(Bloomberg) -- The massive translucent cones sliding down the sides of the Guggenheim museum in Abu Dhabi are finally visible to passersby whizzing through...
-- The massive translucent cones sliding down the sides of the Guggenheim museum in Abu Dhabi are finally visible to passersby whizzing through the city’s highway. It’s set to be about 12 times the size of its New York counterpart.With Housing Costs High, Democrats Hone YIMBY Message
There are challenges to the desert city’s big ambitions. The Middle East is heating up at one of the world’s fastest rates and while the UAE is among countries that have pledged to reduce emissions, there are concerns parts of the Gulf could become too hot for people over coming decades. The region can also be volatile — the Israel-Hamas war, now in its 11th month, still threatens to spill over into a wider conflict.
In the decades that followed, it was Dubai that emerged as the regional hub, with its open-for-business approach attracting the most influential names in finance. Abu Dhabi took a more staid approach for years, though that’s now changing. Its quest for new residents also coincides with Riyadh’s increasingly aggressive expansion push, setting the stage for a three-way tussle for talent.
“People and capital are fickle and they can move on to the next shiny thing,” said Sarah Moser, a professor at McGill University and director of the New Cities Lab. “Just because you build it, it doesn’t necessarily mean people will come forever. They may come for the first years or decades, but people are very mobile and without offering citizenship people and capital can move.”Those potential challenges haven’t stopped buyers.
“Dubai was the showier emirate,” Moser said. “But that changed in recent years and now Abu Dhabi has a completely different strategy. It’s all about attracting international investment and diversifying the economy.” Abu Dhabi's strategy of expanding the population could carry risks because it depends on the availability of cheap oil for the energy needed to cool homes and offices in an ever heating world, Moser said.
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