With the recent oil price decline in the global market, Abu Dhabi is taking steps to find alternative revenue sources.
Following recent cabinet meetings, local government officials have made a commitment to create a sustainable economy, with Crown Prince HH Sheikh Mohamed Bin Zayed, explaining, “The post-oil transformation is a turning point in our history as UAE nationals.
“We want a scientifically advanced UAE, we aim to have an Emirati robust economy depending on advanced industries and scientific research, and we want Emirati innovations that change the lives of our future generations.”
According to the Abu Dhabi Department of Economic Development (DED), non-oil industries contributed to a growth rate of 11.8 percent in the capital’s gross domestic product in the third quarter of 2015.
The encouraging growth means that the capital is on track to meet its objective to branch out from oil and gas – a key point of Abu Dhabi’s economic vision for 2030.
Efforts are already underway with investments being made in industries such as tourism, hospitality, real estate, banking and technology.
Projects include the development of a steel plant in Kizad Free Zone, the opening of a cruise port terminal, the construction of a new airport terminal, and a partnership with Virgin Galactic to enter into space tourism.
The hospitality industry is also looking forward to a number of high-profile projects in the coming years including the Fairmont Marina Resort on the breakwater, the AED 860 million Saadiyat Rotana Resort, and the 200-room Four Seasons Hotel at Al Maryah Island.