Abu Dhabi is the capital of the United Arab Emirates (UAE), after Dubai. It is also the seat of government of the emirate of Abu Dhabi. As one of world's largest producers of oil, Abu Dhabi has diversified its economy in recent years through investments in financial services, tourism and many new hotels. There are a lot of luxury new hotels in Abu Dhabi, like the Emirates Palace Hotel, the most expensive hotel ($3 Billion) ever built. The Emirates Palace Hotel was built by and is owned by the Abu Dhabi government, and is currently managed by the Kempinski Group. With a construction cost of over USD 3 billion, 302 rooms and 92 suites, the Emirates Palace is known as the most expensive hotel ever built. Much of the interior decor is in gold and marble.