Abu Dhabi Moving towards a sustainable economy
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Abu Dhabi itself is the eighth-largest oil producer of the world. The economy of this emirate has been relying on its oil and gas reserves until the non-oil sectors emerged and diversified it. In recent years, Abu Dhabi witnessed rapid growth in its several non-oil sectors like real-estate and construction, infrastructure and transport, financial institutions, logistics and supply chain, shipping and maritime, etc.
Abu Dhabi’s oil exports have attracted global markets. It consists 95% of the national oil reserves and approximately 94% of the gas reserves of UAE. Abu Dhabi also deals in petrochemical products at global level. With a well-developed infrastructure, the oil-rich Abu Dhabi is very popular for its famous tourist places and stunning landmarks like the Grand Mosque, the Emirates Palace, Heritage Village, etc.
Apart from tourism, the emirate is focusing on two of the biggest economic sectors, construction and manufacturing which have seen exponential growth in recent times. A large number of global players have incorporated in the free economic zones of Abu Dhabi which has provided huge business and job opportunities. The tax-free environment of UAE has enabled the corporates to spread their business network throughout the Abu Dhabi.
Being the federal capital of the United Arab Emirates, the political significance of Abu Dhabi is more dominating than Dubai. Both the emirates share strong social, economic, cultural and political bonds and together they have remarkably established a sustainable economy.