In fact, Saadiyat will probably succeed, albeit in a limited way and not for the reasons suggested.

ECONOMIST: Finance in the Gulf

At least until Saadiyat takes off, foreigners will prefer to live in Dubai.

ECONOMIST: Finance in the Gulf

And in a world of 24-hour virtual trading, it makes little difference whether a commodities deal is brokered in Saadiyat or Chicago.

ECONOMIST: Finance in the Gulf

Then there are the countless consultants, accountants and lawyers who work for these institutions, and will feel obliged to be represented on Saadiyat.

ECONOMIST: Finance in the Gulf

The tight anti-laundering rules drawn up by Saadiyat's consultants will make it hard to attract some of the more suspect sorts of deposits.

ECONOMIST: Finance in the Gulf

Although the notionally independent free zone authority will regulate Saadiyat under a clear and exhaustive set of rules, it has yet to prove itself.

ECONOMIST: Finance in the Gulf

When completed, the museum, located on Saadiyat Island, will resemble a perforated dome floating above the water, designed to represent rays of sunlight passing through date palm fronds in an oasis.

BBC: Abu Dhabi takes on the art world

To prove its determination to get Saadiyat off the ground, it has declared that companies opening offices there will never pay any tax, can repatriate all their profits and capital, can import labour freely and need not take any local partners.

ECONOMIST: Finance in the Gulf