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Rita Gunther McGrath, an associate management professor at Columbia Business School in New York, has been advising Ireland on attracting foreign investment. She said Ireland sees the UAE as a potential rival.

McGrath, who has been to Dubai, described it as relatively friendly country that's high-tech and with an "appetite for modernity."

Read the entire Dubai wants IT business and US Ports here.

"It's also much easier to value an established business than a sheer concept, because you have data to work with," says Rita Gunther McGrath, an associate professor at Columbia Business School and co-author of MarketBusters: 40 Strategic Moves that Drive Exceptional Business Growth.

To read the entire Choosing a business? Why not skip the startup phase? article, click here.