The survey was released on the eve of the Summit on the Global Agenda 2015, which opened in Abu Dhabi yesterday.
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According to a report from Bloomberg, Ali Al Mansoori, the head of Abu Dhabi’s Department of Economic Development, said that, “It is a gift to the world that oil has dropped to $50”.
While each of the nine challenges is equally pressing, a few to which the UAE is able to contribute significantly is social inclusion and economic growth, human capital, employment, long-term investment, economic and infrastructure development.
Oil prices have fallen over 55 per cent from their June peaks of around $110 a barrel to $48 a barrel yesterday for Brent, severely affecting oil-dependent economies across the world.
In the previous year, oil prices have collapsed as U.S. shale production surged while global demand declined somewhat, pressuring a number of oil-producing nations including Saudi Arabia and the UAE, which had depended on higher prices to meet certain budget requirements.
While the Organization of the Petroleum Exporting Countries (OPEC) has so far held to its refusal to cut production in order to raise prices, the UAE claims that low oil prices have encouraged the country to diversify its economy.
The country is expected to run the first fiscal deficit since 2009, which could be around 4 per cent of GDP, if oil prices remain at current levels, the International Monetary Fund said.
Al Mansoori said the $50 to $60 per barrel price is a win-win situation for both consumers and producers. He added it would be an opportunity for governments to setup or reconstruct economic plans for the next five years.
UAE Minister Sultan Bin Saeed al-Mansouri said $80 per barrel would be the ideal price.
Reduced oil price meant that UAE’s gross domestic product will falter next year.
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The workers were hospitalised on Thursday after an explosion took place at a factory in Mussafah, an industrial town in Abu Dhabi, The National reported on Friday. It will also house a branch of the world-renowned Louvre museum.
