Abu Dhabi, the United Arab Emirates’ seat of power, is racing to gain lost ground on neighbouring Dubai and position itself as an international financial hub. Its pitch to companies and investors is fairly simple: money.
The oil-rich emirate styles itself as the “capital of capital”: it has $1.7tn of sovereign wealth holdings and it wants to use them to grow a financial sector to rival Dubai’s busy banking hub, while positioning itself as a safe, low-tax haven for the ultra wealthy.
By focusing on asset managers, private equity and hedge funds, Abu Dhabi is seeking to differentiate itself from Dubai, which boasts a far bigger banking and commercial hub.
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