Oil boom helps UAE become second largest Arab economy

ABU DHABI: Unveiling details of Abu Dhabi’s new capital district yesterday, the project’s chief planner said the ambitious development will help the nation define itself.“This is the single most important project in the whole UAE,” Falah al Ahbabi, the general manager of the Urban Planning Council said.
“We felt that we needed to relate people to their federal identity. We wanted to gather all the federal governmental offices in one area to achieve that target.”The full plan was revealed at the opening of the Cityscape Abu Dhabi exhibition, which in the wake of the global economic downturn, saw some developers indicate a change in focus from grandiose projects revealed at the exhibition in previous years.
Many developers indicated they were altering their projects and cutting prices to ensure developments remained viable.The exhibition was officially opened by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who said that the UAE economy still enjoyed stability and resilience, despite the downturn.