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...
The introduction of mandatory health coverage in Abu Dhabi has had a considerable impact on the wider UAE’s insurance and medical market and has helped drive strong expansion in recent times with double-digit growth expected to continue into 2015. Total market premiums stood at $8.03bn in 2013, while industry reports showed the UAE to be one of the largest and most penetrated insurance markets...
Demand-driven growth is expected to continue in the Islamic financial services sector, with sharia-compliant assets making up some 21.4% of the UAE’s banking system in 2013, up from 17% in 2012, and crossing the $100bn mark for the first time. Abu Dhabi’s takaful operators are playing their part in the growth of the UAE industry, which has seen the nation become the second-largest provider of...
The Abu Dhabi Securities Exchange (ADX) was upgraded to emerging market status in 2014, and with total market capitalisation of more than $126.1bn as of late January 2015, it ranks first among the UAE’s three different exchanges. In addition to this, 2014 witnessed the first listing of a government bond on the ADX and the implementation of new rules guiding the listing of Islamic bonds, while...
The UAE accounted for 30% of the GCC’s total banking assets in 2014 following another year of steady growth, with Abu Dhabi playing a key role in this expansion. Having successfully emerged from the global economic turbulence of recent years, the sector is on a trajectory of loan-book growth and sustainable profits with all five of the emirate’s biggest lenders posting profits in 2013. A new...
While hydrocarbons still form the bulk of Abu Dhabi’s economy, the sector’s contribution to GDP has been falling over the last 10 years as the emirate pushes ahead with diversification goals in line with Abu Dhabi Economic Vision 2030. The manufacturing segment has seen sustained growth in recent times with the manufacturing of chemicals and plastics, basic metal and non-metallic mineral...
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