A location with a future
Abu Dhabi is the largest emirate in the United Arab Emirates (UAE) with the richest reserve of raw materials. Although only about one third of the population of the UAE lives in Abu Dhabi, around 60% of the entire gross domestic product is generated there. Based on per capita income, this emirate is one of the richest regions in the world. Based on the average of the past five years, GDP growth was around 25%. Despite the financial crisis, the economy of this emirate has proved to be robust to an above-average degree.
Abu Dhabi has almost 10% of worldwide mineral oil reserves. In 2006, the oil sector contributed about two thirds to Abu Dhabi’s gross domestic product. In recent years, the emirate has been concentrating on an economic diversification programme in order to reduce its dependence on oil and gas. Investment is taking place in other economic sectors, for example, in industry, real estate, retail trade, tourism – and, above all, in environmental technologies (Clean Tech & Services). Abu Dhabi’s government intends to turn the emirate into a global centre for “Renewable Energy and Sustainability-Related Technologies” (Clean Tech & Services). By the year 2020, the goal is for 7% of energy to be from renewable sources.
In order to achieve this objective, the government of Abu Dhabi has started the Masdar initiative among other things. Alongside the major project involving the ecocity Masdar City, this initiative also includes an investment arm (with Clean Tech Venture Capital Fund and participations in solar and wind power stations outside the country) as well as a sector for projects to reduce greenhouse gases and for trading in emission certificates.
Abu Dhabi not only offers companies excellent domestic prospects, but, at the same time, ideal access to emerging markets in the Gulf region. Attractive terms for direct investment and a liberal economic system are further benefits.
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