Petrodollar flush

The Gulf states are competing for prestigious Western investments, say Jon Ashworth and Allister Heath

The sleek-feathered Arabian falcon perched on the arm of Shaun Wright-Phillips, the Chelsea and England winger, looked nonplussed. The bird’s paymaster, Etihad, an airline based in Abu Dhabi, had just signed a sponsorship deal with Chelsea FC, which will see the Gulf carrier’s name and livery plastered across swathes of Stamford Bridge, the Premier League club’s stadium.

Etihad, the Gulf region’s fastest-growing new carrier, becomes Chelsea’s official airline partner, in a calculated tilt at Emirates, the Dubai-based airline that has sunk millions into supporting Arsenal FC. Emirates switched its allegiance from the Blues to the Gunners last year; Etihad has leapt on its coat-tails.

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