The Emirate of Abu Dhabi is one of seven emirates that constitute the United Arab Emirates (UAE). It is the largest emirate by area (67,340 km2), accounting for approximately 87 percent of the total land area of the federation. Abu Dhabi also has the largest population of the seven emirates. The population is at 2.8 million, of which less than 20% are Emirati citizens. Abu Dhabi is the capital city of the emirate, after which it is named, as well as the capital of the federation. Main cities and towns are Abu al Abyad, Al Ain, Al Shahama, Al Tawelah, Al Shalelah, Al-Aryam Island, Al Shamkha, Bani Yas City, Ghayathi, Ghantoot, Habshan, Al Wathba, Al Mu’azaz, Al Ad’la, Swehan, Halat Al Bahrani, Khalifa Port, Liwa Oasis, Madinat Zayed, Marabe al Dhafra, Marawah, Port Zayed, Ruwais, Sila, Sir Bani Yas, and Tarif.
In recent times, the Emirate of Abu Dhabi has continuously contributed around 60 per cent of the GDP of the United Arab Emirates, while its population constitutes only 34 per cent of the total UAE population according to the 2005 census. In the early 1970s, two important developments helped the emirate achieve leaps on the path of development. The first was the establishment of the United Arab Emirates in December 1971 with Abu Dhabi as its political and administrative capital. The second was the sharp increase in oil prices following the October 1973 War, which accompanied a change in the relationship between the oil countries and foreign oil companies, leading to a dramatic rise in oil revenues.
The capital city Abu Dhabi has seen new construction of modern high rises, tall office and apartment buildings, and busy shops. Today the city is the country’s centre of political and industrial activities, and a major cultural and commercial centre, due to its position as the capital. Abu Dhabi accounts for about two-thirds of the roughly $400-billion United Arab Emirates economy.
The National Bank of Abu Dhabi (NBAD) is the largest lender bank in the emirate and the second largest lender in the federation. NBAD has the largest market capitalization among UAE banks. The government has put in efforts to diversify the economy and invest into other areas such as the service and tourism industry. The capital city has seen various construction projects and the opening of shopping malls. The opening of the Emirates Palace marked the opening of the most expensive hotel ever built. The annual Abu Dhabi Grand Prix is a Formula One motor race held in the capital city, which further attracts tourists. Apart from the capital city, the Abu Dhabi Desert Challenge is held in the countryside and the tourism board is trying to highlight other places in the emirate. Abu Dhabi’s government is looking to expand revenue from oil and gas production to tourism and other sorts of things which would attract different types of people. This goal is seen in the amount of attention Abu Dhabi is giving to its International Airport. The airport, in 2009, experienced a 30%+ growth in passenger usage. This idea of diversification of the economy is also seen in the Abu Dhabi Economic Vision 2030 planned by the Abu Dhabi Urban Planning Council. In this plan Abu Dhabi’s economy will be sustainable and not be dependent on any one facet or source of revenue. More specifically the non-oil portion of income is planned to be increased from about 40% to about 70%.
