The economy of Dubai may be considered an outlier for the region, for although its growth and prosperity has been fuelled by its proximity to oil, its own modest hydrocarbons endowment accounted for just 1.3% of GDP in 2016. While its oil-rich Gulf neighbours have long recognised the need to diversify their economies, Dubai’s leaders understood decades ago that the emirate could only prosper by innovating and tapping a range of revenue streams. Dubai operates as a centre for oil and gas trade and is home to many companies servicing the energy industry. Its government-owned oil and gas companies have an international footprint with upstream developments at home and overseas, as well as dozens of downstream ventures. Outside of hydrocarbons, Dubai has set ambitious targets to boost the share of renewables in its energy ecosystem, while striving to set an example for curbing consumption.
This chapter contains an interview with Saeed Al Tayer, Managing Director and CEO, Dubai Electricity and Water Authority; and Saif Humaid Al Falasi, Group CEO, Emirates National Oil Company.