Davids load their slings to take on the Goliaths

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My marketing lesson came from Peter Baumgartner, chief commercial officer of Etihad Airways, which signed a three-year sponsorship deal with Manchester City Football Club. He says they're perfect bedfellows, as both are challengers in their fields.

Six-year-old Etihad, owned by the Abu Dhabi government, is chipping away at global rivals such as Virgin and local champion Emirates. Manchester City, owned by an Abu Dhabi sheikh, know all about chasing a champion in their own back yard, having played second fiddle to United for much of the past century.

For City and Etihad, the £25 million deal will make or break neither ambition. But for British sport, it could have far-reaching effects, as Gulf investors tighten their grip.

Etihad now has deals with Manchester City, Chelsea and Harlequins. Emirates already has its name all over the Arsenal stadium, as well as the club's shirts. The European Tour may be based in Virginia Water, but its flagship event is now called The Race to Dubai, thanks to a £10 million cheque from a government-owned property developer.

They're also signing up our sportsmen. Paul Casey, the world's No3 golfer, is a brand ambassador for developer Aldar. Rising star Rory McIlroy is backed by hotel chain Jumeirah, which owns the seven-star Burj al Arab as well as the Carlton Tower in Knightsbridge.

Think about this while watching Manchester United take on Barcelona in tonight's Champions League Final. Then phone up Etihad to book your flight to Abu Dhabi, which has bought the rights to host the FIFA Club World Cup in December.

THE UAE has pulled out of a planned Gulf single currency - after being snubbed as a base for the regional central bank. The country had been negotiating for seven years with neighbours, including Saudi Arabia, the biggest economy in the proposed monetary union. Earlier this month, the Saudi capital Riyadh was chosen ahead of Abu Dhabi as home to the bank. The UAE promptly withdrew; most analysts say a regional single currency is now stillborn.

ECONOMIST Paul Krugman has weighed into the debate about Dubai's property boom and bust, which has seen prices halve from their peak. Speaking in the UAE, Professor Krugman said it would be another "generation" before local real estate prices repeat the trend.