October 30, 2009
Posted: 1230 GMT

Abu Dhabi, U.A.E. - A central bank has to exude a sense of calm, stability and solidity. I have had the chance to enter a few of these landmark buildings around the globe, most notably the U.S. Federal Reserve, the former Bundesbank in Frankfurt and the Bank of England. 

Abu Dhabi's Formula One debut is seen as the emirate's coming out party.
Abu Dhabi's Formula One debut is seen as the emirate's coming out party.

The halls of the central bank of the United Arab Emirates provide the feeling of a different era. The Bank's communications director has been in his post for nearly four decades, the central banker himself, Sultan Nasser Al Suwaidi, for two decades.

The pace is measured inside the Bank, a complete contrast to the activity outside as the capital of the UAE hosts its first Formula 1 race this weekend - an event that is Abu Dhabi’s coming out party after neighboring Dubai commanded the spotlight for the past 20 years as the financial, trade and tourism hub of the region.

The emirate is buzzing with activity -– singer Beyonce led a weekend line up of concerts -– the corniche in the city center is filled with visitors around the new $2 billion landmark the Emirates Palace Hotel and workers at our hotel the Fairmont were scrambling to put the final touches on rooms to accommodate a surge of arrivals.

One gets the feeling that life here in Abu Dhabi will change dramatically after this weekend. The Emirate sits atop eight percent of the world's oil reserves and has the largest single sovereign wealth fund, with seven others created in the last few years as well. Money is not an issue for the 400,000 or so local Emiratis.

Abu Dhabi owns stakes in Daimler, EADS, GE, Rolls Royce and most recently Ferrari, which led them nicely into the F1 business by affiliation. With that backdrop of activity, one would expect a rethink perhaps of its partnerships and policies. That would be a miscalculation.

Back at the central bank, the Governor in our exclusive interview knocks back any suggestion of change: "We do not see any alternative so far to the U.S. dollar." I probe a bit more to get his views on the secret talks that reportedly took place around the IMF-World Bank meetings in Istanbul, to which he replied, "There was absolutely no discussion on the issue of re-pricing... absolutely not."

The look was consistent with the tone: Steady, serious and matter of fact. It is the same response that came from the Bank in the past 12 months. Al Suwaidi believes the worst is behind the UAE and is confident that the economy will end up in positive territory when the final tally is marked on 2009.

From the calm within the Central Bank, it is time to go back outside where the pace is markedly different and it is literally back to the races.

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Filed under: Marketplace Middle East


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joyce   October 30th, 2009 1452 GMT

i feel sorry for u guys man none of the "american sports" is popular outside the u.s that CNN trie its best to discredit other global sports that fans love

Faten   October 31st, 2009 1923 GMT

It is great to see the UAE back on the map- it's a wonderful country.

George   November 1st, 2009 1544 GMT

As the Economist magazine put it in an article regarding Dubai, this is the first time that the jealousy of the Arabs is working towards their advantage. I think Abu Dhabi will take off and become another Dubai and it'll be interesting with they both expand to the point that the two cities join together into one mega city stretching 100km but it remains to be seen if the two Emirates work that closely in the future, given that they barely share much right now in terms of infrastructure, not even a train linking the two cities.

kioni   November 2nd, 2009 1737 GMT

By hosting big event,they trying to wake Abu Dhabi from dormant stage to fast growing state.Majority of people think Dubai and Abu Dhabi there from different country.The only to make it be recognise is by staging big shows.

John   November 2nd, 2009 2118 GMT

This is a poorly written article. The thesis of the writer was a bit of an anti-climax; with little, if any, hard evidence. And to think this is on CNN.com.

Mike Farrell   November 2nd, 2009 2139 GMT

George – I imagine that you have never travelled outside your little crop circle.

There is a 6 lane highway connecting them and a train is a coming which will also connect to Qatar and Bahrain – figure that one out.

You sound like a small minded person who is a DEM!

H Dastoor   November 3rd, 2009 207 GMT

Abudhabi under new leadership is undergoing drastic changes on all levels. New schools, universities, hospitals, change in academic cirriculum, intellectual thinking, liberalisation of arts scene are promoted. Nevertheless,at core it is still a conservative country.Cautious reform and changes will be pushed thorugh.The citizens and younger generation of Abudhabi are well versed, well travelled and educated enough to decide their future, which is to take the best of the west and stongly integrate those western concepts into their culture. There is no stopping Abudhabi if their plans do materialise.

Lard Dickso   November 3rd, 2009 635 GMT

Unfortunately, workers in UAE are sucked to their last drop of blood, look at the labour camps, unpaid workers, maids committing suicide and you will find the real picture. Many countries, latest being Indoensia have banned their women from working in the Gulf, because of these malpractices. Yes they have the oil power to show off, but in terms of human development and 21 century fair practices, Abu Dhabi is still in the 18 th century.

Jojo   November 3rd, 2009 1632 GMT

I'll tell you why this won't fly......1) Too expensive to go there. For an event to be successful, it has to be accessible to the general public. The cost of the plane ticket to Dubai or Abu Dhabi is just to exhorbitant., 2) Too hot during the summer and since the event falls in October, vacation time is done for most people, 3) Nothing to do there besides watch the race, 4) Different culture, and 5) Too expensive to stay there for the duration of the race with the prices of the hotels and all. I hope it becomes a success,....just doubtful.

Abbas B   November 3rd, 2009 2041 GMT

First of all, I am proud to be a part of Abu Dhabi. Next, Abu Dhabi has always been mentioned as a competitor of Dubai , which is not at all true..Abu Dhabi and Dubai are totally different in their aspects of gaining popularity both economically, and culturally. Dubai spent all its fortune on gaining profits through its comparatively smaller reserves of oil and promoting tourism and real estate whereas Abu Dhabi is taking small but carefully planned steps in promoting the city. Also, as mentioned it has 8% of the world's oil reserves which itself states how rich the city is.

All in all, Abu Dhabi and Dubai are different in all views; and Abu Dhabi will be hugely popular in the coming years.

Jon   November 3rd, 2009 2347 GMT

joyce wrote "i feel sorry for u guys man none of the "american sports" is popular outside the u.s that CNN trie its best to discredit other global sports that fans love"

What the heck are you talking about? This is not an article about American sports popularity in the world and no where in this article does CNN try to discredit any world wide sport. Wake up and get a clue woman.

Congrats to Abu Dhabi on getting the F1 race. F1 is a great sport and its a nice feather in the cap of Abu Dhabi. Something Dubai doesn't have. UAE is a wonderful place to go and I look forward to going to Abu Dhabi now instead of just Dubai.

ted   November 4th, 2009 104 GMT

You did not show any videos of the abu dahbi formula one races.
Is CNN zionist? If you are ,my deepest sympathy.

ali   November 4th, 2009 400 GMT

every1 forgot expeltion of paestinian from the golf when Bush the first attacked iraq.
the emirate arabs betray the palestinian people and will be deal with in the right time
ali jaffa palestin

felix sabiniano   November 4th, 2009 1239 GMT

i totally agree with jon. she must be clueless with what she was talking about. i guess she likes doing american bashing.

Wassim   November 4th, 2009 1334 GMT

It is fantastic to hear such positive reviews about Abu Dhabi but what many people conviniently forget is the way most of the workers are treated in the Emirates in general. It is nothing but slave labor. These workers are bought in from the indian sub-continent (mainly India, Pakistan, Bangladesh and Sri Lanka) and are treated like slaves. They are made to work for a pittance, housed in inhospitable conditions (no air conditioning in 45C temperatures) and still worse their passports are confisticated as that prevents the workers from leaving !! ou also hear countless stories of maids from Asia (Indonesia, Phillipines) being badly treated, assaulted on a daily basis. When most westerners visit the Emirates they only get to see the big buildings, hotels etc but no one speaks a word regarding the labor they use to build them.

John   November 5th, 2009 112 GMT

cnn sucks cnn is jealous of all Arab countries

G Man   November 5th, 2009 804 GMT

John, you have missed the point completely.
Don't let the tall, shiny buildings fool you.
F1 is just something else to buy and "own".

berger   November 5th, 2009 946 GMT

costs have to come down and attitudes towards the rest of humanity must change.Arab racism can be vicious!

Andreas   November 6th, 2009 850 GMT

"You did not show any videos of the abu dahbi formula one races.
Is CNN zionist? If you are ,my deepest sympathy."

Jump to conclusions much? F1 broadcast rights are tightly held and rather expensive. Not something you would throw out on a free web video service.

desmondo30   November 6th, 2009 1018 GMT

All sensible people should stay away from Arab countries
desmondo30

james bird   November 6th, 2009 1217 GMT

In 1977 I left to UK to work in Dubai to set up a Car hire company we had a contract from Swiss Air to transfer Aircrew from the incoming Dubai flight to the Hilton in Abu Dhabi for a few days rest before they crewed a flight back to Switzerland, can you imagine how a very tired crew felt when they were stopped at the border, and there was some unused buildings at the edge of each state ? to be told that you can't go any further in a Dubai registered coach Having then to wait till someone bought a coach from Abu Dhabi. We once had a German Trade Delegation to attend meetings laid on by the Government of Dubai We had 17 Merc's and drivers impounded in Abu Dhabi they were going to a state banquet with the then Ruler of the Emirates until my ex-wife's quick thinking told the Police that they would be in trouble if they didn't let these people go to Sheik Zayed. The same Person I was told who when I lived in Abu Dhabi 5 years later stopped us setting up a Rally club as he didn't want young Emirates killed racing around. But saving the best to last its 1978 and being the only tourist company in the Emirates with coaches was asked by the Meriden Hotels to help open the Sharjah Meridien who brought important travel writers Directors of Hilton Hotels who provided rooms in other parts of the Country Airline people the list goes on, I decided to have a Bedu tent on the beach with Dubai folklore group playing and Dancing etc, it was great but I need to buy a camel which later I was given a fine for keeping a camel in the desert. it after the show. Thinking of the possible tourism I went with an important Local to the Government of Dubai to be be told we don't need tourists we have OIL. There many more things I could add, but most of all Great People, my experiences then are not obtainable to todays Expats. ps forgot to Say I married a Syrian Christian I adopted the Culture. and love the country December 2 is engraved on my heart.

R. Bloom   November 8th, 2009 753 GMT

Wassim:
You sound like one of them out for revenge. No one is forced to come to the UAE, people that come are those that have filled and signed contracts of their own free will, However having said that, there are agencies in Indian and Pakistan etc. that sell false visas, it is comonly known amongst themselves. Only when they have arrived do they find out they have been exploited. It's the UAE who ends up helping them. Also, some of them are coming underage with new passports made with different ages etc. people discover this in casual talk with them when they are hired. When they talk about family ages and their year of birth, it completely contradicts on the info on supposedly legal papers they produce from their countries to companies in the UAE. if you are from any of the South Asian countries, you need to get your own country in ship shape order before criticizing others.

Steve   November 8th, 2009 1052 GMT

I have been a resident in Abu Dhabi for 11 years.
On the surface, squeaky clean, efficient, advanced ,well educated people.
In reality, sewage problems, facades of buildings often fall off revealing the truth....crumbling concrete, poor healthcare, incredibly poor infrasructure considering recent growth, often gridlocked, rude people, no humainty, its just about money. "I have this, I have that look what I bought today, a football team" Many local Arabs have a saying "we came from the camel and to the camel we will return".
Summary. A plastic society, shiny on the outside, rotten to the core on the inside.
Why do I stay? because Im western and the arabs have to keep us happy. I would not fancy being an asian and working here.
It would be nice if Emirates "practiced what they preach".

Adam979   November 9th, 2009 2135 GMT

Steady now Mr James Bird.

I must say there sure are a lot of (not you Mr Bird) bitter people around, Zio-jewish perhaps or is it folk from Texas who think Jesus was born in America?

world traveller   November 12th, 2009 1612 GMT

you need to visit the country before you make any negative comments. i travel frequently for pleasure, i have never seen coutry more advanced than this. i have been to 30 states in the continental US and nothing absolutely is anything like it. some people are just jealous from arab country rising, BY THE WAY IN DUBAI ON EVERY SINGLE BUS STOP it has AC IN IT. ( never got the chance to get into it) show me or tell me where else you would see that???????????? the highways and bridge also the high rises that surpassed all the others in the world. ski inside a mall? i keep go on and on how about the palm tree island? 7 stars hotels? not in a million years we will see that in here. so please you negative people keep your mouth shut :) see before before you make any comment.

mazen   November 13th, 2009 1033 GMT

To steve

It is the government of UAE big mistake allowing someone like you to continue working there in UAE. You are like other westerners do not appreciate the good bay and the good life you having at UAE. I know very well, you and others are not highly productive people, go back to your country and I will bet you, you will be unemployed soon you arrive there.

Scooter   November 13th, 2009 1412 GMT

Having lived in Abu Dhabi for 14 years, watching my young kids who are now adults grow up, you cannot judge the city if you have not been here.

I grew up in the Southern USA and we never would leave our house unlocked or car running at the store. Still to this day, you can do that in Abu Dhabi and not worry.

Yes, there is money and glamour. However, there are honest hard working people that want to be here. No one is asking for government support or welfare programs. They work 40-60 hours a week and provide for their families in a safe, nurturing environment.

N3FOL   November 15th, 2009 632 GMT

Great to hear about this new venue. F1 is top notch. Wish I can travel their and experience the thrill and excitement.

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