Look at Abu Dhabi, thinking it’s ‘all that’
The capital’s confidence is enough to make you sick... well alright, green with envy. GDP figures look good, as do Rolls Royces, apparently.
December 31, 2010 11:22 by Samuel Potter
Regular readers will know that Kipp has no shame in its jealousy and bitterness; in fact without it, the site would be a heck of a lot smaller. This week we are mostly being jealous of Abu Dhabi, which can expect a GDP growth of nearly 8 percent next year, according to a local study. Dubai, in contrast, expects a mere 4 percent.
Abu Dhabi can also look forward to a surge of investments of nearly 15 percent, almost half of which will come from the private sector. Exports will jump 9.5 percent, and imports 8 percent says the study by the Abu Dhabi Chamber of Commerce and Industry.
Mohamed Rashid al Hameli, the director general of the chamber, said: “The private sector in Abu Dhabi has understood its role in the Abu Dhabi economic vision 2030 and is in the process of contributing more and more to the overall development of the emirate”.
According to the National, that thumping growth will be 3.8 percent in real terms, when we allow for inflation.
Unsurprisingly, there is a general air of confidence around Abu Dhabi right now. As we report in our Reuters news feed, Abu Dhabi Terminals is set to resume management of the Mina Zayed port after the contract with Dubai’s DP World was not renewed. The contract is up on December 31, and DP World (Dubai Port World, in case you ever wondered) are acting like it’s no big deal. The company says the earnings before interest, tax, dividend and amortization contribution from the agreement was “not material” to them.
Meanwhile ADT (a subsidiary of ADPC, or Abu Dhabi Ports Company) says that discussions surrounding operations for the new Khalifa Port have not resulted in any binding agreement. In other words, Abu Dhabi has decided it no longer needs Dubai to park ships for them.
With all that success floating around, it’s just as well Abu Dhabians aren’t living the high life, or else we’d get really jealous. Oh wait, they are apparently – Abu Dhabi Motors says it quadrupled its Rolls Royce sales between January and November.
A release says, “The sole dealer of Rolls-Royce Motor Cars in Abu Dhabi and Al Ain has also retained its position as the number one importer for Roll-Royce Motor Cars in the region and has accomplished the second highest volume sales worldwide for Rolls-Royce Motor Cars in the same period.” The company puts the rise down to the arrival of the new Rolls-Royce Ghost and sustained demand for unique Bespoke Phantom vehicles. Kipp puts it down to lots and lots of rich and successful Abu Dhabians with too much spare cash.
The news is actually all good, if we’re honest: What’s good for Abu Dhabi is good for the UAE as a whole. Kipp (and Dubai, for that matter) shouldn’t waste time on jealousy. The stronger Abu Dhabi is, the stronger we all are.