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Wednesday February 7, 12:12 PM
Oil-rich Abu Dhabi takes lead from high-flying DubaiAbu Dhabi, which controls more than 90 percent of the vast oil wealth of the United Arab Emirates (UAE), appears to have set its sights on following the example of booming Dubai. Officials from the largest emirate in the UAE federation used the podium of a two-day economic forum this week to emphasise the emirate's drive to diversify and restructure the revenue base of its economy.
"Our political leadership is determined to benefit from the current achievements through building on them to reach a dynamic and diversified economy," he said. Abu Dhabi sits on more than 90 percent of some 97.8 billion barrels of the UAE's proven oil reserves, ranking the country as fifth in the world with an OPEC production quota of 2.444 million barrels per day. The black gold has allowed Abu Dhabi to play a leading role within the federation since it was founded in 1971 following the withdrawal of British troops from the region. The surge in crude oil prices over the past two years, reaching almost 80 dollars per barrel, has also inflated the coffers of Abu Dhabi's government, enabling it to splash out on economic projects. "Projects in various sectors valued at over 930 billion dirhams (253 billion dollars) have been launched so far," said Salah bin Omair al-Shamsi, chairman of Abu Dhabi's chamber of commerce and industry. He did not specify the share of government-owned firms in such investments but pointed out that construction and tourism took the lion's share with projects worth about 154 billion dollars and 54 billion dollars, respectively. And while he did not give a timeframe, another official at the chamber of commerce, who requested anonymity, told AFP of a five-year period. Abu Dhabi appears to be vying to catch up with the construction frenzy and booming tourism in neighbouring Dubai, which has become a leading business hub and tourist destination in the region. Only last week it unveiled a mega project to build four prestigious museums, including a Guggenheim and -- possibly -- a satellite of the Paris Louvre, to be part of Abu Dhabi's bid to snare a larger slice of the region's tourism. Abu Dhabi authorities also plan to double last year's figure of 1.35 visitors by 2015. The government has drawn a roadmap for its economic ambitions, with an enlarged role for the private sector and development of tourism at the heart of the plans. Commercial enterprises are to be privatised, the financial market strengthened, the emirate's industrial base diversified, and specialised economic zones are due to sprout up. The aim is to turn Abu Dhabi into an attractive tourist destination, said Nasser al-Suweidi, head of Abu Dhabi Department of Planning and Economy. "Our strategy is to build -- in cooperation with our partners in the private sector -- a new economy that is open, diversified and innovative, which aims to export ... and not be a market for consumption," he told participants. Officials are also praising the pace of growth in non-oil sectors in Abu Dhabi. "Non-oil sectors grew by at least 18 percent in 2006, with their share of gross domestic product (GDP) reaching 138 billion dirhams (37.5 billion dollars) and expected to reach 163 billion dirhams (44 billion dollars) in 2007," Shamsi said. He pointed out that the emirate's GDP reached almost 100 billion dollars in 2006, and was expected to grow by 8.2 percent in 2007, to almost 158.6 billion dollars. Neighbouring Dubai remains the regional leader in diversifying from oil, faced with dwindling oil resources. It attracted over six million visitors in 2005 and now has plans to receive about 15 million a year from 2010. Dubai is also home to dozens of grandiose projects, including "Burj Dubai" or Dubai Tower, which is slated to be the world's tallest skyscraper at more than 700 meters (2,296 feet). ak/hc/bm UAE-TOURSIM-ISLAND UAE-ECONOMY-TOURISM (TO GO WITH AFP STORY BY TAIEB MAHJOUB) SAADIYAT ISLAND (UNITED ARAB EMIRATES), 01/30 (TOURISM AUTHORITY) - TO GO WITH AFP STORY BY TAIEB MAHJOUB: A handout from the Abu Dhabi Tourism Authority shows an artist's impression of the Gulf emirate's Saadiyat Island, a 27-km2 natural reserve situated 500 meters off the coast of the Emirati capital. Abu Dhabi, looking to tap into the thriving tourism market in the United Arab Emirates, plans to offer a cultural bonanza rather than follow Dubai in focusing on shopping holidays. Centrepiece of the quiet emirate's mega project to lure tourists is the construction of four museums, including a Guggenheim and, perhaps, a local version of the famous Louvre of Paris, as well as an art centre will be built on the island of Saadiyat. AFP PHOTO/HO AFP/-/mro/mbUAE-ECONOMY-TOURISM (TO GO WITH AFP STORY BY TAIEB MAHJOUB) ABU DHABI (UNITED ARAB EMIRATES), 01/29 (AFP) - TO GO WITH AFP STORY BY TAIEB MAHJOUB: Residents enjoy a day at the beach along the corniche in Abu Dhabi, 29 January 2007. Abu Dhabi, looking to tap into the thriving tourism market in the United Arab Emirates, plans to offer a cultural bonanza rather than follow Dubai in focusing on shopping holidays. Centrepiece of the quiet emirate's mega project to lure tourists is the construction of four museums, including a Guggenheim and, perhaps, a local version of the famous Louvre of Paris, as well as an art centre. AFP PHOTO/STR
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2007
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