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UAE eyes global leadership role

25 October 2023

Commentary
John Bambridge
Analysis editor

Abu Dhabi is stepping up its activity on the world stage, forging ties with both east and west and working to carve out a new diplomatic and strategic role for itself in the increasingly divided and multi-polar global geopolitical landscape. The UAE has signed up to join the Brics group in Johannesburg and the India-EU trade corridor at the G20 summit. Both initiatives signal the country’s intent to further leverage its strengths in energy and trade.

The UAE has been positioning itself for decades as a global hub for international flows of capital, people and ideas – both to advance its efforts to economically diversify and draw in foreign direct investment. 

The country intends to become a hub for entrepreneurship, global talent and emerging technology with a view to maintaining the UAE’s economic momentum even in a post-oil world.

The next big event on the horizon, the Cop28 climate summit, is emblematic of much of this, and of the balancing act of investing in both the hydrocarbons industry and the technologies and infrastructure of the future.

The summit will test whether the UAE can convey its energy transition vision to a global audience and if its call for pragmatic dialogue between energy producers and energy consumers, Global North and Global South, will be heeded.

Economically, the UAE remains a well-oiled dynamo of the GCC and wider Middle East and North Africa. With both resilient oil and non-oil growth, it is a bastion of stability amid more economically lopsided neighbours.

As much of the world battles inflation, this is firmly in check in the UAE, while government receipts are up amid taxation and structural reforms. The banking and finance sector is meanwhile flush with liquidity and positioned to benefit from the surge in economic activity at home and in Saudi Arabia.

Looking ahead, the $17bn investment by Abu Dhabi National Oil Company in the Hail and Ghasha offshore sour gas project will ensure the medium- term vitality of the country’s upstream energy sector. It is a key pillar in the UAE’s plan to achieve self-sufficiency in natural gas production by 2030.

At the same time, state-backed utilities are embarking on green energy projects, including developing solar, battery storage and green hydrogen schemes.

Construction is witnessing a resurgence led by long-term, government- backed projects in transport and urban development. Phase 2 of Etihad Rail is well under way, and the completion of the GCC-wide network will be a logistics game-changer for the region. Aviation sector activity is returning to pre-pandemic levels and airport-linked construction projects are resuming.

Both on a nuts and bolts level, and at the highest level of diplomacy, the UAE is primed and ready.

MEED’s November 2023 special report on the UAE includes: 

> COMMENT: UAE eyes global leadership role
> POLITICS: Abu Dhabi networks on the global stage
> ECONOMY: UAE economy maintains robust growth
> BANKING: UAE banks enjoy the good times
> UPSTREAM: Hail and Ghasha galvanises UAE upstream market
> DOWNSTREAM: Adnoc spurs downstream gas expansions
> POWER: UAE closes ranks ahead of Cop28
> WATER: UAE ramps up decarbonisation of water sector
> PROJECTS: Top 10 UAE clean energy projects
> CONSTRUCTION: UAE construction sector returns to form
> TRANSPORT: UAE aviation returns to growth

 

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John Bambridge

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