Abu Dhabi was a global backwater when it started exporting oil six decades ago, with a population of 30,000, few paved roads and clusters of buildings spilling into the desert sands.
Today the gleaming emirate has a population of 4mn largely made up of expatriates and boasts among the highest concentrations of sovereign wealth in the world, having channelled its petrodollars into international investment and domestic development.
In the early decades of its wealth-building efforts, the emirate “kept a low profile by design”, said Diego López, founder and managing director of industry tracker Global SWF. But “Abu Dhabi was always the ‘capital of capital’, for those that knew about it.”
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