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But new industrial sectors to be ventured upon are metals; aviation, aerospace and defence; pharmaceuticals, biotechnology and life sciences; tourism; healthcare equipment and services; transportation, trade and logistics; education; media; and telecommunication services.
The new economic vision has been developed as the emirate had a $21 billion non-oil deficit in 2006, although it has a healthy trade deficit.
The targeted 7.5 per cent growth anticipated with the economic diversification should help
Energy
By next decade, oil output will reach 3.5 million barrel per day (bpd ), as existing facilities are being redeveloped, as well as fields that had not been placed under production before.
TAKEER and International Petroleum Investment Company (IPIC) are pursuing new refining projects to triple existing capacity of 485,000 barrels per day. IPIC is aggressively investing in the refining facilities in
Petrochemicals
This industry is expected to produce an economic output of $1.350 trillion in 2007 and is growing at 4 per cent a year, with 17 per cent profitability. With its large reserves of natural gas and associated liquids,
The emirate has approved a massive expansion of its petrochemicals industry owned and operated by Borouge, which produces 600,000 tonnes of ethelyne and 580,000 tonnes of polyethelyne per annum will complete Borouge-2 project in late 2010. Once completed it will be world’s largest ethane crackers unit producing 1.4 million tonnes per annum.
The complex will also be the world’s largest olefins conversion unit; a 540,000 tonnes per year polyethylene plan and two 400,000 tonnes per year polypropelyne plants.
Media
Large investments will be made in media development, including electronic media, in the coming years, leading to a number of gains for the broader economy, including the creation of jobs for highly-qualified workers and diversification into a sector that is not dependent on natural resources.
Enabling Sectors
In order to develop these focus sectors, Abu Dhabi is also enhancing other domestic industries, which will act as enablers, particularly construction and engineering, machinery, electrical equipment, construction materials, and food and beverages.
Each of the “engine” sectors requires supply or support from at least one of these enabler industries.
haseebhaider@khaleejtimes.com
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