Jul 27 2012 |
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Industrial diversification augurs well for Abu Dhabi
Friday, Jul 27, 2012
Abu Dhabi has done well in diversifying its economy, away from an overwhelming reliance on oil and hydrocarbons. Its strategic authorities have looked at a variety of industries and given its substantial financial reserves and small national population, Abu Dhabi has focused on industries that require large amounts of capital and technology and a small requirement for labour.
Abu Dhabi is already busy in a variety of downstream industries like refining or using the hydrocarbons for making fertilizer and plastics, as well as aluminium, which relies on a large amount of gas to provide the power required for the smelting.
But Abu Dhabi has also looked at totally new industries and has turned its detailed knowledge of the world’s energy markets to develop a key space in the emerging renewable energy business. Masdar City is an important test bed for totally new technologies which may in time become world leaders in the field of renewable energy, offering Abu Dhabi both an important commercial asset as well as strategic leadership in this vital sector.
This kind of detailed focus is important. Within a generation, Abu Dhabi knows that its economy needs to be cut loose from relying on the simple extraction of hydrocarbons from underground. It needs to have new industries which will help pump in more money to the emirate’s economy as well as supply essential career opportunities for the emerging population of Emiratis.
Gulf News 2012. All rights reserved.
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