Abu Dhabi challenges the decline in the price of oil and expands its most important projects locally

Over the past few years, Abu Dhabi has printed oil revenue in various projects that include luxury museums and new offices, amid the flow of financial enterprises to the emirate. Despite the recent drop in oil prices, this momentum is likely to continue with the development projects in the emirate, according to Mohamed Al Mubarak, head of the Department of Culture and Tourism in the Emirate, in an interview with “Bloomberg News”. These statements coincide with the emirate, his latest landmarks, a digital museum with an area of ​​17 thousand square meters (182 thousand square feet), unveiled only a short car of the Louvre Abu Dhabi Museum. Al -Mubarak, who is also a member of the Emirate Executive Council: “Our investments in these areas will not stop, or the price of oil is $ 55 or $ 100. This is a path we will constantly focus on.” He added that the city was preparing to announce soon for two new cultural projects, as part of its plans for further development. Al -Mubarak’s statements are one of the first public attitudes issued by Abu Dhabi officials regarding the intercourse of the emirate with the decline in oil prices. The wealthy wave states often represent the recent investment of the world in the periods of economic turmoil, which is why the financial expectations of the region are carefully monitoring the world level. The diversification of the economy of Abu Dhabi The wave states seek to diversify their economies to reduce the dependence on oil, but the continuation of prices at about $ 65 a barrel raised questions about the extent of governments’ ability to maintain public spending. Nevertheless, Abu Dhabi, one of the largest oil export cities in the world, is less likely to vary in prices compared to others. The ‘Fitch’ credit rating agency reported last year that the budget equivalent price in the Emirate for the Brent -Ru vat, without calculating a few investment income, will reach an average of $ 68 during the years 2025 and 2026, which is much lower than the required price in neighboring Saudi Arabia. The capital of the United Arab Emirates has begun a $ 10 billion plan to attract residents and tourists, as it has invested more than $ 15 billion Dirhams (4.1 billion) in the tourism sector over the past five years. This has helped the growth of non -oil sectors in the city with about 59% over the past decade, and is now more than half of the gross domestic product. You can also like it: This is how Abu Dhabi became the latest refuge for the wealth of the world’s billionaires. Al -Mubarak explained that Abu Dhabi’s focus is still on the long -term benefits to invest in the city, which indicates that the expansion of the number of hotel rooms so far is still a top priority, especially in light of the high occupancy rates to about 82% so far this year. The city plans to add between 15 thousand and 20 thousand new hotel rooms by the period between 2030 and 2032. Abu Dhabi revives tourism and culture thanks to its enormous sovereign wealth, and Abu Dhabi still constructs high offices, luxury homes and hotel rooms to meet the needs of global money giants, including ‘Brevan -Bate,’ Headquarters in the emirate. Abu Dhabi leads the cities of the world with the size of its sovereign funds of 1.7 trillion dollars. I know more here. The tourism and cultural sector was 9% of the Abu Dhabi economy last year, after the sector recorded a 22% growth in 2024. This year, the sector’s contribution increased to 13% of the sector of the sector and the thousand and 30 thousand, according to Al -Mubarak. 35 thousand new jobs during the current year. Abu Dhabi hosted major concerts and major sporting events, as the ‘Coldplay’ orchestra made a show in a stadium full of the audience. The city also hosted the US Professional Basketball League matches (NBA), where Boston Celtics faced the ‘Denver Nags’ team, amid a great public presence in ‘Etihad Arena’. Al -Mubarak indicated that Abu Dhabi is open to more similar sports partnerships. The city is scheduled to host the largest “Tim Lab” museum in the world, with the opening on Friday. The headquarters of the original museum in Tokyo is located, and the idea is to introduce visitors into an overwhelming digital artistic experience dependent on sound effects and smells. The city is also preparing to open a number of other museums, including the new “Goghnheim Museum”. As for the Museum of Natural History, which is located near ‘Tim Lab’, as well as the ‘Zayed National Museum’, it is scheduled to open later this year. Al -Mubarak said Abu Dhabi has a long -term vision aimed at meeting the needs of “the next five, ten and fifteen years.”