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The Statistical Center for Abu Dhabi (SCAD) released its Gross Domestic Product (GDP) estimate for 2022, showing growth of 9.3% by the end of the year compared to 2021, making the emirate the fastest growing emirate in the MENA region.
Abu Dhabi’s growth in 2022 reflects the success of a diversified strategic effort led by the Abu Dhabi Department of Economic Development (ADDED), which includes a nurturing business support environment, a strong regulatory framework and unparalleled connectivity and infrastructure to enhance Its ability to achieve sustainable and smart economic development.
In addition, 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 sector to AED172 billion, create 13,600 jobs and increase the emirate’s non-governmental The oil industry, thereby strengthening the emirate’s position as the most competitive industrial center in the region, with exports set to reach AED 178.8 billion by 2031.
This will facilitate access to finance, improve ease of doing business, attract foreign direct investment, improve access to quality infrastructure and utilities, and support collaboration with local and international partners.
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “The continued strong performance of Abu Dhabi’s economy is a testament to the leadership’s vision and the effectiveness of an economic diversification strategy that supports public-private partnerships and encourages domestic foreign investment.
“As a forward-looking enabler, ADDED sees Abu Dhabi’s achievements as the foundation for our next phase of development, which reinforces its position as the destination of choice for business, investment and talent; ‘Economic Diversification 2.0’ . That’s why we’re advancing our plan to develop and implement policies and initiatives in response to geopolitical, economic, scientific and technological developments that are reshaping the economy.
“Abu Dhabi’s ‘Falcon Economy’ is characterized by economic growth, liberalization and diversification, with a strategic vision that prioritizes sustainability, social and human development, and we will further accelerate and intensify our efforts to benefit the economy and Digital transformation, innovation and advanced technologies in social programs.”
Abdulla Gharib Alqemzi, Acting Director General of the Abu Dhabi Statistics Center, said: “The emirate of Abu Dhabi has achieved significant growth in non-oil GDP, achieving a significant growth of 8.4% by the end of 2022. This growth is attributable to smart The leadership prioritized strategic policies of economic diversification, private sector engagement and investment in human capital. These measures have created a resilient economic environment that can withstand various challenges and strengthen Abu Dhabi’s position as a prosperous global hub.
“Based on GDP estimates for 2022, all economic sectors have shown significant growth, especially the major economic sectors. This outperformance suggests a hopeful and strong economy with a solid foundation for a prosperous future.”
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, worth AED 278.3 billion. The contribution of the non-oil sector to GDP reached a record 50.2% of the total GDP in the fourth quarter of 2022 of AED 139.6 billion.
Based on 2022 GDP estimates, the non-oil sector will grow significantly by AED 43 billion, totaling AED 554.6 billion by the end of 2022. This resulted in the non-oil sector contributing 50% of GDP.
Compared to 2021, real estate activity in Abu Dhabi has registered a notable increase of 17.1%. This growth is due to the increase in real estate projects in 2022 and the interest of international companies to invest in this strategic area.
Abu Dhabi will see a 16.6% increase in health and social work activity growth during 2022, clearly demonstrating a serious effort to strengthen the health system according to the highest international standards and strengthen the role of the private sector in delivering the best services – best-in-class health service.
Wholesale and retail trade activity in Abu Dhabi will grow by 11.6% to AED58.6 billion in 2022. This growth represents a sector contribution of 5.3% to Abu Dhabi’s real GDP in 2022, reflecting a thriving local market.
Transport and warehousing activities exceed AED18.6 billion in 2022, an increase of 10.9%. This segment includes activities including passenger and freight transport by rail, land, air, and sea and related warehousing activities.
Abu Dhabi’s accommodation and food service activity will register a growth rate of 11.9% in 2022, a clear sign of the emirate’s booming tourism industry, cementing its position as one of the world’s most popular tourist destinations.
Manufacturing activity in Abu Dhabi grew by 9.7%, accounting for 8.2% of the UAE’s GDP, reaching AED90.8 billion by 2022. Growth in the sector is expected to continue, supported by Abu Dhabi’s ambitious industrial strategy, which aims to drive economic growth and contribute significantly to strengthening the UAE’s trade with international markets.
Construction activity in Abu Dhabi shows a clear growth rate of 7.6% in 2022, worth AED 86 billion. This growth represents a 7.8% contribution of the sector to Abu Dhabi’s real GDP.
Financial and insurance activities in Abu Dhabi will grow significantly by 7.4%, reaching AED62.4 billion in 2022, accounting for 5.6% of the emirate’s GDP. International confidence in Abu Dhabi’s economic potential has made the emirate a destination of choice for investors, entrepreneurs, innovators and other professionals from around the world. – trade arab news agency
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