The Qube Exchange

You may have heard Dubai called the Jewel of the Middle East. The city’s known for their billion dollar hotel, as a financial market and European tourist destination. Then there’s Abu Dhabi, lesser known, but the capital of the United Arab Emirates and the richest city in the world. The city of Abu Dhabi has 420,000 citizens sitting on 10% of the world’s oil supply and each worth around $17 million dollars. But until now, the city hasn’t received nearly as much international attention as Dubai, 2 hours to its North. That may be about to change.

The city’s 46 year-old Crown Prince, Mohammed bin Zayed al Nahyan, is determined to put the city on the map. He started out with an airport, placing an $8 billion order with Airbus. He moved on to build a landmark: the $3 billion Emirates Palace hotel with $1,000 per night rooms and $10,000 per night suites.

The true turning point, though was when the city finally allowed citizens to sell their land and for foreigners to own land. Ahmed Ali al Sayegh founded Aldar Properties, the city’s first private development company. People waited in line overnight to buy villas in his first project. The units, each $400,000, sold out in 45 minutes.

Some say there just isn’t room for another Dubai just a couple hours away. The Crown Prince is working to prove them all wrong.

Source:

CNN Money
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