Abu Dhabi’s economy expanded by 10.5% in the first nine months of 2022, the fastest rate of growth in the Middle East and North Africa region, largely driven by a strong performance in the non-oil sector, according to Statistics Centre – Abu Dhabi.
The diversification of the economy, the focus on boosting the private sector’s contribution, and investment in human capital were key to the growth, said Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development. The non-oil sector contributed 50.3% of the gross domestic product, rising by AED 39bn ($10.6bn) to a total of AED 417.3bn by the end of Q3 2022.
Real estate grew 20.3%, with exponential growth in Abu Dhabi’s waterfront and island communities, and the accommodation and food services sector grew by 20.2%. Wholesale and retail trade rose 17.4% during the first nine months of 2022, accounting for 5.4% of Abu Dhabi’s GDP, while the transport and storage sector grew 11.4%, contributing 1.7% to the Emirate’s GDP.
The financial sector grew 6.9%, accounting for 5.5% of the GDP. The manufacturing sector contributed 8% to the GDP and grew by 8.1%. The Abu Dhabi government plans to invest AED 10bn in six industrial programs to increase the size of the Emirate’s manufacturing sector to AED 172bn by 2031. The city also aims to increase non-oil exports by 143% to AED 178.8bn by 2031.
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