Abu Dhabi's Private Sector Propels Non-Oil Economy to $92 Billion Surge

The department noted that this surge aligns with the overall growth of Abu Dhabi's gross domestic product (GDP), underscoring the vital role played by the private sector in driving economic expansion.

In 2023, Abu Dhabi's non-oil sector saw a robust 9.1% annual growth, reaching Dh610 billion and contributing 53.4% to the total real GDP. The surge was largely fueled by the dynamism of the private sector and family-owned businesses, which have been pivotal in diversifying the economy.

Ahmed Al Zaabi, chairman of Added, emphasized the collaborative efforts that have led to Abu Dhabi's economic growth despite global challenges. He highlighted the significance of initiatives like the Al Multaqa quarterly meetings, aimed at fostering ties with the private sector and empowering family offices for commercial success.

Abu Dhabi is actively diversifying its non-oil economy and attracting investments across various sectors such as tourism, aviation, and technology. The emirate has implemented measures to enhance its competitiveness and facilitate business operations, attracting international investors.

In 2023, Abu Dhabi's economy expanded by 3.1% annually, marking its highest growth in a decade. The non-oil sector played a pivotal role in driving this momentum amid ongoing efforts for economic diversification.

Key sectors contributing to this diversification include manufacturing, construction, finance, trade, transportation, real estate, and information and communication technology (ICT), according to Abdulla Alqemzi, acting director general of the Statistics Centre – Abu Dhabi.

Over the past decade, Abu Dhabi's non-oil GDP has surged by 28.5%, with total real GDP reaching Dh1.14 trillion in 2023, reflecting significant economic progress.

Meanwhile, Abu Dhabi Investment Office (Adio) unveiled new investment opportunities through its Musataha Programme, allowing investors to develop government-owned land. Adio also inked an agreement with Dustour Marine Wooden Boats Trading to support the emirate's coastal development plans, aligning with its urban, social, recreational, and economic expansion goals.

Source : www.thenationalnews.com