The UAE has the world’s sixth-largest crude oil reserves
and major gas reserves. Over 90 per cent of the oil reserves, estimated at over 100 years at the current production rate of 2.6 million barrels per day (bpd), are in Abu Dhabi Emirate. GDP per capita dropped by more than 15 per cent from
2008 to 2009 due to the GFC, tight credit, lower oil prices and a significant drop in asset values. These factors also led to a marked drop in the inflation rate – down from an estimated 12.3 per cent to 2.5 per cent.
Abu Dhabi – capital city, capital works Abu Dhabi has used its massive wealth to plan for long-term development. New cities, industries, tourism projects, a major new port and social infrastructure are being developed. Continued reform strategies for education, health and government services also offer significant opportunities (see separate article on Abu Dhabi, p.12). Abu Dhabi’s development strategy is laid down in its
Economic Vision 2030 and Urban Framework 2030 plans. The GFC has slowed the rollout, but did not otherwise alter these strategic frameworks. Abu Dhabi’s financial strength and continued development
has led to increased competition for business, as firms previously focused on Dubai have targeted Abu Dhabi over the past year. A consequence has been that Abu Dhabi rents have held up, accommodation and school places are short and the road between Dubai and Abu Dhabi experiences a twice-daily, 150km-long peak hour rush.
Dubai – still a regional hub Standing in a crush of people watching the world’s largest dancing musical fountain at Dubai Mall or queuing nearby to go up the world’s tallest building, it is hard to believe that Dubai has been affected by the GFC. Yet two years ago, over
Madinat Jumeirah, Dubai, United Arab Emirates. Photo by: Poco a poco
800 developers were registered with Dubai’s Real Estate Regulatory Authority (RERA) – there are now less than 400. Clearing debt and re-establishing Dubai’s reputation is a
major challenge for government. A bond program from Abu Dhabi of $20 billion is leading to smaller subcontractors and suppliers being paid. The eventual impact on the Dubai economy is going to be positive as contractors are paid and incomplete projects get back on track. Dubai remains the leading business location in the
region and with its improved infrastructure, lifestyle and lower costs than 18 months ago, it is starting to attract new business and residents. Many firms downsized in 2009 and breadwinners sent their families home to cut costs. Dubai’s population was expected to fall considerably as a result, but the Dubai Statistics Centre in March 2010 surprised all by stating that the population in fact increased by 7.6 per cent to 1.77 million. Better affordability, quality and availability are presumed to have resulted in inter-emirate relocations.
Australia and the UAE Australia is well represented with an Embassy, Consulate General and four state offices. The UAE has an Embassy in Canberra. Some 12,000–15,000 Australians live in the UAE and around 300 companies have a base there. Around 100 are in the building & construction sector. Australia has become recognised as a quality supplier of goods and services, especially in the education sector –
AUSTRALIA AND THE ARAB COUNTRIES | 2010
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