Abu Dhabi’s non-oil GDP sees 59% growth in 10 years

Abu Dhabi continues its rapid transformation into a global economic powerhouse, as reinforced at the third edition of Al Multaqa quarterly meetings.

Attended by leading government authorities and stakeholders, the meetings provide a comprehensive overview of the emirate’s recent economic achievements and future opportunities.

Organised by the Abu Dhabi Department of Economic Development (ADDED) in collaboration with the Abu Dhabi Investment Office (ADIO), the latest meeting highlighted the emirate’s commitment to sustainable growth and diversification.

“Abu Dhabi’s transformation has established the emirate as a preferred destination for talents, investments, and businesses. This is reflected by the recent census results, indicating a growth of non-oil sectors by 59 per cent in a decade to contribute 54 per cent to the GDP compared to 46 per cent in 2011, an increase of high-skilled talents by 109 per cent, and foreign investments by 300er cent,” said Ahmed Jasim Al Zaabi, chairman of ADDED.

He added, “Our partnership with the private sector has been fundamental in accelerating economic growth and diversification, and we remain committed 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.”

Abu Dhabi non-oil GDP has shown consistent growth

In recent years, Abu Dhabi’s non-oil sectors have shown remarkable performance, with construction growing by 22.6 per cent, finance and insurance activities by 39 per cent, and the manufacturing sector by 102 per cent in the past decade.

The emirate’s diverse capital markets, sovereign wealth funds, strong banking sector, funding opportunities, and robust financial frameworks have positioned it as the ‘Capital of Capital’.

The Abu Dhabi Industrial Strategy (ADIS) has propelled the industrial sector to a 21.7 per cent increase since its launch in 2022, reinforcing Abu Dhabi’s status as the region’s most competitive industrial hub.

The manufacturing sector now represents 51.3 per cent of the UAE’s industrial sector’s GDP, which rose to Dhs197bn in 2023, up from 46 per cent in 2022.

At the meeting, Rashed Lahej Al Mansoori, director general of Abu Dhabi Customs, showcased advanced trade facilitation solutions and infrastructure, highlighting the role of Abu Dhabi Customs in supporting businesses to capitalise on the growing non-oil foreign trade, which increased by 8 per cent in 2023 to Dhs281.9bn.

Showcasing opportunities for industry

The event also highlighted investment opportunities within the Smart and Autonomous Vehicles Industry (SAVI) cluster, launched by ADDED and ADIO in 2023 to position Abu Dhabi at the forefront of future mobility solutions across air, land, and sea.

ADIO highlighted investment opportunities for the private sector through the Musataha programme, enabling the development of government-owned land.

ADDED signed a memorandum of understanding (MoU) with Al Masaood Energy to establish a facility for manufacturing solar energy storage units and enhance renewable energy R&D, supporting innovative solutions to combat climate change and promote sustainability.

A second MoU with Hafilat Industry focuses on developing renewable-energy buses in Abu Dhabi and launching an upskilling programme for students and graduates, aimed at localising modern technology and enhancing Abu Dhabi’s industrial position.

Finally, ADDED partnered with Inovartic Investment through a third MoU to establish a factory in Abu Dhabi to produce graphene and graphene-supported products, essential for electronics, healthcare, and transportation.

The agreement also includes cooperation in R&D to diversify the economy and attract major international companies to Abu Dhabi.

Read: Abu Dhabi’s non-oil GDP expands over 9% in 2023