Abu Dhabi is fastest growing economy in region with 9.3% GDP growth in 2022 – News

GDP exceeds AED 1 trillion, non-oil sector contributes 50%

Abu Dhabi’s Gross Domestic Product (GDP) surpassed AED1 trillion last year at a growth rate of 9.3%, with 50% of the contribution coming from Africa, a senior official said on the opening day of the Annual Investment Meeting (AIM) 2023. oil sector.

Separately, the Statistical Center for Abu Dhabi (SCAD) released GDP estimates, noting that new figures position the UAE as “the fastest growing economy in the MENA region”.

In his keynote speech at AIM 2023, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said the figures reaffirmed the success of the economic diversification strategy, which The strategy encourages public-private partnerships as well as domestic and foreign investment.

“Abu Dhabi is witnessing the rise of a falconry economy that is growing, driven by flexible policies and a sound regulatory and legal framework, making us a backbone for companies looking to expand their operations in the region. Our rapid Economic growth, coupled with growing international confidence to live, invest and prosper in Abu Dhabi, make us an ideal destination of choice,” said Al Zaabi on the opening day of the two-day event. Sponsored by Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council.

“Our aim is to increase Abu Dhabi’s non-oil exports by 143 percent to AED178.8 billion by 2031,” Al Zaabi said, noting that the UAE’s banking sector grew 12-fold last year from $75 billion in 2000 , reaching $900 billion—reflecting a surge in contribution to GDP from 70% in 2000 to more than 250% in 2022.

The ADDED chairman stressed that Abu Dhabi’s extraordinary success story is only in its “infancy phase” and that it will “continue to flourish” as the region’s most competitive industrial, trade and financial destination.

Notably, the Abu Dhabi Industrial Strategy (ADIS), launched in June 2022, has played an important role in diversifying the UAE’s economy. ADIS aims to more than double the size of the industry to AED172 billion, create 13,600 jobs and increase the emirate’s non-oil exports to In 2031 it will reach AED 178.8 billion.

Abdulla Gharib Alqemzi, Acting Director-General of Abu Dhabi Statistics Center, said the emirate achieved a significant increase in non-oil GDP, achieving a significant growth of 8.4% by the end of 2022.

“This growth is attributable to the wise leadership’s strategic policy of prioritizing economic diversification, private sector engagement and investment in human capital. These measures have created a resilient economic environment that can withstand various challenges and underpin Abu Dhabi as a prosperous The status of the global center of the country. According to the 2022 GDP forecast, all economic sectors have shown significant growth, especially the main economic sectors. This outstanding performance indicates that the economy is promising and strong, laying a solid foundation for a prosperous future, ’ Alqemzi pointed out.

According to estimates released by the Abu Dhabi Statistics Centre, real GDP in the fourth quarter of 2022 will grow by 5.9% compared to the same period in 2021, reaching AED278.3 billion. The contribution of the non-oil sector to GDP reached 50.2% of the total GDP in the fourth quarter of 2022, reaching AED 139.6 billion. Based on GDP estimates for 2022, the non-oil sector grew by AED43 billion, reaching a total of AED554.6 billion by the end of 2022. This resulted in the non-oil sector contributing 50% of GDP.

AIM 2023 is organized in partnership with the Ministry of Industry and Advanced Technology and ADDED.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, noted that the event aims to discuss and explore current and future investment opportunities, promote foreign investment, and promote sustainable economic growth on a global scale.

Al Zeyoudi referred to the results of the 2022 Foreign Direct Investment Report issued by the United Nations Conference on Trade and Development, which ranked the UAE first in the region and 19th globally in terms of its ability to attract FDI. The report also ranks the UAE 17th globally in terms of foreign investment, with investment flows from the UAE reaching $22.5 billion in 2021, a 19 percent increase over 2020.

The minister highlighted the importance of AIM as one of the world’s largest investment gatherings, bringing together senior officials, investors and business delegations from different countries to meet, discuss and forge strategic partnerships in Abu Dhabi , which cements its position as a global center for business growth and development and a destination of choice for international events and exhibitions.