When observers cast an eye over the Gulf and seek to decipher who will be least affected by the turmoil sweeping across global economies, Abu Dhabi, with its enviable financial resources, tends to find itself high on the list.

With huge reserves in sovereign wealth vehicles and significant hydrocarbons resources that are expected to last a century, the emirate is better placed than most to absorb the ripple effects heading its way. But even in Abu Dhabi, policymakers and businessmen are being forced to take stock. Oil prices have fallen sharply and liquidity from banks has dried up just as the emirate is embarking on an ambitious expansion programme.