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This book aims to tell the Abu Dhabi story in economic development, from its past dominance in oil to its economic vision for the future. More than being an exemplar of industrial restructuring and diversification from a resource-based to a 21st century knowledge-based economy and society, Abu Dhabi emphasises its cultural legacy and tradition as an environmental advocate for green and sustainable pathways. It has as many challenges as creative responses to show that its success is not by wealth alone. This case study unveils Abu Dhabi in particular and the rest of Arabic and GCC economic development in general. They have all attracted foreign investment and global business, typically as hydrocarbon-rich resource economies. Beyond that, the geoeconomics and geopolitics of the Middle East and North Africa, with or without the Arab Spring in 2011 is in and of itself, a rich region for multidisciplinary studies and research, not just for economics and business. With Qatar, Abu Dhabi boasts of one of the highest per capita income in the world; therein lies a reason to enquire about its success and pivotal role in the GCC and global contexts.
This book aims to tell the Abu Dhabi story in economic development, from its past dominance in oil to its economic vision for the future. More than being an exemplar of industrial restructuring and diversification from a resource-based to a 21st century knowledge-based economy and society, Abu Dhabi emphasises its cultural legacy and tradition as an environmental advocate for green and sustainable pathways. It has as many challenges as creative responses to show that its success is not by wealth alone. This case study unveils Abu Dhabi in particular and the rest of Arabic and GCC economic development in general. They have all attracted foreign investment and global business, typically as hydrocarbon-rich resource economies. Beyond that, the geoeconomics and geopolitics of the Middle East and North Africa, with or without the Arab Spring in 2011 is in and of itself, a rich region for multidisciplinary studies and research, not just for economics and business. With Qatar, Abu Dhabi boasts of one of the highest per capita income in the world; therein lies a reason to enquire about its success and pivotal role in the GCC and global contexts.
Abu Dhabi’s urban development path contrasts sharply with its exuberant neighbour, Dubai. As Alamira Reem puts it, Abu Dhabi, capital of the United Arab Emirates since 1971, ‘has been quietly devising its own plans ... to manifest its role and stature as a capital city’. Alamira Reem, a native Abu Dhabian and urban planner and researcher who has studied the emirate’s development for more than a decade, is uniquely placed to write its urban history. Following the introduction and description of Abu Dhabi’s early modern history, she focuses on three distinct periods dating from the discovery of oil in 1960, and coinciding with periods in power of the three rulers since then: Sheikh Shakhbut bin Sultan Al Nahyan (1960–1966), Sheikh Zayed bin Sultan Al Nahyan (1966–2004), and Sheikh Khalifa bin Zayed Al Nahyan (2004–). Based on archival research, key interviews and spatial mapping, she analyses the different approaches of each ruler to development; investigates the role of planning consultants, architects, developers, construction companies and government agencies; examines the emergence of comprehensive development plans and the policies underlying them; and assesses the effects of these many and varied influences on Abu Dhabi’s development. She concludes that, while much still needs to be done, Abu Dhabi’s progress towards becoming a global, sustainable city provides lessons for cities elsewhere.
Hydrocarbons revenues still form the bulk of Abu Dhabi’s GDP and while falling prices are a concern, the emirate has been moving steadily towards its economic diversification targets in line with Abu Dhabi Economic Vision 2030. The past 10 years has seen the non-oil sector expand strongly on the back of business-friendly government policies, as a result of which non-oil sector growth now outpaces that of the oil sector. Outside of hydrocarbons, construction and manufacturing represent the biggest GDP contributors in the emirate, with the construction sector poised to enter a period of renewed expansion and manufacturing identified as a key area for future growth, leveraging the emirate’s natural resources, growing downstream capabilities and strategic location. Elsewhere Abu Dhabi’s financial sector continues to assert itself and the expected 2015 launch of Abu Dhabi Global Market, the UAE’s second financial free zone, is expected to boost activity in the sector. Meanwhile visitor numbers to Abu Dhabi continue to rise, with around 3.5m arrivals in 2014, up 25% on the previous year. This growth is expected to continue as major infrastructure upgrades continue apace. These include the expansion of Abu Dhabi International Airport and the development of the 1200-km wide Etihad rail project.
Although the emirate’s economic growth can be primarily attributed to its vast hydrocarbons resources, it has also made progress diversifying into new sectors such as manufacturing, tourism, aerospace, defence, finance and logistics. In addition to its economic investments, Abu Dhabi has also made major contributions to social welfare as well as infrastructure, which has been identified as the bedrock for future growth. The government has played a key role in the expansion of the security, aerospace and defence industry over the past decade in an effort to strengthen the UAE’s defence capabilities and as a means of boosting economic diversification. Despite challenges such as a high level of regional competition, most local defence and aviation firms expect to see continued expansion for years to come. The evidence suggests that the emirate has succeeded in nurturing new economic sectors and is on track to meet its goals. The oil and gas sector accounted for 56.5% of Abu Dhabi’s GDP at current prices in 2012, followed by construction (9.6%), manufacturing (5.9%) and real estate (4.4%).
Subdued oil prices prompted a trimmed federal budget for 2016 as the UAE, like other countries in the region, tightened its belt in response to falling hydrocarbons revenues. However, a sustained focus on economic diversification and targeted investment in Abu Dhabi’s key non-oil sectors in recent years means the emirate is well positioned to weather the storm. Looking forward, plans for future development are mapped out in Abu Dhabi Economic Vision 2030, a comprehensive economic policy document that aims to reduce dependence on oil and gas, thereby creating a more sustainable knowledge-based economy for the emirate and its inhabitants. Aided by hydrocarbons reserves that are among the world’s largest and substantial financial resources, Abu Dhabi has built up a strong foundation to become a regional leader and an increasingly important global player in a wide variety of sectors, including oil and gas, financial services, health care, aviation and renewable energy.