Abu Dhabi, the emirate that bailed out Dubai in 2009, set out to avoid the pitfalls suffered by its Persian Gulf neighbour with a decades-long plan to replace oil revenue with industry and tourism as drivers of growth.
Now those plans needed to be scaled back as companies behind some of the sheikhdom’s biggest developments cut jobs and postpone projects, said Ghassan Chehayeb, the associate director of research at Dubai-based Exotix.
Delays include beachfront apartments, the first office building that makes more energy than it uses and branches of the Louvre and Guggenheim museums.
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