In the early 1960s oil transformed the federal capital of the United Arab Emirates from a fishing village into a modern city with one of the strongest economies in the Middle East. Today Abu Dhabi boasts a 107-billion-barrel oil reserve. But oil and gas prices can be volatile, and climate change is forcing the automotive industry to pivot to electric power, potentially endangering its economy if nothing changes.
To ensure a prosperous future, Abu Dhabi is rethinking its oil-dependent economy and focusing instead on technology and other industries in a shift that opened its doors to foreign businesses and investment. The Abu Dhabi Economic Plan 2030 resides at the core of this shift.
Released in 2007, the plan applies not only to the city but also to the Abu Dhabi emirate, one of seven states within the nation. It focuses on attracting new industries to reduce the emirate’s dependence on oil and gas. Key among those industries are technology, renewable energy, manufacturing, financial services, tourism, healthcare and aviation.

© BRIGHT | DREAMSTIME
So far, Abu Dhabi has made steady headway. Beginning in 2006 with the formation of Masdar City, several free zones — designated areas with economic incentives designed to encourage foreign businesses — have emerged. Today Abu Dhabi has five such zones, each specializing in certain types of businesses. For example, Masdar City Free Zone specializes in businesses dedicated to renewable energy.
The U.A.E. has made it even easier for foreign businesses to operate here by enacting the Foreign Direct Investment Law in 2018. This law allows up to 100 percent foreign ownership of a company as long as it represents a desirable industry and commits to investing in the U.A.E. Additionally, the country established its Golden Visa program in 2019, allowing foreign nationals to remain in the U.A.E. on a renewable visa for up to 10 years.
Tech incubator Hub71 capitalized on these Abu Dhabi initiatives by providing access to capital, large corporations, accelerators, universities and government agencies beginning in 2019. Efforts to foster new businesses as well as existing small- and medium-sized businesses were so successful the Abu Dhabi IPO Fund was founded in 2021 to help private companies, including foreign ones, to go public on the Abu Dhabi Securities Exchange.
Abu Dhabi experienced other successes in 2021. That January Mohamed bin Zayed University of Artificial Intelligence opened, attracting graduate students from around the world and laying the foundation for the city’s technology industry. Then, October 2021 to March 2022, the U.A.E. hosted Expo 2020. Even though the expo was held an hour away in Dubai, economic benefits from the event spilled over to Abu Dhabi. So did interest in doing business in the city.
In the first half of 2022 Abu Dhabi’s economy expanded by 11.2 percent. Although oil and gas factored into that growth, its non-oil sectors made a significant contribution. Unfortunately, that growth is slowing, thanks to the current worldwide economic downturn.
But Abu Dhabi, which makes up 60 percent of the U.A.E.’s total economy, remains hopeful as it continues to encourage foreign investment. Someday, Abu Dhabi hopes, technology, manufacturing and, ironically, renewable energy will be just as important to its economy as oil and gas.

PHOTO: © THE BOYD COMPANY, INC.
CHECKING IN WITH JOHN BOYD, JR.
Principal, The Boyd Company, Inc.
For more than 50 years, your company has provided corporate site selection services to Fortune 500 companies like Boeing, HP, PepsiCo and Visa International. What makes Abu Dhabi such an at- tractive option for companies like these?
Based on our firm’s dealings in the Gulf, Abu Dhabi is one of the easiest places to do business. It has a pro-business environment and is a safe and diverse city that is doing well in diversifying its economy away from its reliance on oil and gas. Abu Dhabi has been reinventing itself as an innovation hub with great success.
How successful has Abu Dhabi been in moving away from its dependency on oil and gas?
It’s a strategic move not unlike turning around a huge ocean liner, given the fact the U.A.E. has some 10 percent of the total world supply of oil reserves and the world’s fifth-largest natural gas reserves. That said, progress is moving forward, slow but steady. Abu Dhabi is able to leverage several important strengths such as its deep financial reserves, large sovereign wealth fund, pro-diversification government policies targeting innovation and digitalization, free trade zones and ample supply of shovel-ready industrial sites.
Why are corporations choosing to locate in Abu Dhabi over Dubai?
Abu Dhabi is one of the world’s wealthiest cities, the capital city of the country, has a growing tourism sector and has more wealth than Dubai. That said, it is no wonder consumer giants want to have a presence in Abu Dhabi.
DIVERSIONS

PHOTO: © DMITR86 | DREAMSTIME.COM
While in Abu Dhabi, take advantage of any down- time to visit the city’s best attractions, starting with Sheikh Zayed Grand Mosque. Designed to resemble the Taj Mahal, it features marble inside and out, 24-karat gold leaf accents and the world’s largest carpet.
Qasr Al Watan, the palace where U.A.E. president Sheikh Mohamed bin Zayed Al Nahyan receives world leaders, is open for tours and showcases presidential gifts and other national treasures. At Qasr Al Hosn, learn about the na- tion’s founding and participate in a traditional coffee ceremony.
Don’t miss Louvre Abu Dhabi, containing roughly 300 pieces on loan from the Louvre in Paris plus more than 300 masterpieces owned by the royal family. On Yas Island, families can enjoy Warner Bros. World, Yas Waterworld and Ferrari World.
Opened in 2021, National Aquarium Abu Dhabi — the largest aquarium in the Middle East — features 10 nautically themed zones, but it’s not the only opportunity to explore the animal world while visiting the city. Abu Dhabi Falcon Hospital gives tours of its facility, and you can make an appointment to visit the nearby Arabian Saluki Center, which celebrates the famed Bedouin dog.
Desert adventures abound just outside Abu Dhabi. You can ride in a 4×4 over sand dunes, ride a camel through the desert or sandboard down a steep dune. Bedouin camp dinners and wildlife tours also prove popular.
LODGING
Emirates Palace
Mother of pearl, 22-karat gold leaf and Swarovski chandeliers decorate this opulent hotel known for its 114 Arabesque domes. Outside, the property features expansive gardens and a private beach.
West Corniche Road
$$$$$
Rixos Marina Abu Dhabi
Opened in September 2022, this 563-room hotel stands out for its Atlantis-like architecture and impressive sea views from its upper floors. Its modern interior reflects Arabic and Turkish influences.
Marina City Ring Road
$$$
Shangri-La Residences
The Shangri-La Hotel ser- vices these sea-facing accommodations that range from 840-square-foot studios to four-bedroom apartments and come with a kitchen and access to the hotel’s fitness center and swimming pools.
Khor Al Maqta, Qaryat al Beri
$$$$
DINING
COYA
COYA celebrates global flavors by preparing traditional Peruvian dishes like ceviche using Japanese, Chinese and Spanish cooking techniques. A resident DJ entertains as guests sip cocktails and enjoy small plates.
Four Seasons Hotel, The Galleria, Abu Dhabi Global Market Street – Second
$$$$
Hakkasan Abu Dhabi
Located inside Emirates Palace, this Michelin-starred restaurant serves modern takes on dim sum, Peking duck and other Chinese favorites. The wine list boasts offerings from around the world, including China.
Emirates Palace, West Corniche Road
$$$$
Meylas
Owner Shaikha Al Kaabi prepares traditional Emirati dishes the way her mother and grandmother did before her. Her popular café opens for breakfast, lunch and dinner.
Al Raha Beach – Al Muneera
$$
INFO TO GO
International flights arrive at Abu Dhabi International Airport, located 19 miles east of the city’s center. While air-conditioned city buses connect the terminals to select destinations for a fare of AED 4 (about $1.09), taxis are available with a base rate of AED 25 (about $6.80).
In addition, Etihad Airways, the U.A.E.’s national airline, offers free chauffeur service for first- and business-class customers and paid coach service for all its passengers. You must book either service at least 24 hours in advance.
JUST THE FACTS
Time zone: GMT +4
Phone code: Country code: 971
City code: 02
Currency: United Arab Emir- ates dirham
Key industries: Oil and gas, renewable energy, technology, financial, manufacturing and tourism
OFFICIAL LANGUAGE
Arabic
COMING AND GOING
To enter the U.A.E., U.S. citizens require a passport valid for at least six months beyond the date of entry. No visa is required for tourist stays less than 30 days.
Read This Next
Introducing
FX Excursions
FX Excursions offers the chance for once-in-a-lifetime experiences in destinations around the world.
#globility
Insta FeedDaily
Mar 27, 2023Turkish Airlines Lounge Opens at John F. Kennedy International Airport
Turkish Airlines recently opened a new lounge in Terminal 1 of New York’s John F. Kennedy International Airport. The airline operates three flights per day from the airport and now premium passengers have luxurious, comfortable and hospitable lounge amenities to enjoy in a renovated, rebranded space.
Slideshow
Mar 27, 20237 Unique Museums in Europe to See on Your Travels
It’s time to start dreaming of your next trip. Here’s some destination inspiration for you. Take a visual journey through these unique museums in Europe with us.
Daily
Mar 27, 20232 Spring Art Destinations to Visit in 2023
Everyone knows of the great museums and galleries in international cities like Paris, London, Madrid, New York City and Miami, but a growing number of smaller cities and towns join the art scene with state-of-the-art galleries showcasing work from local and international artists. Art enthusiasts wanting to blend art with travel should visit these two beautiful destinations in Europe this spring to not only take in the natural scenery but also visit galleries hosting exhibitions and events.
Sponsored Content
Enter to Win $500 and Get Six Months’ Free Access to the New GT App
Now through May 8, sign up for a free six-month trial of the Global Traveler app and be automatically entered for a chance to win a $500 gift card of your choice for Amazon, Apple or American Express.
Daily
Mar 27, 2023Spring Festival Fun in Virginia Beach
If you love a good festival as much as we do, add Virginia Beach, Virginia, to your list of springtime destinations. Launching the season on April 7 and 8, the Z Fringe Festival presents a fun blend of cutting-edge theater and theater-adjacent works in the region’s first major theater festival. Performances will be presented on three stages in Zeiders American Dream Theater.
Viceroy Announces Partnership with Out & Equal
Daily
Mar 24, 2023Daily
Mar 22, 2023Austrian Airlines to Bring Back Flying Chefs
Austrian Airlines plans to bring back its Flying Chefs program this summer, returning after a three-year break due to the COVID-19 pandemic. In partnership with its caterer DO & CO, chefs employed by the catering company will offer a complete gourmet experience to passengers traveling in Austrian’s business class on long-haul flights.
Sponsored Content
Share Your Travel Preferences with Global Traveler in a Short Survey & Win
Learning more about our readers’ travel habits and preferences ensures Global Traveler delivers the content you desire. As the travel industry has adapted and changed over the last few years, it’s more important than ever to connect. To best meet your short- and long-term travel content needs, please help us!
Daily
Mar 22, 2023Bucket List Blooms: Best Places to Witness Spring Blooms
With spring on our doorstep, the world prepares to see bursts of color, from bold bluebells to vibrant cherry blossoms. While every destination welcomes spring, these places not only see beautiful flowers blossom but also celebrate these blooms with festivals and floral-themed offers from local hotels.
ShareThis