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150 Years of Oil Left but Abu Dhabi Economy Focused on Diversification

Abu Dhabi : 01 April 2010

The Abu Dhabi economy is in good shape according to a new report just released by Isthmus Partners on the Abu Dhabi Investment Environment states that Abu Dhabi is the second largest economy in the GCC and that it is very fortunate to have about 95% of the UAE’s oil reserves and over 90% of the regions gas reserves. The report estimates that these reserves at current supply rates could last for another 150 years.

In 2008 the UAE on average produced 2.62 millions barrels of crude oil per day and almost 97% of this production came from Abu Dhabi. Oil production is a major source of revenue, industry and employment for the area. In 2008 gas and oil generated combined revenues of Dh376.9 billion although this figure plummeted to Dh208.5 billion in 2009 due to falling oil prices largely attributed to the global recession.

Abu Dhabi however holds large funds in reserve to counteract scenarios such as falling oil prices and a global downturn and they have hundreds of billions of dollars invested in many diverse stocks and commodities.

The economy is strong at present and the report states that Abu Dhabi is now intent on diversifying into other industries which should create large amounts of new employment over the next decade. Areas currently being worked on are aviation, tourism, industry, real estate and many other sectors. It is estimated that the annual economic growth figure for the year ahead will be 7.5% and this is part of an annual increase envisaged as set out in the Abu Dhabi Economic Vision 2030.

The population will continue to increase at present it is estimated at 1.7 million but by 2030 this figure could have reached 3.1 million. In summary Abu Dhabi hopes to create a portfolio of new industries by 2030 which will sustain economic growth and ensure high employment opportunities for all who will be seeking them.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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