Tyres screeched; high-powered engines roared. Off the track, tycoons and celebrities flitted between corporate boxes and champagne bars.
When the world Formula One carnival pulled into Abu Dhabi this month – bringing with it names such as entrepreneur Sir Richard Branson, actor Hugh Grant and footballer Patrick Vieira – the wealthy capital of the United Arab Emirates seized the opportunity to dazzle visitors with its showcase infrastructure. Latest additions include a Ferrari theme park boasting the world’s fastest rollercoaster and the futuristic Yas hotel, which loops over the grand prix track.
Beyond the glitz, however, the mood in Abu Dhabi is more sober. The buzzwords these days are “discipline” and “priorities” as the city-state tries to heed the lessons of the debt crisis encountered by Dubai, the sister emirate an hour and a half’s drive away. As one long-time observer says only half-jokingly, “Abu Dhabi is feeling poor.”
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