GENERAL INFORMATION
Based on current utilisation rates and no additional discoveries, Abu Dhabi's oil reserves will last for over 150 years
Population 5 million
Ethinic Groups: Emirati 19%, other Arab and Iranian 23%, South Asian 50%, Europeans 15%
Economic diversification reduced portion of GDP based on oil and gas output to 25%
Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living
The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement
The GDP per capita US $70,000 for Abu Dhabi, which is far above the average income of the United Arab Emirates and which ranks third in the world after Luxembourg and Norway
The United Arab Emirates in 2006 per capita income was US $49,700 and ranking third in the world at purchasing power parity
"The UAE reported fiscal surpluses for four consecutive years from 2005-2008 (while previously it had several years of fiscal deficits due to low oil prices and a steady growth in public spending and infrastructure)
JUNE 2010: The UAE has been ranked sixth in the world regarding quality of its infrastructure. It has also been ranked number 23rd in the Global Competitiveness Index (GCI) among 133 countries, according to the report issued by the Swiss based World Economic Forum (WEF)
UAE RULING FAMILY & ELECTION SYSTEM
Chief of state: President KHALIFA bin Zayed Al-Nahyan (since 3 November 2004), ruler of Abu Dhabi (since 4 November 2004)
Vice President and Prime Minister MUHAMMAD BIN RASHID Al-Maktoum (since 5 January 2006)
Head of government: Prime Minister and Vice President MUHAMMAD bin Rashid Al-Maktoum (since 5 January 2006)
Deputy Prime Ministers SAIF bin Zayid Al-Nahyan (since 11 May 2009) and MANSUR bin Zayed Al-Nahyan (since 11 May 2009)
Cabinet: Council of Ministers appointed by the president
There is also a Federal Supreme Council (FSC) composed of the seven emirate rulers; the FSC is the highest constitutional authority in the UAE
Establishes general policies and sanctions federal legislation
Meets four times a year; Abu Dhabi and Dubai rulers have effective veto power
Elections
President and vice president elected by the FSC for five-year terms (no term limits) from among the seven FSC members;
Election last held 3 November 2009 upon the death of the UAE's Founding Father and first President ZAYED bin Sultan Al Nahyan
Prime minister and deputy prime minister appointed by the president
Election results
KHALIFA bin Zayed Al-Nahyan elected president by a unanimous vote of the FSC;
MUHAMMAD bin Rashid al-Maktoum unanimously affirmed vice president after the 2006 death of his brother Sheikh Maktoum bin Rashid al-Maktoum
SAMPLES OF SUCCESS
Emirates Airlines
Emirates airlines started with US $15million, a lease and develop model
2010: Dubai's flag carrier orders 32 more A380s for US $11.5 billion, biggest contract in civil aviation history
Dubai international airport current figures for 2010 passenger traffic has reached over 22 million passengers an increase in 16.4% (comparing 2010 and 2009) pushing it up two places to number 13 busiest airports in the world. With shanghai at 28% yoy growth and Beijing 13% yoy growth.
Emisrates Airline is the worlds largest carrier measured by international traffic for the 2 consecutive year according to international air transport association. Ahead of Deutsche lufthansa and delta.
Ethihad Airways
Started with an initial paid-up capital of approximately US $150 million in 2003. Today one of the fastest growing airlines in the history of commercial aviation
Ethihad Airways made a US $8-billion order for new aircraft in 2004, which included five Boeing 777-300ERs and 24 Airbus aircraft, including four A380-800s
The airline announced the largest aircraft order in commercial aviation history at Farnborough International Air show in 2008, for up to 205 aircraft - 100 firm orders, 55 options and 50 purchase rights. The total deal for up to 205 wide-body and narrow-body planes is worth approximately US $43 billion, at list prices
Etihad Airways announces record-breaking US $14 billion aircraft engine order in 2009
As of July 2010, the airline operates services to 64 destinations around the world from its home base in Abu Dhabi
Mubadala
Launched Dolphin Energy
Mubadala and Boeing: ambition to become global aerospace hub (east west connection) manufacturing, engineering, research and development, commercial maintenance, repair and overhaul, military maintenance and sustainment, pilot training and people development
Mubadala Healthcare announced that the first phase of the National Reference Lab (NRL) will begin operations 2010. The 12,000-square-foot laboratory will be based in Dubiotech biotechnology and Research Park and will provide reference laboratory services to public and private hospitals and clinics across the UAE
GE and Mubadala both investing $4bn each into a joint venture over 3 year period: relationship multifaceted: accessing global and regional opportunities to benefit of both partners. Clean energy research and development etc.
The National Reference Lab is a Mubadala Healthcare initiative created in partnership with Laboratory Corporation of America Holdings (LabCorp), one of the world's largest and most experienced clinical laboratory companies
MASDAR CITY Launched by Mubadala
THURAYA
Launched satellites
http://www.thuraya.com
TAQA
Started in 2005
Employees 2,800 drawn from 41 nationalities working in thirteen markets across the world, from India to Canada and Abu Dhabi to the United Kingdom
ASSETS of US $24bn and revenue of over US $4bn. 51% owned by ADWEA and a public joint stock company on ADSM
ADIA
The emirate is also home to one of the worlds leading sovereign wealth funds, Abu Dhabi Investment Authority, which is a strategic international investor. Estimated asset under management between a Trillion USD and ½ Trillion USD
Etisalat
Today Etisalat stands 140th among the Financial Times Top 500 Corporations in the world in terms of market capitalization
Ranked by The Middle East magazine as the 6th largest company in the Middle East in terms of capitalization and revenues
Etisalat is nearing its proposed US $12 billion acquisition of a 46% stake in Kuwaiti counterpart Zain Group
Etisalat, has over 100million customers across 18 Middle Eastern, African and Asian countries add to this Zain Telecoms 35million customers
Using 2010 data Etisalat and Zain the 9th largest global operator when measuring total number of subscribers, one position ahead of France Telecom and not far behind China and Deutsche Telecom
GAS
Fifth largest proven gas reserves
Advanced technologies
Initially focused on the semiconductor industry, ATIC's potential scope is global and will focus on leading technology companies and centers in Europe, the U.S. and Asia
Advanced Technology Investment Company of Abu Dhabi has committed over US $10 billion to GLOBALFOUNDRIES, rapidly making it one of the largest global semiconductor manufacturing companies. In addition to facilities in Singapore, Dresden and upstate New York
http://www.advancedtechnologyic.com/
Defence
2010: the GCC countries (GCC = Saudi Arabia, United Arab Emirates, Oman, Qatar, Kuwait & Bahrain) spent north of US $70bn for defence with UAE rumored to have spent north of US $20billion
Abu Dhabi Cultural movement
Carter Fleming Group attended one of many cultural music events in the region, October 6th at the Emirates Palace Auditorium: Symphonic Masterworks Mahler celebration with the Royal Concertgebouw Orchestra, conducted by Daniele Gatti
Further information:
http://www.abudhabiclassics.com/en
http://www.adach.ae/en/default.aspx
Abu Dhabi have a strategy and have already started implementing in a number of areas e.g. education, research and development, welfare, pension systems and schemes, cultural development with libraries, art centers, large concert auditoriums, film media etc.
For further information on future strategy of Abu Dhabi please email: info@carterfleminggroup.com and request the ‘Abu Dhabi 2030 plan'
CLOSING STATEMENT
Abu Dhabi is one of the most concentrated economies in the GCC, as the oil sector dominates economic output and any major fluctuations in oil price can impact it
Thus, diversification is a major focus and the emirate has invested large amounts of capital in broadening the economic base
Abu Dhabi has intensified efforts embracing the two pillars of diversification and privatisation, introducing strategic measures and undertaking substantial new investments in industry, real estate, tourism, aviation and other sectors
USEFUL LINKS
Newswires to keep up to date on local market movements:
www.zawya.com | www.gulfnews.com | www.khaleejtimes.com | www.thenational.ae | www.arabianbusiness.com | www.ameinfo.com