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Hand it to Michael Dell. His company, Dell (NASDAQ: DELL) is in talks with the sovereign fund in Dubai to get a big juicy check. But, instead of just cash, Dell is putting together a joint venture to help market PCs in the Middle East. With growth in the US and Europe slowing, the region is one of the few were businesses and consumers still have a strong appetite for processors and big display screens.

According to The Wall Street Journal "The possibility of a relationship with Tecom Investments emerged in comments by Michael Dell, the company’s chief executive, during a news conference in Dubai."

Dell may have cracked part of the sovereign fund code, just when he could use a hand. Dell does not need capital, but it does need partners. Hewlett-Packard (NYSE: HPQ), Lenovo, and Acer are taking market share from Dell in most regions. Sales of the Apple (AAPL) Mac are also taking off outside the US. While companies like HP have a significant retail presence in many markets, Dell is only at the early stages of selling its PCs that way.

With any luck, Dell can get sales ventures, and some money, from funds in Russia and China. It could be critical to the company’s turnaround.

Douglas A. McIntyre