Having put revenues from hydrocarbons towards the diversification of its economy, the emirate is in a good position to weather the storms of tumbling oil prices. As part of its Economic Vision 2030, sectors such as tourism, manufacturing, logistics, health, education, financial services, aerospace and telecoms have been highlighted as the vehicles that will fuel the long-term economic growth of the UAE’s capital city.
13 18 20 22 23 24 25 28 33 40 41 43 44 45 Abu Dhabi in figures According to plan: Long-term development efforts aim to foster economic diversification Interview: Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs A helping hand: The nation provides development assistance in a range of countries National heritage: Preserving tradition and history Viewpoint: David Cameron, UK Prime Minister Viewpoint: Xi Jinping, President of China A dividend or a liability?: Meeting the needs of the region’s growing youth population Focus on food security: GCC nations are working to improve logistics and supply chains Holding firm: The emirate is in a strong position from which to withstand the slump in oil prices Interview: Ali Majed Al Mansoori, Chairman, Abu Dhabi Department of Economic Development Playing percentages: The introduction of new taxes will require careful management Interview: Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director, Mubadala Development Company Interview: Mahmood Ebraheem Al Mahmood, CEO and Chairman, ADS Holding A wealth of options: The national investment fund is making some changes Foreign trade continues to play a key economic role, and capital flows between the Gulf and the rest of the world, strengthened most recently by ties with emerging market economies, have increased significantly. A slowdown in 2015 led to a more mixed picture in terms of investment patterns, but the outward-looking disposition of the UAE is likely to continue to benefit in this context.
Page 51 47 48 51 56 57 59 62 67 68 69 71 74 80 81 84 89 90 92 97 Viewpoint: Jim Yong Kim, President, World Bank Group Filling the gaps: A new development bank is a timely arrival Acting for change: Diversifying the economy Interview: Mohammad Helal Al Muhairi, Director-General, Abu Dhabi Chamber of Commerce and Industry Building institutions: Pieces fall into place Interview: Ahmed Al Sayegh, Chairman, Abu Dhabi Global Market Strength and stability: The central bank has enhanced its regulatory framework Interview: Mubarak Rashed Al Mansoori, Governor, Central Bank of the UAE Interview: Andre Sayegh, CEO, FGB A hot topic: New liquidity frameworks under way Smart currency: Heated competition between banks drives credit card growth Emerging centre: The growth of exchange offerings is leading to new financial activity Interview: Rashed Al Balooshi, CEO, Abu Dhabi Securities Exchange Market expansion: A second exchange board is creating new options for entities looking to list An emerging player: Sharia-compliant banks are growing at a quick pace Interview: Tirad Al Mahmoud, CEO, Abu Dhabi Islamic Bank Beyond borders: Banks look to expand globally At a crossroads: Despite challenges, the industry has recorded double-digit premiums growth A new era: New regulations to lead to consolidation While Abu Dhabi continues to diversify its economy, oil and gas accounted for more than half of GDP in 2015 and 90% of government revenue. Despite low oil prices the emirate continues to grow production and plans to produce 3.5m barrels per day within the next two years, as new production techniques improve recovery rates.
Page 100 100 112 113 116 118 121 122 125 128 131 133 136 141 144 Thinking big: Major regional and global developments are leading to local improvements Interview: Sultan Al Jaber, UAE Minister of State; and CEO, Abu Dhabi National Oil Company Wasting no time: OPEC’s moves to retain market share mask a subtle power shift in global oil A changing market: The federal government changes the way fuel is priced in the UAE Meeting demand: The emirate’s gas industry is investing in new and expanded production Interview: Mohamed Jameel Al Ramahi, CEO, Masdar New deal: Onshore production in the emirate is gradually entering a new era Offshore expansion: New fields aim to make offshore oil account for around half of production Capturing potential: The oil industry is looking to harness carbon dioxide to enhance recovery Green investment: The emirate looks to renewable energy both at home and abroad Leaders of tomorrow: Initiatives are improving domestic capacity through knowledge transfer Stable supply: As efforts to diversify the energy mix continue, focus is now on managing demand Waste not, want not: A plan to improve the emirate’s waste management and water treatment Security centre: The emirate is establishing itself as a key regional player in defence and security 151 152 155 159 168 169 172 176 183 184 185 189 190 192 201 203 206 209 214 216 221 222 225 235 237 Interview: Major General Mohammed Khalfan Matar Al Rumaithi, Commander-in-Chief, Abu Dhabi Police Aerospace ascendant: Critical projects in both aviation and defence are under way Becoming cybersecure: The emirate is shoring up its electronic defences On the move: With numerous projects in progress, the focus remains on the finish line Interview: Mohamed Juma Al Shamisi, CEO, Abu Dhabi Ports Up and running: Expansion plans are putting the emirate’s port facilities in a good position Expanding air capacity: Development of facilities aims to reduce congestion A changing landscape: Sector growth continues to be driven by large-scale developments Much awaited: New sector regulations to bring clarity to a range of issues Interview: Mohamed Al Mubarak, CEO, Aldar In the pipeline: Infrastructure and tourism projects continue despite a slowdown in growth Ranking high: Efforts have eased the processes involved in obtaining licences and permits Higher standards: Reforms have improved labour conditions and safety A dynamic approach: A focus on industry is driving sustained growth and diversification Interview: Jamal Salem Al Dhaheri, Acting CEO, Senaat Developments downstream: The emirate looks to widen its non-hydrocarbons strategy Interview: Badr Al Olama, CEO, Strata The march of the malls: With competition increasing, players look to differentiate Interview: Yousef Mohammed Rasool Khoory, CEO, Mohammed Rasool Khoory & Sons Frontier potential: The sparsely populated region has substantial oil reserves Interview: Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in the Western Region Helping hand: A new public-private partnership model is boosting real estate development At the forefront: Education continues to offer investment opportunities amid reforms Interview: Hussain Al Hammadi, Minister of Education A head start: Focusing on STEM subjects to equip graduates for the knowledge-based economy 238 242 246 255 256 259 262 269 271 277 280 284 288 289 294 296 303 304 306 312 314 320 323 326 328 339 342 344 Working together: Partnerships for R&D Applied learning: Expanding education to provide workers for high-priority industries Expanding coverage: Boosting quality of care Interview: Dr Maha Barakat, Director-General, Health Authority - Abu Dhabi Continuum of care: Investments in specialty care Getting prepared: Emergency care requires adequate skills and human resource capacity A warm welcome: A host of attractions is putting the emirate on the map Interview: Ali Bin Harmal Al Dhaheri, Managing Director, ADNEC Group Playing to win: Abu Dhabi’s comprehensive sporting portfolio is in winning form Business and pleasure: Building a destination Port of call: Developments in cruise tourism Tech-savvy: A focus on enhanced services Interview: Rashed Al Mansoori, Director-General, Abu Dhabi Systems and Information Centre Setting the pace: Government-led initiatives lead the way in innovation Interview: Saeed Al Ghafli, Director-General, Emirates Identity Authority Holistic policies: Protecting the environment Interview: Razan Khalifa Al Mubarak, SecretaryGeneral, Environment Agency - Abu Dhabi Tapping into savings: Measures are being taken to ensure more sustainable usage of water Future harvest: Boosting the local food industry Securing the supply: Taking action on food security On the set: Expanding local production and content Interview: Noura Al Kaabi, Chairwoman, Media Zone Authority–Abu Dhabi and twofour54 PwC Incentives and benefits: A straight-forward model Viewpoint: Dean Kern, Middle East Tax and Legal Services Leader, PwC Reed Smith Inward investment: Setting up shop in Abu Dhabi Home away from home: Hotels Listings: Important numbers Facts for visitors: Useful information With the UAE second only to Saudi Arabia in terms of defence spending among Gulf countries and regional security threats prompting enhanced domestic security, Abu Dhabi’s security, aerospace and defence industries are vital to the country’s economic and civic stability. In aerospace, ongoing investment has seen the emirate become a key global player.
Abu Dhabi has continued to cement its position as a global logistics and transport centre in 2015. Ambitious expansion plans are transforming the emirate, with the Midfield Terminal Building set to expand capacity at Abu Dhabi International Airport to 45m passengers and a 44.5-km metro line set to encourage public transport use. Spending on education is set for major expansion, with the government announcing in June 2015 that it plans to triple research and development spending over the next six years. Policymaking and curriculum reforms also highlight the UAE’s focus on developing science, technology, engineering and maths education to build a knowledge economy.
The tourism sector met all growth targets in 2015, including recording the highest room occupancy rates on record. Such figures have been aided by the development of the sport and conference sub-sectors, with its array of world-class sporting events a particular boon to visitor figures.
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