Waha Capital manages assets in the region and internationally, but is deeply rooted in Abu Dhabi’s economy.
Abu Dhabi is the largest of the seven Emirates in the UAE, and the seat of the country’s Federal Government.
The UAE economy has achieved an increasing level of diversification in recent years, having traditionally relied heavily on income from its hydrocarbons based wealth. The country still holds more than 6.6% of the world’s proven crude oil reserves, and is among the top 10 oil producers globally. It also has the seventh largest natural gas reserves in the world and several current projects both onshore and offshore are expected to boost natural gas production significantly by the end of the decade.
The Abu Dhabi Economic Vision 2030 is the framework for the government’s strategy for economic diversification, through greater investment in knowledge-based industries such as aerospace, petrochemicals and pharmaceuticals, and encouraging private sector development in social infrastructure.
According to government data, Abu Dhabi’s non-oil industries currently contribute over 60% of the Emirate’s GDP, with high levels of investment in infrastructure having a multiplier effect on the wider economy.
For example, transportation infrastructure is being developed at a rapid pace, to aid the process of regional integration and trade. This includes the Etihad Rail Project, which will connect major commercial and residential centres in the UAE, and the Midfield Terminal project at Abu Dhabi Airport, which is designed to ensure that the city is able to capitalize on further growth in global air passenger traffic in the decades to come.
In anticipation of Expo 2020 in Dubai, tourism facilities are being developed across the UAE, including in Abu Dhabi, with cultural and leisure developments progressing well on Saadiyat and Yas islands.