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 Middle East Energy
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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.
Hydrocarbons continue to meet the large bulk of Dubai’s energy needs, with the UAE sitting on 5.8% of the world’s crude oil reserves. However, the UAE Vision 2021 sets out goals including the reduction of the emirate’s carbon footprint and a desire to play a pioneering role in the development of energy-efficient technologies. The 1200-MW Hassyan clean coal power plant is expected to come on-...
Oil and gas remain key to Bahrain’s economy, with 87% of government revenues generated from hydrocarbons in 2012 and the oil sector growing robustly in 2013, posting 15% real GDP growth. While falling oil prices are a concern in the short term, the kingdom is looking to boost oil production in the medium term. Efforts are under way to double the output of the Bahrain field by 2020 through the...
As the region faces up to the challenge of the recent drop in oil prices, Bahrain’s fundamentals indicate the kingdom is well positioned to weather the dip. The focus on diversification goals outlined in Economic Vision 2030 is helping establish a more competitive and sustainable economy in the kingdom. The financial sector, which represents Bahrain’s second-largest GDP contributor, has continued to recover robustly since the global economic downturn.