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Monday, March 4, 2024

Chairman of ADDED Anticipates 13% Growth in UAE Financial Sector for 2023

ADDED¬† The UAE’s financial sector has experienced an impressive 30% surge in the second quarter of this year, serving as a pivotal element in the country’s economic diversification efforts. Projections indicate a continued upward trajectory, with an expected annual growth rate of 13% in 2023, according to a statement by a senior economic official.

Diversification Success: Non-Oil Sector and Foreign Trade

Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Global Market (ADGM), Ahmed Jasim Al Zaabi, highlighted the robust growth of the non-oil sector, constituting nearly 54% of the total GDP. Additionally, non-oil foreign merchandise trade expanded by 13% by the end of the third quarter.

Leadership Vision: Utilizing Wealth Responsibly: ADDED

Al Zaabi emphasized the responsible utilization of wealth for the betterment of the nation and the world, referencing a profound quote by the Founding Father, Late Sheikh Zayed bin Sultan Al Nahyan.

Resilience Amid Challenges: Thriving in Adversity

Despite economic challenges in recent years, Al Zaabi noted the adaptability and resilience of the UAE, thriving amidst shifting economic winds.

Accelerating Ambitions: Abu Dhabi’s ‘Falcon Economy’

Abu Dhabi’s ‘Falcon Economy’ is accelerating ambitions by exploring untapped potential and aiming for new heights of success in the next phase of economic diversification and remarkable growth.

Commitment to Renewable Energy and Entrepreneurship

Al Zaabi emphasized the significance of Abu Dhabi’s emphasis on renewable energy, portraying it not just as a market strategy but as a commitment to safeguard the land for future generations. He encouraged the nurturing of an entrepreneurial spirit and the creation of an ecosystem fostering innovation among young entrepreneurs.

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