In recent years, the skyscraping economic ambitions of Dubai have overshadowed the exploits of the other six emirates. With oil supplies – until now, the fountain of Dubai's riches – running out, and fast, the emirate entered into a breakneck transformation from an oil-based economy to one fuelled by a mix of eye-popping property, commerce and tourism.

And it's a case of so far, so good, says Ian Scott, a representative of the Dubai Department of Tourism and Commerce Marketing: "Dubai's diversification beyond oil revenues and expansion into other major sectors has been instrumental in its strong financial performance. And it is this success in other industries, such as international trade and tourism, which will reduce the contribution of oil to Dubai's economy to less than 1 per cent of the GDP by the year 2010."

In fact, so well is Dubai doing that you'd be forgiven for thinking it is the United Arab Emirates. But there's nothing like the purchase of a Premier League football club to shed new light on an oft-overlooked map.

This is exactly what the Abu Dhabi royal family did in late August when it purchased Manchester City Football Club and immediately signed up Robinho, one of the world's hottest footballing properties, to play for the team.

Suleiman Al Fahim, who brokered the deal for the royal family, commented that the deal was intended to bring "glory" to the emirate. Indeed, other mega-projects underway in Abu Dhabi also seem to be about prestige as least as much as they are about making money in the here and now.

"Focusing on the cultural and the tasteful, Abu Dhabi has secured a Frank Gehry-designed Guggenheim Museum set to open in 2011, a Louvre to be completed in 2012 and a real coup, the last date of the 2009 F1 calendar, the Abu Dhabi Grand Prix on the all-new Yas Island Circuit," says Andy Welland, managing director of GEM Estates.

This brand-building, rather than a Dubai-style out-and-out dash for cash, suits the comparatively traditionalist and discrete UAE capital well. It's the emirate's healthy oil reserves, though – enough for another 90 years at most – that gives it the time to plot its course more carefully than its neighbour. But like Dubai, Abu Dhabi's plans do definitely include property development – and lots of it.

"With arguably a more considered masterplan than Dubai, where rampant construction is taking place as the egg timer on its oil reserves ticks down to about 20 years, Abu Dhabi has instigated Plan Abu Dhabi 2030," Welland reports.

Plan Abu Dhabi 2030 is an urban development programme covering everything from land use to transportation for the next two decades, over which time its population is set to triple to three million."

This, Welland believes, will help Abu Dhabi push further into the international property headlines. 

"The spotlight will begin to shift from Dubai, or at least be shared by both emirates, and the island marina developments such as Al Reem Island and Saadiyat Island – connected by bridge to the main city – will undoubtedly become highly sought-after addresses.
 
"With residential, leisure and business facilities and cutting edge architectural design, off-plan property prices have already risen by up to 50 per cent over the past year, and demand is not expected to meet supply until at least 2012, according to Morgan Stanley, so there is certainly room for growth for a few years yet."         

Those with £360,000 burning a hole in their pockets can attempt to capitalise on this predicted growth cycle by investing in Harbour Heights, on Al Reem Island. A development that mixes residential with commercial properties, Harbour Heights offers one-, two- and three-bedroom apartments along with a wide range of retail and leisure facilities.

In the eyes of your bank manager, such a purchase could very well bring you glory – much sooner, in all likelihood, than Man City will shoot their way to the Premier League title.

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Article first published 12 September 2008