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Thursday, March 30, 2023

Abu Dhabi’s economy grows fastest in MENA region with 10.5% of GDP

Abu Dhabi’s economy grows fastest in MENA region with 10.5% of GDP

Abu Dhabi: Compared with the same period in 2021, Abu Dhabi’s GDP reached 10.5% in the first nine months of 2022, the highest in the MENA region.

“Through a knowledge-based economy and a resilient economic framework, Abu Dhabi continues to experience leapfrog growth across industries by the end of the third quarter of 2022, thanks to the combined efforts of various government and private sector organizations,” Statistics Center – Abu Dhabi Zabi (SCAD) said on Wednesday.

Abu Dhabi has launched a series of initiatives in recent years, focusing on diversifying its economy away from oil, maintaining a prudent fiscal policy, and responding to market needs and trends, upgrading its regulatory and legal framework to encourage foreign direct investment.

“Abu Dhabi’s strong economy continues to prove its strengths, thanks to our leadership’s clear vision, ability to attract foreign direct investment and flexible policies, which has enabled our economy to achieve the strongest growth in the region,” said Abu Dhabi than Chairman Ahmed Jasim Al Zaabi said. Abu Dhabi Department of Economic Development (added). “The private sector plays a vital role in supporting sustained economic growth and we will continue to prioritize sustainable economic policies to broaden the investment landscape.”

Growth in major economic activities

According to statistical estimates, the non-oil sector contributes 50.3% of GDP, adding up to AED 39 billion to AED 417.3 billion by the end of the third quarter of 2022.

The real estate sector experienced an exponential growth of 20.3% compared to the same period last year. The UAE’s accommodation and food services sector is set to grow by 20.2% in the first nine months of 2022. In Abu Dhabi’s tourism sector, key indicators such as hotel occupancy rates reached their highest levels in two years. In 2022, Abu Dhabi will welcome a total of 4.1 million hotel overnight guests, an increase of 24% over the previous year. Hotel occupancy reached 70%, well above the Middle East average of 63.6%, making Abu Dhabi one of the region’s top tourist destinations in 2022.

The Statistical Center of Abu Dhabi (SCAD) said: “Increasing international and domestic awareness of the entertainment and sporting events, cultural and heritage experiences Abu Dhabi has to offer, and leading international partnerships has driven strong growth.”

Other factors driving record growth included retail (17.4%), transportation (11.4%) and financials (6.9%).

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