B'Here Abu Dhabi 2013
01 Jun 2013 09:14 AM
Under the Emirate’s strategic outlook for its future, spelled out in the Abu Dhabi Economic Vision 2030, Abu Dhabi is growing by leaps and bounds as it transforms its economy away from hydrocarbons.
Already, 50 percent of the Emirate’s revenues are derived from the non-energy sector, and that is only set to rise as investments flow in to diversify the economy. Major infrastructure projects are key to such change, as is investing in the Emirate’s future through education, research and healthcare.
Renewable energy is a top priority for the Emirate, with this year marking the inauguration of the world’s largest concentrated solar power plant, Shams 1, a joint project between Total, Abengoa and Abu Dhabi’s Masdar, which has been tasked with developing the world’s first carbon neutral city. Furthermore, Abu Dhabi successfully hosted its sixth annual World Future Energy Summit this year.
On the cultural front, Abu Dhabi is asserting itself more and more, with new museums and attractions spicing up life in the Emirati capital, and bolstered further through the news that the much anticipated Louvre Abu Dhabi Museum on Saadiyat Island has been given the green-light. With cultural tourism a focus of Abu Dhabi’s vision for the future, expect further developments as infrastructure expands along with hotels and amenities.
After some tough years in the wake of the 2008 financial crisis, Abu Dhabi’s real estate sector has rebounded, signaling buoyant growth ahead in the construction sector. In finance, Abu Dhabi banks have reported strong returns over the past year, and the announcement that the UAE stock exchanges have been upgraded from frontier to emerging market status is expected to be a boon for the Abu Dhabi Stock Exchange.
Internationally, Abu Dhabi is expanding globally through strategic investments, primarily through its sovereign wealth funds. All of these developments indicate booming times ahead for one of the Middle East’s most dynamic cities.