Update - It's Sulayman Al-Bassam directing the Arabic-language Tempest at the Globe Theatre next year.
A certain lack of imagination on their part, I daresay -- but at least they can be confident it will be well done.
Latest update (May 8, 2011): I talked to Sulayman and he is no longer involved in this project. Decided there was not so much that he could interestingly do with The Tempest right now. Stay tuned for more on the whole Olympiad-related extravaganza, and let me know if you have more details.