Economy

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 products (excluding oil), contributing $31.22bn, $5.47bn and $3.39bn to GDP, respectively, in 2012. The 2015 launch of the Abu Dhabi Global Market (ADGM) is expected to help boost the emirate’s growing reputation as a financial centre and a number of incentives have been proposed for companies operating within ADGM including 100% foreign ownership, a 50-year tax holiday, and a Customs duty exemption. Elsewhere, tourism is another sector that has been targeted for expansion, with the government aiming to attract 8m visitors by 2030. With nearly 3.5m arrivals in 2014, representing year-on-year growth of 25%, it appears the emirate is well on its way to hitting that target.

This chapter contains interviews with Ali Majed Al Mansoori, Chairman, Abu Dhabi Department of Economic Development; Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director, Mubadala Development Company; Butti Ahmed Mohammed bin Butti Al Qubaisi, Director-General, Statistics Centre - Abu Dhabi; Mahmood Ebraheem Al Mahmood, CEO and Chairman, ADS Holding; and Mohammad Helal Al Muhairi, Director-General, Abu Dhabi Chamber of Commerce and Industry.