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After captaining Italy at this month’s World Cup, the celebrated Azzurri centre-back Fabio Cannavaro will leave Juventus for Dubai.

The 36-year-old former Real Madrid football star described his move to Dubai’ Al Ahli as “his dream.”

Dubai and the Gulf have long lured players facing the twilight of their careers with multimillion-dollar bonuses for a couple of seasons running around humid, half-empty stadiums. Teams have had a particular love for skillful Brazilian and African players, such as George Weah, as well as European managers. Though Emiratis might also, like the English, complain that the (albeit mature) quality of foreign players has yet to rub off on local talent and the national side.

What may be surprising for some is that Al Ahli, a Dubai club which has just ended a disappointing season, can still afford to pay out the rumoured €1m per season with bonuses up to €5.6m for what has to be the biggest foreign player ever to top up their pension plans in the Gulf.

Chaired by the crown prince of Dubai, Hamdan bin Mohammed Al Rashid, Al Ahli is testament to the fact that the city is still a haven for private wealth, while sponsorship is holding up in spite of an expected second year of recession and debt woes at state-linked entities.

Local media report that Al Ahli – sponsored by real estate giant Emaar Properties – are preparing other big name signings as they attempt to pick themselves after a season during which they got through four coaches while slumping to seventh in the UAE football league table. They finished the previous season as champions.

Rumour has it that Harry Redknapp, manager of England’s Tottenham Hotspur, is subject to attempts to lure him to the Al Ahli stadium, located close to the Sharjah border next to the Dubai Police headquarters.

Al Ahli will hope Mr Cannavaro will shore up its defence, which was run ragged by the silky dribbling skills of Al Wasl’s Élton José Xavier Gomes only a few months ago.

But to rediscover their past glories, Al Ahli will also have to face the deep pockets of Al Jazeera and other better-funded Abu Dhabi sides.

Dubai’s economic crisis has brought into focus the rise of Abu Dhabi, whose oil and investment wealth continues to drive the region’s development and the bail-out loans of as much as $20bn to help its more commercially-oriented neighbours through the ravage of the credit crunch.

Similarly, in football, Abu Dhabi has made its mark.

Sheikh Mansour bin Zayed Al Nahyan, member of the influential Abu Dhabi ruling and son-in-law of Dubai’s ruler, bought Manchester City in 2008 and has since spread his money more liberally than a Russian oligarch in a bid to launch the Blues into the Champions’ League. He faced disappointment this season in the English Premier League as Spurs edged out Manchester City for fourth spot, while things have not gone much better at home.

Al Jazeera, Sheikh Mansour’s local team, has also splashed the cash on facilities and the team in an attempt to lift the league trophy in the UAE only to be edged out by more modest rivals Al Wahda.

Mr Cannavaro will no doubt enjoy his years in Dubai’s more refined surroundings, with its beaches and quality Italian restaurants.

Hopefully, he will also help lift the poor UFL gate receipts that belie the passion that fans – and perhaps more importantly the ultra-rich of the UAE – have for the game.

But whether he alone will be able to trigger a renaissance for his club remains to be seen.