Abu Dhabi: Abu Dhabi's economy could double thanks to oil revenue windfall

The Gulf Daily News reports that Abu Dhabi's economy could grow to $179.1 billion by 2010, more than double its level in 2005 as the non-oil sector expands, although inflation poses a risk to growth, the emirate's planning council said yesterday.

The Abu Dhabi Department of Planning and Economy said in a report that the economy should expand 54.4 per cent in real terms over the five-year period, and could almost double again between 2010 to 2020.

Abu Dhabi is investing windfall oil revenue from an almost six-fold rise in oil prices since 2002 into diversifying its economy away from a reliance on oil exports, funnelling money into real estate and heavy industry.

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Published by Mike Hitchen, Mike Hitchen Consulting