Abu Dhabi is home to the world’s sixth-largest proven oil reserves and is working to achieve self-sufficiency in natural gas. It has been successfully pursuing diversification, particularly in terms of manufacturing, banking and ICT. While the global Covid-19 pandemic and decline in international oil prices poses challenges for the emirate, the fundamentals underpinning its economy remain strong.
What role do you see for NMDC and the wider dredging industry in supporting Abu Dhabi’s economic development?
In 2008, for the first time in history, more than half of humanity was living in urban areas. Perhaps the most remarkable observation about this trend is the speed at which it has happened: as recently as 1900 urban areas accounted for 13% of the global population. Towns and cities are seen as the crucibles of opportunity for many rural...
The March 2018 announcement of a Dh30bn ($8.1bn) joint venture (JV) between Dubai-based Emaar Properties and Abu Dhabi’s Aldar Properties has created a wave of interest in the potential of such arrangements for the broader real estate sector. While the Emaar-Aldar agreement is unique in its size and scope, Abu Dhabi has seen an uptick in the...
Although it has become a strong contributor to economic diversification, Abu Dhabi’s real estate sector is being put under pressure by slower growth, brought on by the period of low global oil prices that started in 2014. Public and private sector spending cuts since 2015 have been reflected in capital value, with rental rates declining to...
In response to increasingly challenging market conditions, how is the DPM approaching the rationalisation of ongoing property development?
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