Abu Dhabi’s non-oil sector grew 59 percent in the last 10 years, raising its contribution to the emirate’s gross domestic product (GDP) to 54 percent compared to 46 percent in 2011. In the last 10 years, Abu Dhabi witnessed a 109 percent increase in high-skilled talents and a 300 percent increase in foreign investments.
The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with the Abu Dhabi Investment Office (ADIO), the third edition of Al Multaqa quarterly meetings, presenting the business community with recent updates on the emirate’s economy and achievements in the first half of 2024 and highlighting future opportunities.
During the meeting, Ahmed Jasim Al Zaabi, chairman of ADDED, stated: “Abu Dhabi’s transformation to a smart, diversified, and sustainable economy, driven by ‘Falcon Economy’ initiatives, has established the emirate as a preferred destination for talents, investments, and businesses.”
Public-private sector partnerships drive non-oil growth
Al Zaabi highlights the critical role of partnerships with the private sector in economic growth and diversification. Moreover, he reiterated ADDED’s commitment to working closely with industry partners, leveraging innovation and cutting-edge technologies to achieve sustainable economic growth for Abu Dhabi. “Al Multaqa meetings exemplify the collaborative spirit that will pave our way to creating a prosperous and sustainable future,” he added.
Abu Dhabi, the capital of capital
In recent years, Abu Dhabi’s non-oil sectors have demonstrated outstanding performance. The construction sector has grown by 22.6 percent, finance and insurance activities by 39 percent, and the manufacturing sector by 102 percent in the past decade.
In addition, Abu Dhabi’s diverse capital markets, sovereign wealth funds, strong banking sector, funding opportunities and robust financial frameworks have positioned it as the ‘Capital of Capital’.
In light of the Abu Dhabi Industrial Strategy (ADIS), the industrial sector has soared 21.7 percent since 2022 from AED83 billion to AED101 billion in 2023. This has strengthened the emirate’s position as the region’s most competitive industrial hub.
Besides, Abu Dhabi’s manufacturing sector represents 51.3 percent of the UAE industrial sector’s GDP, which rose to AED197 billion in 2023. This is compared to a contribution of 46 percent to the country’s industrial sector in 2022.
In addition, the emirate’s thriving non-oil foreign trade grew by 8 percent in 2023 to AED281.9 billion.
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