PHO T O G R A P H S B Y B E N J A M I N L O W Y The <strong>Emirates</strong> Palace hotel and <strong>the</strong> skyl<strong>in</strong>e of Abu Dhabi
a l M u b a r a k is a m a n <strong>in</strong> a h u r r y .T h e 3 1 -y e a r-o ld , A m e r ic a n -e d u c a te d d e v e lo p e r s te p s o n th e g a s o f h is s ilv e r A u d i a n d z o o m s p a s t a h o le <strong>in</strong> th e g r o u n d c r a w l<strong>in</strong> g w ith c o n s tr u c tio n w o rk e r s — th e fu tu r e h o m e o f a $1 .3 b illio n c o m p le x fe a tu r <strong>in</strong> g th r e e s k y s c r a p e r s , tw o fi v e -s ta r h o te ls , a n d a s o u k .T h e c a r z ip s b y a n e w $3 b illio n h o te l th a t b o a s ts 1 ,0 0 2 S w a r o v s k i c r y s ta l c h a n d e lie r s a n d a g o ld -le a f d o m e la r g e r th a n th e o n e a to p S t.P a u l’s C a th e d r a l <strong>in</strong> L o n d o n .I n th e d is ta n c e , g litte r <strong>in</strong> g <strong>in</strong> th e a q u a -b lu e P e r s ia n G u lf, a r e d o z e n s o f is la n d s th a t w ill o n e d a y s p r o u t s k y s c r a p e r s , h o te ls , m u s e u m s , h o s p ita ls , a n d fa c to r ie s fi n a n c e d <strong>in</strong> p a r t b y th e g o v e r n m e n t- o w n e d <strong>in</strong> v e s tm e n t c o m p a n y th a t K h a ld o o n r u n s , M u b a d a la D e v e lo p m e n t.I n a ll, p la n s c a ll fo r a lm o s t $2 0 0 b illio n to b e s p e n t h e r e o v e r th e n e x t te n y e a r s . “ W e m o v e fa s t,” K h a ld o o n s a y s , h is c r is p , w h ite h e a d s c a r f w h ip p <strong>in</strong> g <strong>in</strong> th e w <strong>in</strong> d .“ T h <strong>in</strong> k a b o u t it: H o w m a n y p la c e s <strong>in</strong> th e w o r ld c a n y o u s a y , ‘I ’m g o <strong>in</strong> g to e s ta b lis h a n a ir l<strong>in</strong> e ,’ a n d b o o m , tw o y e a r s la te r y o u h a v e 2 1 p la n e s a n d 3 7 d e s t<strong>in</strong> a tio n s H o w m a n y p la c e s <strong>in</strong> th e w o r ld c a n y o u s a y , ‘I n e e d 1 5 ,0 0 0 h o te l r o o m s ,’ a n d b o o m , y o u h a v e 1 0 0 n e w h o te ls <strong>in</strong> th e w o r k s H o w m a n y p la c e s c a n y o u s a y , ‘I w a n t w o r ld -c la s s h o s p ita ls , u n iv e r s i- tie s , a n d m u s e u m s ,’ a n d b o o m , th e S o r b o n n e , C le v e la n d C l<strong>in</strong> ic , G u g g e n h e im , a n d L o u v r e a r e o n th e w a y ” W e lc o m e to A b u D h a b i, th e c a p ita l o f th e U n ite d A r a b E m ira te s a n d th e r ic h e s t c ity <strong>in</strong> th e w o r ld .T h e e m ir a te ’s 4 2 0 ,0 0 0 c itiz e n s , w h o s it o n o n e - te n th o f th e p la n e t’s o il a n d h a v e a lm o s t $1 tr illio n <strong>in</strong> v e s te d a b r o a d , a r e w o r th a b o u t Khaldoon Khalifa al Mubarak sits <strong>in</strong> front of portraits of Sheikh Zayed (center) and sons Khalifa and Mohammed. $1 7 m illio n a p ie c e .(A m illio n fo r e ig n w o r k e r s d o n ’t s h a r e <strong>in</strong> th e w e a lth .) Y e t m o s t p e o p le c o u ld n ’t fi n d A b u D h a b i o n a m a p . K h a ld o o n ’s jo b is to c h a n g e th a t.T a ll, h a n d s o m e , a n d p o litic a lly s a v v y , h e w a n ts to m a k e h is h o m e to w n m e n tio n e d <strong>in</strong> th e s a m e b r e a th a s S <strong>in</strong> g a p o r e , T o k y o — a n d y e s , D u b a i. B u t d o e s th e U A E , a fe d e r a tio n o f s e v e n e m ir a te s s tr u n g o u t a lo n g th e P e r s ia n G u lf, n e e d a n o th e r D u b a i ju s t a tw o -h o u r d r iv e a w a y D o e s it n e e d a n o th e r lo n g -h a u l a ir l<strong>in</strong> e , a n o th e r fi n a n c ia l c e n te r, a n o th e r to u r is m d e s t<strong>in</strong> a tio n , a n o th e r b illio n -d o lla r h o te l “ T h e s h o r t a n s w e r,” s a y s K h a ld o o n , “ is y e s .B u t I d o n ’t lik e to u s e c o m p a r is o n s w ith D u b a i.W e ’r e n o t tr y <strong>in</strong> g to b e D u b a i.W h a t th e y ’v e d o n e is p h e n o m e n a l, a n d w e ’r e v e r y p r o u d o f it.B u t h e r e w e h a v e a u n iq u e o p p o r tu n ity to g e t it r ig h t.” T h a t’s a s u b tle d ig a t A b u D h a b i’s b r a s h n e ig h b o r to th e n o r th . O n th e s u r fa c e , w h a t’s h a p p e n <strong>in</strong> g <strong>in</strong> A b u D h a b i m ir r o r s D u b a i. B u t w h a t’s d r iv <strong>in</strong> g g r o w th h e r e is d iffe r e n t.D u b a i is a s to r y o f s u r v iv a l— h o w o n e s m a ll c ity r u n n <strong>in</strong> g o u t o f o il s a v e d its e lf w ith a m ix tu r e o f to u r is m , c o m m e r c ia lis m , a n d p iz z a z z .A b u D h a b i d o e s n ’t n e e d to d o a n y th <strong>in</strong> g .It h a s th e o il r e s e r v e s a n d th e fi - n a n c ia l c u s h io n to s it b a c k a n d w a tc h th e D u b a i e x p e r im e n t.B u t th e le a d e r s o f a n e w g e n e r a tio n w a n t m o r e .A n d th e y w a n t it o n th e ir te r m s , w ith a ll th e s p le n d o r a n d n o n e o f th e c r a s s n e s s th a t h a s a ffl ic te d D u b a i.“ T h e y k n o w th e y a ls o h a v e to d iv e r s ify th e ir e c o n o m y a w a y fr o m ju s t o il,” s a y s C h r is to p h e r D a v id s o n , a p o litic a l s c ie n c e p r o fe s s o r a t D u r h a m U n iv e r s ity <strong>in</strong> B r ita <strong>in</strong> , w h o h a s w r itte n a b o o k o n th e U A E .“ B u t th e re ’s a ls o a b it o f r iv a lr y .A b u D h a b i is p e e v e d th a t D u b a i is 1 7 0 • F O R T U N E M a r c h 1 9 , 2 0 0 7
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