Yes, Abu Dhabi is oil rich but the thing that a lot of people find surprising is that 64% of Abu Dhabi's GDP comes from non-oil or gas sources. The Abu Dhabi Investment Authority (ADIA) was set up in 1976 to manage surplus money from all the oil that keeps spurting out of the ground.The interesting thing about this is at the time every other country with a surplus was investing in quick-yield, short-term investments, ADIA was investing in low-yield, long-term investments. (Here is a photo of the AIDA building taken from my friend's blog, Abu Dhabi Daily Photograph.) To this day, they're still one of the only countries investing in the long term.
So to all of you who think all the U.A.E. does is blow their money on fancy new buildings, palm-tree shaped islands, and Formula One tracks, think again. They're busy buying up residential real estate in London, New York, Chicago, Milan, Paris, Rome and Los Angeles.
I just wish they wouldn't leave their lights on all night in that building!
ReplyDeleteWorking all night investing that surplus money, no doubt.
ReplyDeleteThey can do that all by about 14.30, then off home! So no excuse for the lights......
ReplyDelete