Book Description

Hydrocarbons revenues still form the bulk of Abu Dhabi’s GDP and while falling prices are a concern, the emirate has been moving steadily towards its economic diversification targets in line with Abu Dhabi Economic Vision 2030. The past 10 years has seen the non-oil sector expand strongly on the back of business-friendly government policies, as a result of which non-oil sector growth now outpaces that of the oil sector. Outside of hydrocarbons, construction and manufacturing represent the biggest GDP contributors in the emirate, with the construction sector poised to enter a period of renewed expansion and manufacturing identified as a key area for future growth, leveraging the emirate’s natural resources, growing downstream capabilities and strategic location. Elsewhere Abu Dhabi’s financial sector continues to assert itself and the expected 2015 launch of Abu Dhabi Global Market, the UAE’s second financial free zone, is expected to boost activity in the sector. Meanwhile visitor numbers to Abu Dhabi continue to rise, with around 3.5m arrivals in 2014, up 25% on the previous year. This growth is expected to continue as major infrastructure upgrades continue apace. These include the expansion of Abu Dhabi International Airport and the development of the 1200-km wide Etihad rail project.