Abu Dhabi is the capital of, and the second largest city in the United Arab Emirates. Abu Dhabi has grown to be a cosmopolitan metropolis. Its rapid development and urbanisation, coupled with the relatively high average income of its population, has transformed Abu Dhabi, making the city more advanced than most other Arab cities. Today the city is the country’s center of political, industrial activities, and a major cultural, and commercial centre due to its position as the capital. Abu Dhabi alone generates 15% of the GDP of the United Arab Emirates. Abu Dhabi is home to important financial institutions such as the Abu Dhabi Securities Exchange, the Central Bank of the United Arab Emirates and the corporate headquarters of many companies and numerous multinational corporations. One of the world’s largest producers of oil, Abu Dhabi has actively attempted to diversify its economy in recent years through investments in financial services and tourism. Abu Dhabi is the third most expensive city in the region, and 26th most expensive city in the world. Fortune stated in 2007 that Abu Dhabi was the richest city in the world.
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