Abu Dhabi has set its sights on developing a booming financial services sector in a continued push to diversify the United Arab Emirates' economy as its comes under continued pressure from oil prices.
The UAE and other OPEC and non-OPEC countries are trying to reduce their reliance on oil prices to power their economies. Together they hope to slash oil output by almost 1.8 million barrels a day to reduce a global glut to prop up prices, which tanked in early 2016. In early trading on Wednesday, Brent Crude was trading at $52.09 a barrel while Light Crude was seen at $49.52, well below the $60 targeted for this year.
As Gulf Arab economies seek ways to diversify into other sectors, the UAE is pitching its capital Abu Dhabi as a new center for investment, particularly in financial services, where it hopes to provide a gateway to neighboring countries such as Saudi Arabia, as well as the rest of the world.