30.2 C
Tuesday, April 23, 2024

Abu Dhabi Non-Oil Economy Skyrockets by 9.1% in 2023, Thriving Triumph

Abu Dhabi’s Economic Triumph: Non-Oil Sector Flourishes by 9.1% in 2023

The economic landscape of Abu Dhabi witnessed a remarkable transformation in 2023, with the non-oil gross domestic product (GDP) soaring by an impressive 9.1%. This surge, as revealed by the Statistics Centre-Abu Dhabi (SCAD), underscores the resounding success of the emirate’s economic diversification strategy.

SCAD’s preliminary statistical estimates reveal that the non-oil economy’s robust performance contributed significantly to Abu Dhabi’s total GDP, accounting for 3.1% growth compared to the previous year. Remarkably, the emirate achieved its highest GDP value in a decade, reaching Dh1.14 trillion, despite facing challenges and navigating through global market fluctuations.

Abu Dhabi's Economic Triumph: Non-Oil Sector Flourishes by 9.1% in 2023
Abu Dhabi’s Economic Triumph: Non-Oil Sector Flourishes by 9.1% in 2023


Driving this growth were remarkable advancements across various sectors, notably construction, finance and insurance, and transportation and storage, collectively contributing over 53% to the total GDP. The fourth quarter of 2023 witnessed a further 4.1% expansion in Abu Dhabi’s economy, propelled by the flourishing non-oil sectors, which recorded a remarkable 10.4% growth during the same period.

This stellar performance is attributed to concerted efforts aimed at economic diversification, with a particular focus on bolstering industrial, finance, and tourism sectors. Initiatives to attract foreign investment and foster private sector development have also played a pivotal role in creating new job opportunities, fueling sustainable growth.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, hailed the exemplary performance of Abu Dhabi’s Falcon Economy, attributing it to the emirate’s proactive approach in adapting to global economic dynamics.

Several sectors experienced unprecedented growth in 2023, exemplifying Abu Dhabi’s economic resilience and diversification efforts. Construction activities surged by 13.1%, reaching a value exceeding Dh97 billion, the highest in a decade. Similarly, manufacturing activities contributed significantly, with an added value of Dh101 billion, accounting for 8.8% of the total GDP.

The financial and insurance sector emerged as a standout performer, achieving an extraordinary growth rate of 25.5% and contributing Dh79 billion to the GDP, reinforcing Abu Dhabi’s status as a preferred investment destination on the global stage. Wholesale and retail trade activities also witnessed substantial growth, expanding by 7.9% and contributing over 5.5% to the GDP.

Abdulla Gharib Alqemzi, Acting Director General of SCAD, emphasized the pivotal role of strategic diversification and innovation in driving Abu Dhabi’s economic success. He highlighted the emirate’s commitment to nurturing talent, attracting investors, and fostering entrepreneurship to bolster its position in the global economy.

The stellar growth extended across various sectors, with transportation and storage, health and education, information and communication, and real estate activities all registering significant gains. Notably, arts and recreation activities surged by 7.8%, underscoring Abu Dhabi’s emergence as a cultural hub and major tourist destination.

Accomplishments in 2023 are a testament to its visionary socio-economic strategy, leveraging advanced technologies, innovation, and a thriving entrepreneurial ecosystem. Al Zaabi reiterated the emirate’s commitment to realizing ambitious objectives, positioning Abu Dhabi as the capital of capital and a global economic powerhouse.

The growth witnessed in accommodation and food services further underscores Abu Dhabi’s allure as a premier destination for business and leisure travelers alike, highlighting its prowess as a global business center and a hub for international events.

It’s stellar economic performance in 2023 reflects its steadfast commitment to economic diversification, innovation, and sustainable growth. With a strategic focus on nurturing talent, fostering innovation, and attracting investment, the emirate is poised to continue its trajectory of success, solidifying its position as a beacon of prosperity and opportunity in the global arena.

Economic achievements in 2023 are a testament to its resilience, adaptability, and forward-thinking approach. By embracing diversification, innovation, and strategic investments, the emirate has not only weathered challenges but also thrived amidst global uncertainties.

Stay up to date with every latest news-click here

Related Articles

UAE Banks Offer Potential 6-Month Loan Instalment Deferral in Wake of Storm, Confirms Central Bank

UAE has confirmed that The Central Bank of the UAE are offering the possibility of deferring loan instalments for up to six months following...

Waterborne Diseases: UAE Hospitals Grapple with Mosquito-Transmitted Illnesses Post-Rainfall

Waterborne Diseases: Mosquito-Transmitted Illnesses on the Rise in UAE Hospitals Following Heavy Rains Hospitals and clinics across the UAE are grappling with a notable surge...

Entrepreneurial Finance: A Roadmap for Startup Success.

Entrepreneurial Finance: Financing options for startups and small businesses, including venture capital, angel investment, crowdfunding, and bootstrapping. In the dynamic landscape of entrepreneurship, securing adequate...

NASA’s Revealing Images of UAE’s Flooded Regions Post-Heavy Rains

NASA Unveils Aerial Views of UAE's Flooded Regions A "slow-moving storm" system unleashed unprecedented torrential rains across various parts of the Emirates, inundating the UAE...

Sheikh Hamdan Ensures Dubai’s Support Amidst Adverse Weather Challenges

Sheikh Hamdan's proactive response to the adverse weather conditions demonstrates his unwavering commitment to the welfare of Dubai's citizens and residents. In response to the...

Latest Articles