Dell is talking with Tecom Investments, an investment arm of the Dubai government, about a joint venture that could raise Dell’s sales profile in the Middle East.

Michael Dell mentioned it at a press conference in Dubai but offered no details and early reports suggested Dubai was going to make a direct investment in Dell a la AMD, which may be what happens.

Both Dow Jones and Bloomberg quote Michael Dell as saying he’d welcome an investment from the oil-rich emirate. Local papers quote Telcom CEO Abdulatif Almulla as saying, “We are considering some strategic initiatives.”

Some on Wall Street reflected on Dubai’s lousy investment track record.

Dell is planning on putting a logistics hub in Dubai to service the Gulf region and east Africa.

Dell also met with the Saudi Arabian General Investment Authority on the field visit, reportedly his first to the region. Apparently Saudi Arabia would like to be a regional data center hub and can obviously offer cheaper power.

The spend this year from the region is expected to top $40 billion, with the Gulf Cooperation Council accounting for around 23% of that.