The Middle East

In 2012 Abu Dhabi’s insurance sector posted continued growth on the back of increased spending from consumers, corporations and the government. The UAE market overall remains underpenetrated, though total premiums as a percentage of GDP did see a slight increase from 1.9% in 2011 to 2% in 2012. GDP growth and planned government spending on large-scale infrastructure projects will increase the...

Home to some of the UAE’s most prominent Islamic banks and takaful operators, Abu Dhabi has long been a regional centre for Islamic financial services. Global Islamic banking assets are forecast to surpass the $2trn mark by the end of 2014, and Abu Dhabi’s sharia-compliant financers are well positioned to capitalise on this expansion, although a competitive market and the lingering effects of the...

In 2012 the GDP of Abu Dhabi expanded by 5.6% y-o-y, and the government has forecast annual expansion of 5.7% in the 2013-16 period. With a sustained return to positive territory for its main index and a crucial upgrade to “emerging market” status by Morgan Stanley Capital International (MSCI), Abu Dhabi’s exchange has had a good year. Both developments have generated new optimism regarding the...

The UAE’s banking sector has continued to grow in both depth and complexity to become the largest in the region, accounting for 31% of the total volume of the GCC banking sector and about 20% of the gross volume of the Arab banking sector at the close of 2012. The sector’s profitable trend continued into the first half of 2013: aggregate net profit for the period ending June 30, 2013 reached $2....

As the largest and most populous of the seven emirates that make up the UAE, Abu Dhabi plays a central role in the federation’s economy. Following the roadmap laid out in the Abu Dhabi Economic Vision 2030, its long-term economic development plan, the emirate has succeeded in nurturing new economic sectors and seems to be on track to meet its goals. The oil and gas sector accounted for 56.5% of...

The UAE celebrated the 42nd anniversary of its establishment in 2013. Over this relatively short period of time, the country’s capital, Abu Dhabi City, has developed rapidly to become a thriving metropolis. Although the emirate’s economy remains largely based around the exploitation of its considerable hydrocarbons resources, it has also made admirable progress diversifying into new sectors, such...