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Abu Dhabi was once a region with just 6,000 people at the beginning of the 20th century. However, the oil discovery led to a gold mine of opportunities for the country in the late 1950s. It led to an economic and financial revolution that has remained impactful today. As the chief oil-producing state in the United Arab Emirates, Abu Dhabi has a monumental impact on growth and tourist attraction that has amassed them billions of dollars. While the Al-Nahyan family rules Abu Dhabi and has a relatively private life, their luxurious purchases have not escaped anyone’s attention. One of the most prominent figures known for his spending is Hamad bin Hamdan Al Nahyan, better known as the Rainbow Sheikh.
From owning a fleet of automobiles with over 200 cars to inheriting an island with his name carved on for miles, the Rainbow Sheikh has never hesitated to spend his $20 billion fortune showing his wealth to the world. Having the extraordinary feat of owning a national museum with his cars, let’s take a peek inside the $20 billion fortune of the Rainbow Sheikh.
A Family Monarchy For Generations
As a part of the United Arab Emirates, the ruling family of Abu Dhabi began its monarchy after oil was discovered in the emirate in 1958, as mentioned by Forbes. The Al-Nahyan family is one of the wealthiest monarchs globally, generating a business in the oil industry. Under the ruling of Sheikh Khalifa ibn Zayed, Abu Dhabi has seen significant growth in its wealth and infrastructure, becoming one of the fastest-growing Arab countries. Along with having control over 97.8 billion barrels of reserves, Rainbow Sheikh’s family has a sovereign wealth fund worth $830 billion.
Rainbow Sheikh has amassed his $20 billion fortune from the oil industry as he is a member of the ruling family of the UAE and holds a powerful position in the world. The entire Abu Dhabi Royal Family is worth $150 billion and is considered the fourth wealthiest household around the globe. Through managing assets, including the Burj Khalifa, which is the tallest skyscraper in the world, the family earns billions every year. As someone with more wealth than imaginable, the Rainbow Sheikh spends his billions on automobiles and islands.
One Of The Largest Fleet Of Vehicles In The World
Hamad bin Hamdan Al Nahyan took his love for cars a step further when he bought seven Mercedes-Benz S-Class cars, one for each hue of color, which bestowed him the nickname the Rainbow Sheikh. While celebrities owning cars in 10s can be a significant number, the Rainbow Sheikh owns more than 200 cars in his collection. According to the Robb Report, the 200-car collection is safely stored in a custom-built metallic pyramid which has become a national site. Called the Emirates National Auto Museum, the Sheikh’s cars are all on display for people to visit and gawk over the sprawling fleet. His collection includes multiple Mini Coopers, Dodge Wagons, and even an NYPD Police Cruiser.
Along with owning multiple museum-worthy cars, the Rainbow Sheikh also owns the world’s largest Hummer H1. The custom Hummer H1 is a scaled-up iteration of the off-roader and is 14 meters long and 6.6 meters high, as noted by Luxury Launches. He also has the 1885 Benz Patent Motorwagen in his collection, the first car ever made. Additionally, he has a customized globe-shaped motorhome that is the one-millionth size of planet Earth.
Carving His Name Into An Island
The Rainbow Sheikh inherited the island Al Futaisi from his father and used it for tourism purposes to generate revenue. To leave his imprint on the island, the emirate began an operation to have his name carved out on the island. While many might consider leaving a small inscription somewhere, the Sheikh went all out in 2009 and gouged his name in capital letters that ran for two and a half miles, as reported by The Atlantic. Each letter from HAMAD is over half a mile in height and can be seen from space via Google Satellite. While the name mysteriously appeared, it was later wiped away in 2013.
The move was made as an economic stimulus as laborers were imported from Bangladesh and Pakistan for a lower price to build the sand canals, which resulted in a buzz around the tourism plan of Abu Dhabi. Along with the letters that are now wiped, the Al Futaisi island also has resorts, horse stables, and golf courses for leisure.
Along with owning a fleet of vehicles and an island for tourist attractions, the Rainbow Sheikh lives in a gigantic castle fit for an Emirate Royal coming from a long generation of rulers. Coming from one of the most powerful families globally, the Rainbow Sheikh knows the positive impact his $20 billion empire can have to benefit the country through tourists and visitors.
Sources: Forbes, Robb Report, Luxury Launches, The Atlantic