GEC NEWS WIREInfrastructure projects and industrial strategy take centre stage
The myriad openings for investors across the non-oil sector of Abu Dhabi’s economy are highlighted in a new report just produced by the global publishing, research and consultancy firm Oxford Business Group (OBG).
The Report: Abu Dhabi 2015 contains an exclusive contribution from the Chairwoman of the General Women’s Union and Supreme President of the Family Development Foundation Her Highness Sheikha Fatima bint Mubarak.
OBG’s publication provides detailed coverage of the opportunities which upcoming projects hold for businesses, particularly those in construction and related fields. It charts the progress of several major ventures, including the Midfield Airport Terminal, the Etihad Rail project, Abu Dhabi’s nuclear programme and the Cleveland Clinic, which is scheduled to open later this year. The economic analysis also plots the rising number of hotels and hospitality-related projects taking shape, which are helping to galvanise tourism expansion.
Other key topics examined include the emirate’s industrial strategy, with manufacturing, which contributed 5.7% to GDP in 2013 and is supporting non-oil growth, a major focus. Abu Dhabi’s push to encourage new small and medium-sized enterprise (SME) creation is also explored.
The Report also considers developments taking place in Al Gharbia, the Western Region, which offers plenty of potential as a tourist destination in addition to its historic role as a hydrocarbon hub. Additionally there is analysis of the new Abu Dhabi Company for Onshore Oil Operations (ADCO) concession, which is set to play a part in supporting the emirate’s bid to reach a 2017 output target of 1.8m barrels per day (bpd).
OBG’s Managing Editor for the Middle East, Oliver Cornock, said the Group’s 2015 report showed that while Abu Dhabi’s large oil and gas reserves had traditionally driven growth, other sectors were now increasing their contribution to the economy, buoyed by a generally brighter outlook and supported by the long-term development plan Vision 2030.
“Falling oil prices are not expected to constitute a major concern for the emirate. However, they serve to highlight the prudence of increasing the focus on other sectors,” he said. “Introduced in timely fashion, Abu Dhabi’s diversification efforts are now well on track, as can be seen by the performance in areas such as manufacturing and construction, with government support setting the scene for rising investor interest.”
