Abu Dhabi, Dubai vie for investor attention
Abu Dhabi has gained momentumsources
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DUBAI, Oct 24 Reuters Abu Dhabi is emerging from Dubai39;s shadow as it attracts its own share of asset managers39; and billionaires wealth, helping cement United Arab Emirates39; role as an alternative to global financial hubs.

Lacking rich oil reserves, Dubai has built up over the past two decades its position as the region39;s No. 1 financial centre, with its allure of low taxes, the application of English common law and exposure to the region39;s brisk economic growth.

Globally, Dubai ranks 16th in the latest tally from the Global Financial Centres Index, while Abu Dhabi is 35th, with both number one and two, respectively, for the Middle East and Africa region.

But over the past few years Abu Dhabi, which holds 90 of UAE39;s oil reserves, has accelerated efforts to diversify its economy, leaning on its vast wealth and sovereign funds that together manage almost 2 trillion to boost nonoil growth.

The emergence of companies in a range of new sectors and potential for business created by Abu Dhabi39;s investments have not gone unnoticed in the international financial community.

It39;s completely changed in the past year, there39;s been an influx of money managers, hedge funds, alternatives etc. coming to conferences…