Whilst development continues apace in the Dubai Internet City, elsewhere in the United Arab Emirates, things are reportedly not going so well. The financial crisis in the high-tech arena has forced many IT companies to re-evaluate their positions, and restructure their businesses, and it appears that the Internet City in Abu Dhabi may be paying the price.
According to a report in the Tornado Insider, the reorganisation of Austrian IT company Yline , which was in charge of the Internet City development project, has meant that the dreams of Sheikh Zayed bin Sultan al Nahyan, President of the United Arab Emirates, may have to be downsized considerably, at least where Abu Dhabi is concerned. The Austrian company has decided to merge its controlled companies, I-online and FirstInEx Internet Service, in order to drastically reduce its costs, with unknown ongoing repercussions for the Abu Dhabi project.
Abu Dhabi aspires to become the e-commerce and telecommunications hub and leading tax haven for the Middle East, and this latest development does indeed seem to be a setback. However, given the general state of e-commerce development in the United Arab Emirates, and the health of the UAE's other major offshore centre, Dubai (which announced earlier this year that the Dubai Internet City would be going into a 10 year partnership with IBM), Yline's reorganisation does not appear to be as great a crisis for the area as the Tornado Insider suggests.
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