Economic Overview & Business Opportunities
Abu DhabiThe UAE is the Middle East’s second largest economy after Saudi Arabia and one of the wealthiest countries in the region on a per capita basis. Abu Dhabi Investment Authority which is the states sovereign wealth fund has $ 627 Billion in investment funds, making it 3rd highest in the world. The UAE is the eighth largest producer of crude oil and 18th largest producer of natural gas in the world, with January 2012 reserves estimated at 97.8 billion barrels and 6.09 trillion cubic metres, respectively (ranking eighth in the world for both commodities). Its estimated GDP in 2012 was US$284.4 billion, a real GDP growth rate of around 3.1 per cent.
Abu Dhabi Emirate, which has the vast majority of oil and gas reserves in the UAE, has made significant investments into the establishment of aerospace, nuclear power, defense, information technology (micro-processing), petrochemical and clean-tech. Abu Dhabi is also investing heavily in educational institutions, such as the Sorbonne and New York University campuses, and cultural and sporting attractions such as the Formula One racing track, Ferrari theme park, Louvre Gallery and Guggenheim museum, to diversify the economy away from oil and encourage tourism.