In 2012 Abu Dhabi’s insurance sector posted continued growth on the back of increased spending from consumers, corporations and the government. Across the UAE, gross written premiums (GWPs) reached Dh26.3bn ($7.16bn) in 2012, up 9.5% from 2011, according to the 2012 report from the UAE’s Insurance Authority (IA). The federation retained its...
As a close-out agreement was signed for long-held concessions in early 2014 and the government is looking for potential new partners for the development of its oil and gas fields, 2014 may see a shake-up of Abu Dhabi’s hydrocarbons industry. At the same time, the emirate has ambitious targets for increasing oil production, an aim that will...
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.
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