Abu Dhabi billionaire Sulaiman Al-Fahim, CEO of developer Hydra Properties, bought Manchester City Football Club from former Thai Prime Minister Thaksin Shinawatra, who was forced to sell the team after Thailand froze his assets. The cost, £200 million ($360 million), is insignificant for al-Fahim, who is funded by the Crown Prince of Abu Dhabi, Sheik Mansour bin Zayed Al Nahyan.
Little was known about the deal before it was completed on September 1, which was also soccer’s player transfer deadline. The new ownership immediately made several lavish bids for players and was able to sign Brazilian star Robinho from Real Madrid for a British record £32.5 million.
Abu Dhabi is the capital city and largest emirate of the United Arab Emirates, but it has been overshadowed by neighboring Dubai. Dubai has become world famous for extravagant projects including the world’s tallest building, a string of manmade islands shaped like countries, and Dubailand, a massive resort and theme park that includes Dubai Sports City, a complex featuring several modern sports stadiums.
Abu Dhabi has spent its enormous oil wealth on less flashy developments, like a Guggenheim Museum and Louvre art gallery. Al-Fahim, the “Arab Donald Trump,” intends “to create Abu Dhabi as the capital of sport and culture in the Middle East, to attract all the important events.” He will use Manchester City to promote his image and the image of Abu Dhabi.
“We are dealing with an economic superpower here and it is going to completely eclipse Dubai in the coming years,” Christopher Davidson, Middle East expert at Durham University, told the Daily Telegraph. “The Manchester City investment is sending money abroad, but its purpose is very much about putting Abu Dhabi on the map.”
It might not be long before Dubai ownership enters the Premiership. Days after the Manchester City deal, Dubai International Capital, an investment arm of Dubai leader Sheik Mohammed, renewed a bid for Liverpool Football Club after failing to buy the club last year.