Thanks to business-friendly government policies implemented over the past 10 years Abu Dhabi is now home to a rapidly diversifying economy that is among the largest in the region, with GDP reaching a total of Dh952.68bn ($259.32bn) at current prices in 2014.
Abu Dhabi’s economic growth, rising population and expanding industrial sector have contributed to increasing power demand in the emirate. Demand is growing at a rate of 7.5% a year with authorities expecting this trajectory to continue over the next decade. The sector is run on an independent water and power producer model, which sees the government investing in an increasingly diversified...
The oil and gas sector accounts for 80% of the UAE government’s revenues and although current oil prices are a concern, the emirate’s focus on increasing production should ensure stable growth moving forward. While exploration is still a major activity, the emirate has increasingly focused on enhanced oil recovery (EOR) technology to recover heavier and harder to reach oil. The emirate has...
Hydrocarbons revenues still form the bulk of Abu Dhabi’s GDP and while falling prices are a concern, the emirate has been moving steadily towards its economic diversification targets in line with Abu Dhabi Economic Vision 2030. The past 10 years has seen the non-oil sector expand strongly on the back of business-friendly government policies, as a result of which non-oil sector growth now outpaces that of the oil sector.
Although the emirate’s economic growth can be primarily attributed to its vast hydrocarbons resources, it has also made progress diversifying into new sectors such as manufacturing, tourism, aerospace, defence, finance and logistics. In addition to its economic investments, Abu Dhabi has also made major contributions to social welfare as well as infrastructure, which has been identified as the bedrock for future growth.
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