Waleed Al Mokarrab Al Muhairi (36) is Chief Operating Officer of Mubadala Development Company, an investment and development vehicle of the government of Abu Dhabi. Mubadala makes investments that are helping to establish globally competitive local industries and are facilitating the diversification of Abu Dhabi’s economy. Al Muhairi has worked as a consultant with McKinsey and holds a Master’s degree from Harvard University and a Bachelor’s degree from Georgetown University.
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What will Abu Dhabi’s economic model look like in 2050?
Al Muhairi: You will probably see a diversification away from the resource-led growth model over the next 40 years. This means less dependence on oil and gas, and more dependence on innovation and productive sectors. Some of the sectors that look set to grow rapidly are petrochemicals, aerospace, semiconductor manufacturing, and renewable energy, to name just a few. The common theme that ties them together is their emphasis on intellectual capital and engineering talent.
Many say that the lack of skills in the region is currently the limiting factor for this process to kick off. How can this be changed?
Al Muhairi: There are three aspects to this. First, we have to jump start our educational system. The Masdar Institute of Science and Technology is a great example of how this is happening. We want our young men and women to be excited about math and science. Second, we need to remain an attractive place for highly skilled expatriates, who are seeking employment in the region. We want and need the best and brightest from all over the world. Thirdly, we have to offer an infrastructure that is both efficient and stimulating. Currently, we see branches of the Guggenheim Museum and the Louvre being built on Saadiyat Island in Abu Dhabi.
What is your vision for manufacturing in the Gulf region?
Al Muhairi: The type of manufacturing you will see in Abu Dhabi will be capital intensive, and often energy intensive. It will be high-value added manufacturing that builds on a high degree of innovation. An excellent example is aluminum smelting and the manufacturing processes linked to it. Given the abundant availability of natural gas as a major input factor, we are in a very competitive position. Another example is the aerospace industry. Here Abu Dhabi is not focusing on metallic components, but on advanced materials, like carbon fiber and composite materials. For these products we are already a supplier to Airbus — our initial contracts are worth over US $1 billion. And we are quickly building up capabilities and expertise in this small but highly productive niche. This is not only excellent business in itself, but also a logical move from a strategic point of view. After all, It’s a very good thing to have large and thriving airline hubs in the region.
What opportunities do you see in the area of green tech?
Al Muhairi: Abu Dhabi has set an ambitious target for itself when it comes to renewable energy production: a seven percent share of electricity production capacity by 2020. This is challenging by current standards but I think Masdar, our renewable energy and clean technology initiative, is going to be at the forefront for delivering on this goal. Masdar invests capital in those areas of renewable energy in which we believe we can develop a comparative advantage. Solar is the most obvious example. At the same time, we can use the Masdar Institute — of which Siemens is an important partner — to build up our education infrastructure.
When will you personally switch to an electric car?
Al Muhairi: Once they are readily available on the market and the necessary charging infrastructure is in place. It is good news that Siemens and others are making good progress on this front.