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Abu Dhabi posts highest growth in MENA region as GDP surges – News

Abu Dhabi posts highest growth in MENA region as GDP surges – News

Emirate sees economic growth of 10.5% in January-September 2022 as real GDP surpasses AED830 billion mark

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published: Wednesday, February 15, 2023 at 7:25 pm

Abu Dhabi’s gross domestic product (GDP) will grow by 10.5% year-on-year in the first nine months of 2022, the highest in the MENA region.

The latest figures released by the Statistical Center of Abu Dhabi (SCAD) show that the emirate’s real GDP will exceed AED830 billion for the period January-September 2022. SCAD also recorded a non-oil sector contribution of 50.3 percent to the emirate’s real GDP, reflecting an increase of AED 39 billion to AED 417.3 billion.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said Abu Dhabi’s strong economy continues to prove its strengths, driven by our leadership’s clear vision, ability to attract foreign direct investment, and enabling our economy to Achieve the strongest growth in the region.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said Abu Dhabi’s strong economy continues to prove its strengths.

“Abu Dhabi is a destination of choice for global investors and talent, with its world-renowned cosmopolitan lifestyle and unparalleled infrastructure. The private sector plays a vital role in supporting continued economic growth, and we will continue to prioritize Consider sustainable economic policies to expand the investment landscape,” Al Zaabi said.

Real estate activity up 20.3%

Abu Dhabi’s real estate sector surged 20.3% as investors showed interest in the emirate’s famous seaside and island communities such as Saadiyat Island, Yas Island, Al Reem Island and Al Raha Gardens, amid increased real estate activity.

The emirate’s accommodation and food services sector grew by 20.2% in the first nine months of 2022, while key indicators such as tourism and hotel occupancy all hit two-year highs.

“Abu Dhabi welcomed 4.1 million overnight hotel guests between January and September, an increase of 24%. Hotel occupancy reached 70%, well above the Middle East average of 63.6%, making Abu Dhabi the region’s top destination for 2022. One of the top tourist destinations in the world,” the SCAD statement said.

The strong growth was driven by growing international and domestic awareness of the entertainment and sporting events, cultural and heritage experiences Abu Dhabi has to offer, and leading international partnerships, it added.

credit to strategic policy

Ahmed Mahmoud Fikri, director general of SCAD, said Abu Dhabi’s non-oil GDP growth accelerated to reach 10.3% by the end of the third quarter of 2022.

“This growth is attributable to carefully led strategic policies aimed at diversifying the economy, promoting private sector participation and investing in human capital. These efforts have created a strong economic environment that can rise to the challenge,” he said.

Ahmed Mahmoud Fikri, director general of SCAD, said Abu Dhabi’s non-oil GDP growth accelerated.

Turning to the latest data, he said all sectors of the economy had shown impressive growth, with the main sectors doing well.

“This includes significant growth that bodes well for a bright future of prosperity and a strong economy,” he said.

Manufacturing activity up 8.1%

Manufacturing activity in the emirate grew by 8.1%, contributing 8% to GDP in the first nine months of 2022. Abu Dhabi’s newly announced manufacturing sector is expected to double in size by 2031, reinforcing the emirate’s industrial strategy as the most competitive industrial hub in the region.

The Abu Dhabi government recently announced that it will invest AED10 billion in a series of ambitious industrial projects that will more than double the size of the emirate’s manufacturing sector to AED172 billion by 2031. The new strategy will boost Abu Dhabi’s trade with international markets and aims to increase the emirate’s non-oil exports by 143 percent to AED178.8 billion by 2031.

Financials grew 6.9%

Abu Dhabi’s financial sector has grown by 6.9% in the first nine months of 2022 compared to the same period in 2021, and is worth AED28 billion. The sector accounts for 5.5% of the GDP.

The growing confidence of the international community and the potential for economic growth make Abu Dhabi the destination of choice for investors, businessmen, entrepreneurs, innovators and other professionals from around the world traveling to the “Capital Capital”.

Retail, transportation and warehousing activities

The wholesale and retail trade sector grew by 17.4% to reach AED45 billion in the first nine months of 2022. The sector accounted for 5.4 percent of Abu Dhabi’s gross domestic product in the first nine months.

Likewise, the value added of the transport and warehousing sector amounted to AED 14 billion, an increase of 11.4%. The sector, which added 1.7 percent to the UAE’s GDP, covers passenger and freight transport by rail, road, water or air, as well as associated warehousing activities.

Abu Dhabi Airports reported that the emirate’s airports will handle 15.9 million passengers in 2022.

Abu Dhabi has launched a series of initiatives in recent years, focusing on diversifying the economy away from oil, promoting non-oil economic activities, maintaining a prudent fiscal policy, and gradually responding to market needs and trends to upgrade regulations and laws to encourage foreign direct investment and a framework to promote their domestic investment.

— muzaffarrizvi@khaleejtimes.com

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