Abu Dhabi: an economic miracle? | Al Bawaba:
"With almost 100 billion barrels of proven crude oil reserves (six per cent of global proven reserves), Abu Dhabi accounts for 94 per cent of the UAE’s oil production, with Dubai, Sharjah and the other emirates the remaining six per cent.
The UAE is unique in the Arab world because it never nationalised foreign oil concessions or expropriated their assets, as did Iraq, Libya, Yemen and even Kuwait. In fact, Abu Dhabi’s flagship operating company Adnoc forged highly successful partnerships with international oil and gas majors that enabled it to import state of the art management and technological expertise in oil drilling, production, pipeline, refining and petrochemicals. As the host of Irena and Masdar City, Abu Dhabi is the global hub of renewable energy, the next frontier in world energy. Abu Dhabi is increasingly also a “gas superpower” with an estimated four per cent of global proven reserves that will last for more than a 100 years at current production levels."
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