February 23, 2026
Methodology About Newsletter
WE THE UAE 2031
The Vanderbilt Terminal for the UAE's National Transformation
INDEPENDENT GLOBAL INTELLIGENCE FOR THE UNITED ARAB EMIRATES
UAE GDP: AED 2.03T ▲ 5.7% | Non-Oil GDP Share: 84.3% ▼ -5.2pp | FDI Inflows: $45.6B ▲ 48.7% | GDP Growth: 4.0% ▲ -0.3pp vs 2023 | Inflation: 1.7% ▼ +0.0pp vs 2023 | Female Participation: 55.1% ▲ +0.6pp vs 2023 | Population: 11.0M ▲ 4.8% | Emiratisation Rate: 12.5% ▲ 2.1pp | Global Competitiveness: #7 ▲ 3 places | Clean Energy Capacity: 7.2 GW ▲ 18.4% | ADX Index: 9,842 ▲ 4.7% | DFM Index: 4,621 ▲ 6.2% | UAE GDP: AED 2.03T ▲ 5.7% | Non-Oil GDP Share: 84.3% ▼ -5.2pp | FDI Inflows: $45.6B ▲ 48.7% | GDP Growth: 4.0% ▲ -0.3pp vs 2023 | Inflation: 1.7% ▼ +0.0pp vs 2023 | Female Participation: 55.1% ▲ +0.6pp vs 2023 | Population: 11.0M ▲ 4.8% | Emiratisation Rate: 12.5% ▲ 2.1pp | Global Competitiveness: #7 ▲ 3 places | Clean Energy Capacity: 7.2 GW ▲ 18.4% | ADX Index: 9,842 ▲ 4.7% | DFM Index: 4,621 ▲ 6.2% |

Definition

Murban is a light, sweet crude oil grade produced from onshore oil fields in Abu Dhabi, United Arab Emirates. With an API gravity of approximately 39 degrees and a sulphur content of about 0.8 percent, Murban is classified as a high-quality crude that is well-suited for refining into premium petroleum products. It is the UAE’s primary export crude grade and one of the most important oil benchmarks in the Middle East.

UAE Context

ADNOC produces the majority of Murban crude from the vast onshore concession areas in Abu Dhabi. In March 2021, ADNOC launched the ICE Futures Abu Dhabi (IFAD) exchange, establishing the Murban Futures Contract as a tradeable benchmark. This was a landmark move designed to position Murban as a standalone global pricing reference, reducing the UAE’s dependence on the Brent and Dubai/Oman benchmarks that had historically been used to price Gulf crude exports.

The development of a Murban-specific futures market also supports Abu Dhabi’s ambitions to become a global energy trading hub, complementing the ADGM financial centre’s growth strategy.

Vision 2031 Relevance

Murban crude revenue remains the single largest contributor to Abu Dhabi’s fiscal capacity and, by extension, to the UAE’s ability to fund its national transformation agenda. The Forward Economy pillar’s emphasis on energy sector leadership includes maximising value from existing hydrocarbon resources, of which Murban is the centrepiece.