Abu Dhabi instead of Dubai?
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?
