Word: dhabi
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...international economic downturn, especially compared with many of its Gulf neighbors. As the region's premier business, transportation and tourism hub, it is by definition more entwined with the global economy. And in tight times, Dubai lacks the windfall oil profits that have enabled sister emirate Abu Dhabi, for example, to amass a financial cushion in sovereign wealth funds totaling hundreds of billions of dollars...
...glitziest structures. Their coffers bulging with surpluses, many Persian Gulf states are turning their desert into one giant construction site. There's the City of Silk project in Kuwait, Dubailand in Dubai and any number of ports, airports, universities and giant residential and industrial complexes abuilding in Qatar, Abu Dhabi, Bahrain and elsewhere. KAEC "is not a vanity project, but there is definitely a statement being made," says a Riyadh businessman who asked not to be identified for fear of offending King Abdullah, who is personally keen on the new city that bears his name. "It is the Saudis saying...
...Their coffers bulging with surpluses, many Persian Gulf states are turning their desert into one giant construction site. There's the City of Silk project in Kuwait, Dubailand in Dubai, and any number of ports, airports, universities and giant residential and industrial complexes coming up in Qatar, Abu Dhabi, Bahrain and elsewhere. KAEC "is not a vanity project, but there is definitely a statement being made," says a Riyadh businessman who asked not to be identified for fear of offending King Abdullah, after whom he new city is named. "It is the Saudis saying to the rest of the Arabs...
...provide financing on their own for the often wildly ambitious real estate and development projects that had become commonplace in the region. "Every day you could open the newspaper and read about new mega-projects worth billions of dollars," says Nazem Al Kudsi, the chief executive officer for Abu Dhabi Investment Co., which is part of a sovereign wealth fund that recently bought New York's Chrysler building. "Today, there are not as many projects in the system...
...More attractive to ADUG, perhaps: the United Arab Emirates (UAE), including Abu Dhabi, are eager to raise their sporting profile, says Simon Chadwick, a professor of sport business strategy and marketing at Coventry Business School. Abu Dhabi will host its first ever Formula One motor race next year, and Dubai even considered bidding to host the 2016 Summer Olympics. Snapping up Manchester City, then, is another way of "announcing your presence to the world," Chadwick says, of "establishing relationships with key decision makers in football, demonstrating they have the confidence and expertise and have the money to spend." ADUG...