UAE: Abu Dhabi Economy

Chapter | Table of Contents from The Report: Abu Dhabi 2020

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Abu Dhabi is home to the world’s sixth-largest proven oil reserves and is working to achieve self-sufficiency in natural gas. It has been successfully pursuing diversification, particularly in terms of manufacturing, banking and ICT. While the global Covid-19 pandemic and decline in international oil prices poses challenges for the emirate, the fundamentals underpinning its economy remain strong.

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Amid an attempt to drive a post-coronavirus economic rebound, a number of countries in the Gulf have introduced new immigration measures to help attract skilled foreign workers.

More female employees are joining workplaces and boardrooms in the UAE and Saudi Arabia, with gender equality a key target of a regional drive to improve environmental, social and governance (ESG) standards.

How has the Covid-19 pandemic impacted the development of small and medium-sized enterprises (SMEs) in Abu Dhabi?

With Saudi Arabia announcing plans to raise $55bn through its privatisation programme, Gulf countries are stepping up efforts to stimulate private investment in public assets and projects, with a view to strengthening state finances, spurring diversification and driving their respective Covid-19 recoveries.

How has the Covid-19 pandemic generated challenges and opportunities for economic development in Abu Dhabi?

– Economies in the region were hit by reduced trade volumes and lower oil prices

– Governments launched extensive stimulus packages to stabilise their economies

– Short-term recovery will be tied to oil prices and the resumption of travel

– The pandemic looks set to accelerate economic diversification efforts

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