While the Abu Dhabi Economic Vision 2030 strategy provides a clear path to growth and diversification, reaching its goals – which include an average annual growth rate of 7% until 2015 and 6% annually thereafter; significant expansion of the non-oil sector, with the aim of it accounting for 64% of GDP by 2030; and a 50% or greater increase in GDP per capita – is a...
With new leadership and a slate of reforms under discussion, the insurance regulator is ramping up efforts to manage and support the insurance sector. Since 2007, when the UAE’s Insurance Authority (IA) was established, the local industry has expanded at a steady clip. Gross written premiums (GWPs) for general insurance grew 37.9% in 2007, 30.7...
The rapid growth of Abu Dhabi’s air transport and maritime shipping industries over the course of the past decade has had a knock-on effect on the production and trading of jet and bunker fuel in both the emirate and the UAE as a whole. A number of major local players – including the Abu Dhabi National Oil Company’s (ADNOC’s) distribution arm,...
Given the demands of power generation, industry and oil field reinjection, gas is becoming more important to the emirate’s economy. As such, in conjunction with international partners, Abu Dhabi National Oil Company (ADNOC) is turning to tight marginal reserves once thought commercially unviable.
Although inflation had been a growing issue prior to the 2008-09 global economic crisis, these concerns have since been receding. In December 2008, the inflation rate hit an all-time high of 12.3% – a level high enough to present a significant challenge for the Central Bank of the UAE (CBU). Finding its ability to respond to the trend through...
With growth rates for peak electricity demand (5.9%) and water supply (5.9%) remaining high in 2013, the utilities sector has much work to do. Emphasis has largely been placed on additional investment and the supply side. However, the government is increasingly looking at demand-side management as a means of mitigating consumption trends and...
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