and prime minister of the seven-country United Arab Emirates, said feasibility studies were being done to evaluate costs and benefits.

"No matter what we decide in terms of a possible bid, this process will be good for Dubai," the ruler said.

"It will help us identify the strengths and weaknesses of our transportation systems, our tourism facilities, our sports venues and other vital infrastructure.

"This learning process will benefit Dubai even if we never bid for the Olympic Games."

In comments published by news agency WAM, he added:

"We have a lot to offer. Dubai already has a well-developed infrastructure and a good track record of staging international sporting events, although admittedly not on the scale of the Olympic Games.

"But we also have to be realistic. The summer heat can be a serious problem for athletes. We will have to take an honest look at our weaknesses as well as our strengths.

"I can assure you of this, though: If we decide to make a bid for the Olympics, we will be in it to win. We would not take such a step unless we were quite serious about it."

Construction site in Dubai, UAE

Leaders from the world of sport were in Dubai Sunday for SportAccord, the world's largest sports convention.

The meeting, being held for the first time in the Middle East,  brought together members of the International Olympic Committee's powerful executive board, the leaders of international sports federations and top executives from the sports industry.

The first meeting of Dubai 2020 team, chaired by the Dubai Crown Prince, was held in November 2009.

Reuters reports the Olympic bid subject is the latest effort by the Gulf emirate to attract international attention and business despite its financial woes.

Dubai's ruler has relied on such large-scale global ambitions to help drive his territory from little more than a patch of sand 15 years ago to the Middle East's business, sports and tourism hub.

But the emirate has been hammered by the global financial crisis and is struggling with massive debt from its key business sectors, reports Emirates Business 24/7.

Burj Al Arab

"We are concerned about the climate," the sheikh acknowledged. "On the other hand, nothing will stop us. But still, priority is the athlete."

Mohammed said Dubai was in a solid state, reports Emirates Business.

"The challenge is gone now. We have to be number one at anything we do. It is hard to get there but even harder to stay there," he said.

Flanked by his wife, Princess Haya bint Al Hussein, and several top officials, Mohammed said that  while residents in the region were comfortable with the heat, it was the main issue in preparation for a possible bid.

"The Olympics are a dream for us. It would be a great pleasure and dream for us to have the Games here," he said.

"His Highness was very clear," said Princess Haya, an International Olympic Committee member and President of International Equestrian Federation.

"All of us want to see the Olympics in our part of the world. But we have to be honest about the hot weather and climate," the princess said.

"Until we show Sheikh Mohammed that we are able to answer that question there will be no bid. "

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