Economy

Thanks in large part to high oil prices and an increase in its hydrocarbons production, Abu Dhabi continued its economic recovery in 2011 and 2012. Hydrocarbons remain at the centre of the emirate’s economy, accounting for nearly half of its GDP and almost 90% of government revenues in 2010. However, the emirate has been channelling its substantial oil earnings into other sectors so as to reduce its reliance on hydrocarbons in the long term. Indeed, the non-oil sector has exhibited fair growth in recent years as a result of this strategy, rising by 5.4% in 2010 and 7% in 2011, reaching Dh334.3bn ($91.1bn) in the latter year. Another feature of Abu Dhabi’s changing economic landscape is the continued efforts to promote private sector employment. The government is looking into a range of measures to create jobs in the private sector, including encouraging a culture of investment and entrepreneurship among young people, and the promotion of small and medium-sized enterprises. This chapter includes interviews with Nasser Alsowaidi, Chairman, Department of Economic Development (DED); Butti Ahmed Mohammed bin Butti Al Qubaisi, Director-General, Statistics Centre – Abu Dhabi (SCAD); and Mahmood Ebraheem Al Mahmood, CEO and Chairman, ADS Holding.