Dubai successfully placed itself in the global map with its award winning "public stunts" - from the sponsorships of world renowned soccer clubs, world's most expensive horse race and to iconic projects such as world's tallest building and expensive venture into the corporate world.
All done to positioned itself as the destination brand for the world, business and leisure alike!
With more reserves than Dubai, many have turned their eyes to its larger and richer "sibling", Abu Dhabi!
Today, Abu Dhabi announces one of its many strategic investments - they now owns one of America's icons, the Chryler Building.
The once world's tallest building was acquired by Abu Dhabi Investment Council for an undisclosed price.
The purchase of Chrysler Building will certainly place Abu Dhabi as a formidable contender for the Region's brand powerhouse - a status symbol that long being held by Dubai.
Full report below from Gulf News
New York: New York's
Chrysler Building, the Art Deco icon that helps define the New York
skyline, was bought by an Abu Dhabi sovereign wealth fund, the second
purchase of a Manhattan landmark by Middle East investors in many
months.
The skyscraper at 405
Lexington Avenue, the world's tallest building until 1931, was acquired
yesterday by the Abu Dhabi Investment Council for an undisclosed price.
Last month a Dubai fund, Boston Properties, and Goldman Sachs Group
paid $2.8 billion for the General Motors Building.