Emirate (Abu Dhabi) prepares for post-oil economy

[OKIsItJustMe]

http://www.ft.com/cms/s/0/a8ce9180-9bd2-11de-b214-00144feabdc0.html

Emirate prepares for post-oil economy

By Robin Wigglesworth in Abu Dhabi

Published: September 7 2009 19:35 | Last updated: September 7 2009 19:35

Abu Dhabi’s stable of activist sovereign investment funds has been leading the wealthy emirate’s charge to diversify its economy into high-tech industries such as renewable energy, aerospace, chemicals and semiconductors.

While Abu Dhabi still has abundant reserves of petroleum, it wants to prepare for the non-oil future and create more private sector jobs for its citizens by setting up industrial clusters and attracting multinational companies.

Its investment funds have been shopping across the world, seeking to encourage foreign companies to set up local ventures and transfer expertise and technology to the ambitious Gulf emirate.

Advanced Technology Investment Company , which on Monday said it was taking over Singapore’s Chartered Semiconductor Manufacturing, is an addition to the emirate’s investment vehicles, and is far from the largest or most prominent.

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[excess_3]

1. the electric car is coming. .nt

[OKIsItJustMe]

2. They're not threatened by electric cars

They're diversifying their investments, so that as fossil fuels are exhausted/phased out they will continue to make money.

[excess_3]

3. A.D. is better off than many oil exporters

Iran, Venezuela, others,
are going to look like Somalia,
should the price of oil collapse.
...........................................
oil price collapse.
I am not predicting that,
it is just a possibility.

keep in mind that at the current price, near $70 a barrel,
oil is ten to twenty times more expensive than coal.
there is a tremendous motive for oil importers
to move away from oil, just to save foreign exchange.