In the early days of oil exploration in Abu Dhabi, nearly two decades before it was discovered in commercial quantities, the leadership of the emirate made preparations for the expected windfall it would bring. Jobs were created, agreements were made for a school to be built and extra rations of coffee, flour and daily staples were distributed to families to ensure that the wealth trickled down to society at large.
More than 80 years on, the emirate has stuck steadfast to this principle while also working to ensure that once the oil stops flowing – through decades-long programmes of economic diversification – that people won’t be left without the financial security they have become accustomed to.
These initiatives that have spurred the development of local sectors for property, aviation, industry, health, education and more have been paid for, both directly and indirectly, by the gains from the sale of crude oil. The idea has always been that eventually the non-oil economy will become self-sustaining, growing in size and overtaking the oil and gas sector itself.
This has not been a linear trajectory; there have been bumps and bruises on the way. We have also now come to the point where the momentum of these efforts seems to have slowed. The financial crisis in 2009 and then the collapse in oil prices after 2014 peaks triggered successive periods of relative austerity and much-needed reforms.
What then will energise the drive towards economic diversification and its targeted fruition date of 2030? We have, in Abu Dhabi, been absent a main driver of growth for some time. Dubai has Expo 2020 which will have some positive impact for Abu Dhabi and the wider UAE, but what else? Tourism and culture? Louvre Abu Dhabi and other attractions will draw visitors but aviation and tourism aren't enough on their own to help support more government stimulus initiatives like Ghadan 21.
And so we find ourselves in the ironic situation of once again looking to oil for a necessary kickstart of the engine of diversification. This is because we are on the cusp of another boom. What’s more, few people realise it. Mired as we have been in the gloom of the last two years, the outlook has been clouded by the precarious geopolitics of the region more than anything else. Fundamentals have been stronger than we think, though. The necessary work has kept going, particularly in the energy sector, which had become somewhat complacent as the world’s eighth biggest producer, and not focused, until now, on becoming the most efficient.
All that has changed. The oil will continue to flow, the money will continue to come, but each in larger quantities than before. This extra resource will then trickle down, as it always has, but fuelling a new era of activity, coupled with the reforms of recent years, will catapult the UAE towards the heights promised by the country’s leadership.
How will this happen? Abu Dhabi's oil and gas industry has been undergoing a transformation over the last two years, sometimes painful, often exciting. The state producer Adnoc has led the charge, focused as it is on becoming a truly dynamic company. Profitability and opportunity have become motivating forces within the group. This year alone, the renewal programme of key offshore concessions has yielded about $8 billion in fees. In the last two years, since Dr Sultan Al Jaber became Adnoc Group chief executive, onshore concessions have brought in more than $5 billion. However, these numbers are just for openers. The effect of the streamlining of how Adnoc produces its oil and gas will be the most profound stage of this transformation.
The Baker Hughes partnership announced last week is the greatest example of the next step in the process. Its 5 per cent stake in the Adnoc Drilling subsidiary will result in a revolution in the emirate over the next five years and the subsequent windfall of cash from the higher margins obtained from the sale of more oil, gas and related products will help build the growing downstream segment of the sector and also make the UAE one of the most cost-effective producers in the world. There will be less anxiety about where the price of Brent Crude is settling. Adnoc Drilling will go toe-to-toe with competitors abroad, bringing in new revenue streams.
Oil and gas once led the way forward for the whole economy, in every sense, and will do so again. Not just in terms of investment; following in its strategic example could be other industries. What could happen if the telecoms, banking and property sectors became truly competitive? Right now they are profitable in a comfortable home market. This makes it more difficult and less enticing to try to compete outside the UAE. Few homegrown UAE brands have matched domestic success internationally and those that have, did so through leveraging the dominance of their base to good effect. Imagine if more of the biggest names in the UAE could stand tall in Europe, Asia and the Americas.
The impact of their resulting higher levels of performance and customer service on the quality of life for the people in the UAE would be immense. The next economic boom in the UAE could be as much about that, as the bottom line or the rapid creation of wealth seen in previous high-growth periods.
Mustafa Alrawi is an assistant editor-in-chief for The National
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Scorebox
Dubai Hurricanes 31 Dubai Sports City Eagles 22
Hurricanes
Tries: Finck, Powell, Jordan, Roderick, Heathcote
Cons: Tredray 2, Powell
Eagles
Tries: O’Driscoll 2, Ives
Cons: Carey 2
Pens: Carey
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Race card
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
KILLING OF QASSEM SULEIMANI
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
