Slump in crude oil prices dented impressive economic figures for the oil churning nations. Abu Dhabi also faced similar hurdles when oil prices came slipping down in recent months. According to figures released by local investment firm Waha Capital in light of a bond sale, the capital intends to bring down its budget deficit to AED 84.9 billion this year from an earlier figure of AED 126.5 billion in 2009.

This comes in line with the expectation that oil prices would remain stable at $60 a barrel for the year. The 2009 budget deficit was predominantly due to dwindled oil prices and growing development expenditures. Abu Dhabi, however, intends to continue with its development plans.

Oil still constitutes majority of Abu Dhabi’s capital inflows as the city holds 9% of the world’s proven oil reserves and almost 5% of the world’s natural gas. The development of tall buildings has also been facilitated and encouraged in the Abu Dhabi Plan 2030 leading to expansion in the city’s business districts.