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Abu Dhabi instead of Dubai?

10 October 2008

Over the past decade, Dubai has usurped Abu Dhabi as the dominant financial centre in the UAE, but with concerns mounting over its ability to refinance itself in the face of falling global markets, could cash-rich Abu Dhabi reclaim the leader position?

Dubai has a lot of debt – estimated at around 60% of gross domestic product – and is bereft of the oil and gas reserves that add to the coffers of places like Qatar, Saudi or Abu Dhabi.

What’s more, if global markets get even tighter it’s going to find it more difficult to meet refinancing agreements. If this happens, it may need Abu Dhabi to bail it out.

Are you better off working in Abu Dhabi in this climate? Or is Abu Dhabi about to have problems of its own thanks to the falling oil price?

Comments (3)

Dubai's ascendence has been rapid and unrelenting. Abu Dhabi will have its work cut out playing catch up.

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Comments (3)

  • Dubai's ascendence has been rapid and unrelenting. Abu Dhabi will have its work cut out playing catch up.

    Rave 10 Oct 2008

    RECOMMEND Recommended 0 times | Alert Moderator

  • Dubai is still fundementally strong, there's no way the affect of the global markets can have any sustained affect on the market

    Hutz 10 Oct 2008

    RECOMMEND Recommended 0 times | Alert Moderator

  • Dubai = cultureless, sandy, way too hot.
    Abu Dhabi = beaches, better climate and the region's best kept secret. If jobs are created there, they'll have no problem convincing talent to move across.

    Abu-Dhabi lover 10 Oct 2008

    RECOMMEND Recommended 0 times | Alert Moderator

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