Rashed Abdulkarim Al Blooshi, the undersecretary of the Abu Dhabi Department of Economic Development (ADDED), revealed a significant achievement in the economic advancement of the emirate. In the first half (H1) of this year, Abu Dhabi witnessed substantial economic growth, marked by a notable 4 percent rise in Gross Domestic Product (GDP) to reach AED 563.6 billion ($153.4 billion). This growth signifies a positive trajectory when compared to the corresponding period in the previous year.
During his participation in the World Investment Forum 2023, Al Blooshi elucidated that Abu Dhabi’s economic growth can be attributed primarily to the remarkable performance of the non-oil sector. This sector experienced substantial expansion, with a notable 9.2 percent increase in H1, constituting more than half of the GDP, he added.
In addition, Al Blooshi highlighted that Abu Dhabi provides ample investor-friendly facilities and fosters entrepreneurship. With top-notch infrastructure in place, the emirate not only offers financing options for small and medium-sized enterprises (SMEs) but also introduces initiatives to strengthen its position as a global investment hub. Furthermore, Abu Dhabi actively encourages the growth of startups and facilitates access to capital, enabling them to play a vital role in shaping the future.
Sustainable future
In his remarks, Al Blooshi reiterated Abu Dhabi’s commitment to promoting strategic priority industrial growth sectors to achieve a sustainable future. The implementation of the Abu Dhabi Industrial Strategy underscores this commitment, with a focus on advancing technological industries, healthcare, education, tourism, and agriculture sectors. These deliberate efforts aim to nurture the development and advancement of these sectors, ensuring their long-term sustainability and their ability to contribute significantly to the overall economic growth of the emirate, he noted.
Foreign investment
Consequently, according to Al Blooshi, these sectors are expected to attract foreign investment and generate employment opportunities that require specialized skills, fostering innovation through collaborative efforts between the public and private sectors. Abu Dhabi is dedicated to enhancing the quality of life to attract global talent, boosting exports, improving competitiveness, and implementing circular economy standards. These initiatives are aimed at achieving the set objectives and furthering the emirate’s position as a global hub for economic growth and sustainable development, he explained.
Read more: Abu Dhabi’s non-oil economy surges 12.3 percent in Q2, highest level since 2014
Global success story
Furthermore, the Secretary of ADDED revealed that the industrial sector in Abu Dhabi has emerged as a global success story. In its inaugural year, the emirate’s industrial strategy yielded remarkable results, with a notable 16.6 percent increase in the issuance of new industrial licenses, he said. The number of operational factories also rose by 4.7 percent, reaching a total of 966. Notably, investments from industrial companies that commenced production experienced an impressive growth of 85.7 percent, amounting to AED 15.36 billion. The cumulative investment in operating plants during the first year surpassed AED 384.06 billion. These figures underscore the significant progress made by Abu Dhabi’s industrial sector, reflecting its robust growth and promising future, Al Blooshi concluded.
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