Sunday, April 04, 2010

”Tribal Capitalism”

THE SUNDAY TELEGRAPH: The death of Abu Dhabi's Sheikh Ahmed bin Zayed al-Nahyan, controller of the world's largest sovereign wealth fund, has thrown the spotlight on one of the world's most powerful families.

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Mourners at the funeral of Sheikh Ahmed bin Zayed al-Nahyan. The two in the centre of the pic are Crown Sheikh Mohammed bin Zayed, Crown Prince (L) and Sheikh Khalifa bin Zayed, Ruler of Abu Dhabi, President of the UAE. On the far right is Sheikh Mansur, deputy prime minister and owner of Manchester City. Photograph: The Sunday Telegraph

He was a multi-billionaire, and scion of one of the world's most powerful families. But until his microlight aircraft crashed into a Moroccan lake last weekend few outside the narrow confines of the Gulf, and the even narrower confines of sovereign wealth finance, would have heard of Sheikh Ahmed bin Zayed al-Nahyan.

To some extent, that is understandable. In the world of Gulf princes, he was one among a secretive cast of thousands. As managing director of the world's biggest sovereign wealth fund, discretion was his watchword.

He himself was one of 19 brothers, led by the eldest, Sheikh Khalifa bin Zayed, Ruler of Abu Dhabi and President of the United Arab Emirates. With his close-trimmed beard and standard-issue white robes and kaffiyeh, he could pass for any one of the powerful royals who run the emirates and neighbours such as Saudi Arabia.

Even so it was odd that his death at the age of 41 attracted only a few passing newspaper paragraphs in the West. The Nahyan family, Abu Dhabi's hereditary emirs, are significant players on the world stage, and their ability to avoid the limelight is itself beginning to attract attention.

"They are not interested, they don't want it," says one Abu Dhabi insider. "They don't give interviews, they just get on with it."

But in terms of publicity, Sheikh's Ahmed's death is likely to be just the start of it. What they are "getting on with" nowadays is running boardrooms, influencing geopolitics and - above all - growing the richest family business in the world. Slowly, they are becoming aware that as the spotlight turns on them, they will become fodder for front-page headlines and, no doubt, gossip columns too.

Sheikh Ahmed, 41, died after apparently fouling up a landing in a microlight he was learning to pilot. He had been holidaying at a Nahyan family palace by a lake in the Moroccan hills. His instructor survived and got ashore; Sheikh Ahmed's body was eventually found on Tuesday.

Immediately, the whispers started. No-one in authority suspects anything other than an accident, but his half-brother, Sheikh Nasser bin Zayed, also died in a crash when the helicopter he was piloting plunged into the Gulf two years ago.

It was an unfortunate coincidence: could the Nahyans be suffering the "curse of the Khaleej Kennedys", asked one gossip - Khaleej being the Arabic for Gulf.

Comparison with the Kennedys would cause the conservative Nahyans to shudder with horror. But if the United Arab Emirates is not yet the United States, the Nahyans are just as handsome as the Kennedys and much, much richer. Inside the world of the 'Kennedys of the Gulf' >>> Richard Spencer in Abu Dhabi | Easter Sunday, April 04, 2010