Using very conservative, basic assumptions, let’s have a simple look at Abu Dhabi’s yearly income:
Source of revenue- Crude oil exports. (We’ll ignore that other major source of revenue, natural gas.)
Number of days per year- 360 days
Crude Oil production rate- 1 mio (bpd) barrels per day
Clean, net profit destined to end up in the Emirate’s Treasury- USD 20 per barrel
Note– Current price of crude oil: around USD 80. Current oil production around 2 mio bpd
REVENUE = USD 7.20 billion (AED 26.46 billion)
That’s the conservative amount Abu Dhabi can confidently expect to enter its coffers every year and just sit there, and tag as “savings” (reserves)
Is this yearly amount enough to serve as critical emergency support for an economic plan featuring at least USD 327 billion (AED 1.2 trillion) worth of infrastructure and other projects around the Emirate?
According to aljazeera.net, the Abu Dhabi Chamber of Commerce and Industry expects over AED 1.3 trillion worth of projects to be announced soon:
AED 752 billion – infrastructure
AED 230 billion – tourism
AED 52 billion – Water & Electricity
AED 92 billion – Oil & Gas
AED 190 billion – Industry/Manufacturing
By the way, the article also notes that ADCCI expects the Emirate’s GDP to hit AED 510 billion this year (2008).
Oil& Gas GDP would be AED 353 billion (USD 96 billion)
Abu Dhabi GDP accounts for 63% of the UAE’s GDP.
Abu Dhabi city (aljazeera.net archives)
