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Saturday, 27 June 2009
Abu Dhabi's fortune favors the bold
The longstanding sibling rivalry between the two biggest members of the United Arab Emirates, always complex, has taken a remarkable turn in recent months.
For years, as its neighbor on the Persian Gulf, Dubai, engaged in a frenzy of construction and deal-making, Abu Dhabi -- the capital of the UAE and owner of its deepest petroleum reserves -- was mostly content to keep its ambition in check. Its caution underscored old stereotypes about its role as the wary, wealthy older brother to an aggressively ambitious emirate next door.
Now, as Dubai struggles to recover from the dramatic collapse of its real-estate market, Abu Dhabi is taking advantage of the downturn to savor a moment in the spotlight. The emirate is actively promoting its 2030 Plan, a wide-ranging blueprint for growth unveiled in 2007. It is also moving forward on a number of big-ticket urban initiatives that it has the luxury of financing to a significant degree from its own coffers.
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