Economy

Abu Dhabi is the largest of the emirates that comprise the UAE, in terms of both its land mass and economy, and home to the majority of the country’s energy production and reserves. According to Statistics Centre - Abu Dhabi (SCAD), its economy expanded at a rate of 31.7% in 2005 and 32.3% in 2011 in nominal terms. Given the current environment, in which oil prices remain below the $100 mark seen at the beginning of the decade, the emirate has embarked on a strategy focused on economic diversification and more efficient government spending. The drive features an examination of public spending and fiscal management; phased reductions and elimination of subsidies; and the gradual consolidation of duplicative commercial entities controlled by government bodies. This chapter contains interviews with Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in the Al Dhafra Region; Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director, Mubadala Investment Company; and Saif Mohamed Al Hajeri, Chairman, Abu Dhabi Department of Economic Development.