Economy

The emirate of Abu Dhabi has put its significant hydrocarbons resources to strategic use in recent years, using the wealth derived from oil to underpin the UAE’s diversified economic growth targets. Meanwhile, the emirate’s Economic Vision 2030 has identified sectors through which Abu Dhabi can boost non-oil GDP, with areas such as tourism, manufacturing, ICT and health care now driving the emirate’s non-oil based growth. The fall in oil prices has led to a push for tariff restructuring, and for the first time residents have been asked to contribute towards the provision of utilities, while options for introducing VAT, corporate tax and a remittances tax are also now being explored to further hedge against oil price fluctuations. This chapter contains interviews with Ali Majed Al Mansoori, Chairman, Abu Dhabi Department of Economic Development (ADDED); Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director, Mubadala Development Company; Mahmood Ebraheem Al Mahmood, CEO and Chairman, ADS Holding; and a viewpoint from Jim Yong Kim, President, World Bank Group.