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An Economist Abroad: Abu Dhabi is building a new region
As his last stop in 2024, our Chief Economist ventured to Abu Dhabi where a sense of regional dynamism is occurring in the UAE.
Written by Mike O'Sullivan, Chief Economist
December 18, 2024
Macro Environment
The UAE is now, by GDP alone, one of the richest corners of the world¹ and increasingly a focal point for trade and the wealthy. The extent of trade and infrastructure deals across the region is impressive and there is a sense of a real regional dynamism.
Economist’s Observations
Abu Dhabi is becoming more independent and carving out a regional economic and cultural hub.
Private Markets in the UAE
Investment wise, Abu Dhabi is now a powerhouse of sovereign investment, with a sharp focus on AI. A number of PE houses are moving to the region and the volume of local PE is picking up sharply.² ³ ⁴ ⁵
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Authors
Chief Economist
Mike O'Sullivan, Chief Economist
Mike is a Chief Economist and Senior Advisor at Moonfare. He has twenty years’ experience in global financial markets, most recently as CIO in the International Wealth Management Division of Credit Suisse. He was also a member of Harvest Innovation Advisory, a senior adviser at WestExec and a board member of the Jane Goodall Legacy Foundation. He has taught finance and economics at Oxford and Princeton, while regularly contributing to numerous journals and media outlets, including Forbes and CNBC. Mike studied in Cork and received MPhil and DPhil degrees at Balliol College, Oxford as a Rhodes Scholar.
Sources
¹ https://www.worldometers.info/gdp/gdp-per-capita/ ² https://www.thenationalnews.com/business/economy/2024/12/10/us-private-equity-company-general-atlantic-sets-up-abu-dhabi-base-to-boost-investments/ ³ https://www.privatebankerinternational.com/news/ardian-office-abu-dhabi/ ⁴ https://www.privateequitywire.co.uk/blue-owl-to-open-new-abu-dhabi-office/ ⁵ https://enterprise.news/uae/en/news/story/ca525d5a-ab09-423c-97b7-e39f208de7cd/middle-east-private-equity-and-venture-capital-investments-surge-in-3q-2024
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- 2 Source: McKinsey "Private Markets Annual Review 2022"
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