Abu Dhabi estimated to generate additional $800b in cash flows

Abu Dhabi estimated to generate additional $800b in cash flows
BY HASEEB HAIDER KHALEEJ TIMES

ABU DHABI — Abu Dhabi is estimated to generate $800 billion worth additional cash flows during the period 2005-2020 due to high oil prices in the international market, said a consultant.

Kito de Boer, managing director, ME Mckinsey & Company, said GCC region sans Abu Dhabi would add another $1200 billion cash flow to make a total of whopping $2 trillion worth of financial resources chiefly due to bullish oil market.

Sharing his views at a panel discussion during a two-day 'Abu Dhabi Conference 2007', being organised by MEED, he said this additional cash flow would offer more business opportunities.

Earlier, Khaldoon Khalifa Al Mubarak, Chairman, Abu Dhabi Executive Affairs Authority (EAA) and CEO Mubadala Development Company, gave a comprehensive overview of Abu Dhabi's economic ambitions and government reforms process. He said Abu Dhabi has a clear roadmap for economic development.

The future economic strategy of the emirate focuses on real estate, setting up of heavy industry and exploring potential of high-end tourism, infrastructure development under Vision 2030, he added.

In the oil sector from current level of 2.7 million barrels per day Abu Dhabi is keen to raise production to 4 million bpd by 2020. A major development project would be announced in near future, under which nation's huge sour gas resources would be explored.

Moreover, a number of petrochemicals projects would be developed besides setting up of heavy industries like aluminium smelters etc.

"Abu Dhabi wants a cluster of industries to be developed once aluminium smelter comes online in Taweelah, where a industrial city is being developed," the chairman EAA said.