Timeshare actually started in 1980 as a solution to the overbuilding of property in Orlando, Florida when two Chicago lawyers bought some apartments that were supposed to be for Disneyland employees,' says David R. Clifton, Managing Director of Interval International.

'They realized that timeshare is actually a very good business if it is run and regulated properly, and today Orlando and Las Vegas are the two biggest cities for fractional vacation ownership in the world. I moved to Dubai because I believe this will be the third major global centre for the industry.

'Dubai has got all the right ingredients, with good winter weather, shopping, entertainment and an up market environment. It also has a huge inventory of property that is going to need end-users.'

Mr. Clifton is therefore not frightened by the prospect of an imminent correction in the Dubai real estate market. Far from it, he sees this as a major business opportunity.

'Our business does well in bad times. People increasingly see holidays as a necessity and not a luxury and they need more vacation in tougher times.

'What timeshare developers have to do is to make the financing of these purchases more attractive by lowering the cost of entry and spreading payments out further. This makes buying a vacation timeshare more like buying a car than a home.'

To step back a little: Timeshare is where consumers buy the right to occupy an apartment or villa for a number of weeks per year. They can also swap these weeks with other timeshare owners, and Mr. Clifton's company operates one of the largest timeshare exchanges.

But Interval International also acts as a quality check, ensuring that like units are exchanged, and advises developers on how to meet these standards.

The first-ever timeshare apartments will be handed over to their owners early this summer in Dubai. The Royal Club at The Palm comprises 50 units on the trunk of The Palm, Jumeirah. Others will follow: Dubai Select has successfully sold a similar number of units in its The Torch tower in the Dubai Marina to UK buyers.

'Dubai is set to issue its Timeshare legislation very soon, and we have been working with the Government for three years on this as we consider a proper legislative framework absolutely essential, so that the problems seen in places like Spain are avoided,' says Mr. Clifton who once built and sold 24,000 weeks of timeshare units in Las Vegas.

'In 1993 we sold 230 units next to The Flamingo Hotel in Las Vegas and people thought that was a lot. But today 3,000 to 4,000 unit projects are happening in Orlando and the vacation home industry their employs 100,000 people and is worth $8 billion a year.

'Ideally developers should take a whole building for timeshare with a selection of one, two and three bedroom apartments, and quality is always a good idea. You need the wow factor when you walk in to sell a timeshare. Ideal locations would be The Dubai Creek, The Lagoons or Dubai Festival City, a beachfront is not essential in my view.'