The Abu Dhabi Economy
Hi, Sunil here to talk about the growing Abu Dhabi economy
Abu Dhabi, the largest of the 7 Emirates in the UAE and the capital is the wealthiest of all 7 mainly because of its oil reserves. Their oil reserves are supposed to last through 2100 I probably wont even be around by then.
Its Gross Domestic Product (GDP) and per capita income are the highest amongst all 7 Emirates. In fact, Abu Dhabi is said to have the largest per capital sovereign fund wealth, which is approximated at $1M per resident. As of 2008, the Emirate only had 420,000 citizens or Nationals and each ones net worth on average was about $17 million, quite insane isnt it?
More than $1 trillion as of 2008.
This is the amount the world has invested in this Emirate.
Look for that figure to increase as Abu Dhabi develops further and surpasses Dubai as well as some of the other bigger global names familiar to you.
This Emirate is smart, patient, rich and takes its time with calculated risk-averse decisions.
It has learned valuable lessons from its neighboring Emirate, Dubai.
So what about the GDP? The GDP per capita was $63,000 in 2008. This ranks third in the world after Luxembourg and Norway. Again, look for this number to increase over time. Abu Dhabi is just getting started.
Current established industries include oil, steel, construction and engineering. Look for these to expand nicely. Other industries will be developed in the near future as well as population count increases as a result of business, social and political activities.
Despite its low key presence, the economy of Abu Dhabi grew 9% in 2006. That is a number as high as what China and India were experiencing during their book. I am sure you heard about China and India. But Abu Dhabi? Well that is why we are here ?
The Abu Dhabi Investment Authority (ADIA), a worldwide known Sovereign wealth fund is currently estimated to be $875 billion. It is the world's wealthiest sovereign fund in terms of total assets.
You also may have heard rumors post 2008 that Abu Dhabi rescued Dubai after it had all but collapsed. Rumors like AD bought out many of Dubais investments, including a stake in the national symbol the Burj Al Arab as well as the world class Emirates airlines. It is also said that AD took a large stake in the Dubai International Airport. AD of course already owns the direct competitor of Emirates, Etihad Airways, which is also headquartered in Abu Dhabi.
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