"This is not the 1970s," said Hassan Fattah, deputy editor of the National, an English-language Abu Dhabi newspaper, referring to the high-rolling behavior of the gulf's rich during the first oil boom.
"You've got graduates from Georgetown University who are imbued with a long-term development mentality."
Bhoyrul says Abu Dhabi sovereign wealth funds are eyeing property in Britain as well as blue-chip companies elsewhere in Europe. There is reluctance to invest in American properties after a political uproar about port security forced Dubai Ports World, owned by the government of Dubai, one of the emirates, to sell cargo terminal operations last year at several U.S. seaports, he said.
In contrast, Manchester City fans donned flowing white dishdashas and traditional Arab headdresses to honor the Abu Dhabi United Group led by Sheik Mansour bin Zayed al Nuhayyan, a member of the ruling royal family, who bought their mediocre team and promised to staff it with first-rate talent. The transfer of ownership was to take place late last month. The team has already hired Brazilian star Robinho in a $57-million transfer deal.
Bhoyrul said Mansour and the others originally considered the storied Arsenal soccer club, but balked.
They didn't want to acquire a team that was consistently among the top five and take it to No. 1. They wanted to take a lackluster team and make it great.
"I think what they want is respect more than anything else," Bhoyrul said. "Respect comes with success."
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daragahi@latimes.com
