Abu Dhabi’s economy is experiencing rapid growth, making it the fastest growing economy in the MENA region. The Emirate’s gross domestic product (GDP) surpassed Dh1 trillion last year, with a growth rate of 9.3%. Non-oil sectors played a significant role, contributing 50 % to the GDP.
During the Annual Investment Meeting (AIM) 2023, Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED), emphasized the success of Abu Dhabi’s economic diversification strategy. The strategy promotes public private partnerships and both foreign and domestic investments. Al Zaabi highlighted Abu Dhabi’s emergence as the Falcon Economy, driven by agile policies and a robust regulatory framework. The Emirate’s economic growth, coupled with international confidence in living, investing, and thriving in Abu Dhabi, positions it as an ideal choice for businesses.
Al Zaabi also outlined the objective of increasing Abu Dhabi’s non-oil exports by 143% to Dh178.8 billion by 2031. He mentioned the exponential growth of the UAE’s banking sector, which reached $900 billion in 2022, compared to $75 billion in 2000, contributing over 250 percent to the GDP.
The Abu Dhabi Industrial Strategy (ADIS), launched in June 2022, played a crucial role in diversifying the economy. With an investment of Dh10 billion, the ADIS aims to double the size of the industrial sector to Dh172 billion, create 13,600 jobs, and boost non-oil exports to Dh178.8 billion by 2031.
Abdulla Gharib Alqemzi, Director General of the Statistics Centre, Abu Dhabi highlighted the growth rates in the Emirate’s non-oil GDP, which grew by 8.4 % in 2022. Alqemzi attributed this growth to the strategic policies prioritizing economic diversification, private sector engagement, and investment in human capital. He stated that Abu Dhabi’s resilient economic environment and notable growth across all sectors lay a strong foundation for a prosperous future.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted the UAE’s ranking as a top destination for foreign direct investment and emphasized AIM’s significance as a major investment gathering, facilitating strategic partnerships and business growth in Abu Dhabi.
Abu Dhabi’s thriving economy, attractive investment climate, and status as a global business hub make it an ideal choice for investors and international events. The Emirate’s sustained growth trajectory suggests that its success story is just beginning, with even more growth and competitiveness expected in the future.
