With coffers bolstered by a surge in crude prices, countries in the Middle East have seized on lower valuations to hasten their efforts to diversify and prepare for life after oil. With liquidity drying up elsewhere and few investors willing to stomach the volatility, they are in pole position.
Abu Dhabi, one of few cities to control more than $1 trillion in sovereign wealth, has been at the forefront and its efforts have found backing from key stakeholders. United Arab Emirates national security adviser Sheikh Tahnoon Bin Zayed, among the most influential members of the royal family, controls entities that have made aggressive moves particularly within the technology sector.
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