Abu Dhabi is blessed. It boasts
one of the highest GDP per capita ratings in the world, attributable primarily
to its hydrocarbon resources. Abu Dhabi is one of the seven states that form
the United Arab Emirates (UAE), established in 1972 which has grown rich as a
result of oil. In 2010, it was responsible for producing over 2.3m barrels per
day (bpd) and the goal is to boost this production level to 3m bpd. As one of
the seven states, Abu Dhabi accounts for 95% of the UAE’s oil reserves and 6%
of its gas reserves. This is equivalent to 9% of the world’s proven oil
reserves (almost 100 bn barrels).
The UAE scores comparatively
highly in the latest Economic Freedom of the World’s 2012 Annual Report ,
notably with respect to freedom to trade internationally, where the Emirates as
a group are ranked 16th worldwide (compared with 27th in
2000, see table). Note also the UAE’s overall improvement, climbing from 39th
position worldwide in 2000 to 22nd in 2010.
Table: UAE’s Global Ranking in the Economic Freedom of
the World 2012 Annual Report: How 2012 compares with 2000.
Abu Dhabi has adopted an
ambitious economic strategy aimed at diversifying away from its core oil and
gas strength. The onus is on building up new value added sectors of the
national economy. This strategy is embodied in the Abu Dhabi Economic Vision
2030, issued by ...