Tuesday 9 July 2013

Dubai Big Brother Abu Dhabi Drives Spending on Museums Not Malls - Bloomberg

"Less than 100 miles (160 kilometers) of the Persian Gulf coastline separates Dubai from Abu Dhabi, yet economically the cities are growing further apart.
As Dubai recovers from its slump caused by the global financial meltdown, Abu Dhabi is expanding faster, according to figures from their governments published last month. The difference now is that it’s not just because of petrodollars. Building projects and tourism mean the non-oil economy has overtaken Dubai’s entire output, the data showed.
“The recovery in Dubai grabs a lot more headlines, given how hard it was hit,” said Raza Agha, chief Middle East and Africa economist at VTB Capital in London. “The fact of the matter is that for the United Arab Emirates’s non-oil economy, Abu Dhabi’s non-oil sector is equally important.”"

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