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Emirates News Agency – Abu Dhabi’s economy grows fastest in MENA region at 10.5%

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ABU DHABI, 14th February, 2023 (WAM) — The Statistics Center – Abu Dhabi (SCAD) has released statistical estimates showing the growth rate of Abu Dhabi’s Gross Domestic Product (GDP) for the first nine months of 2022. Reaching 10.5%, compared with the same period in 2021, the highest in the Middle East and North Africa region.

By delivering a conducive knowledge-based economy and a resilient economic framework, Abu Dhabi continues to achieve leapfrog growth across sectors by the end of the third quarter of 2022, with the combined efforts of various government and private sector organizations.

Abu Dhabi has strengthened its international standing, maintaining competitiveness and macroeconomic stability.

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.

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, supported by our leadership’s clear vision, ability to attract foreign direct investment and flexible policies, This enables our economy to deliver the strongest growth in the region.”

He added: “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, We will continue to prioritize sustainable economic policies to broaden investment areas.”

Ahmed Mahmoud Fikri, Director General of SCAD, said: “The Emirate of Abu Dhabi achieved accelerated growth in non-oil GDP, reaching 10.3% growth by the end of the third quarter of 2022. This growth is attributable to prudently led strategic policies, These policies are aimed at diversifying the economy, promoting private sector participation, and investing in human capital. These efforts create a strong economic environment that can rise to the challenge.”

He added: “According to the statistical estimates for the first nine months of 2022, all economic sectors have shown impressive growth, with the major economic sectors performing very well. Significant growth among them bodes well for the future, indicating that the economy is booming .”

According to statistical estimates released by the Statistics Center – Abu Dhabi, the contribution of the non-oil sector to GDP was 50.3%, an increase of 39 billion dirhams compared to the same period in 2021, reaching a total of 417.3 billion dirhams by the end of the third quarter. 2022.

Abu Dhabi’s real estate sector has experienced exponential growth of 20.3% compared to the same period last year. The increase is due to increased real estate activity in the first nine months of 2022, with investors attracted to Abu Dhabi’s renowned beachfront and island communities such as Saadiyat Island, Yas Island, Al Reem Island and Al Raha Gardens.

Abu Dhabi’s accommodation and food services sector has registered a growth rate of 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 top tourist destinations in the region in 2022.

Rising international and domestic awareness of the entertainment and sporting events, cultural and heritage experiences and leading international partnerships that Abu Dhabi offers has driven strong growth.

The wholesale and retail trade sector reached AED45 billion in the first nine months of 2022, an increase of 17.4% compared to the same period in 2021. The sector accounted for 5.4 percent of Abu Dhabi’s gross domestic product in the first nine months.

In the first nine months of 2022, the added value of the transport and storage industry will be 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 by 2022, airports in the UAE will handle a total of 15.9 million passengers.

Manufacturing activity in the UAE will grow by 8.1% in the first nine months of 2022, contributing 8.0% to GDP. With the newly announced Abu Dhabi Industrial Strategy, the manufacturing sector is expected to double in size by 2031, cementing the emirate’s position 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 Abu Dhabi’s non-oil exports by 143 percent to AED178.8 billion by 2031.

Abu Dhabi’s financial sector has grown by 6.9% in the first nine months of 2022 compared to the same period in 2021, reaching a value of AED 28 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 a destination of choice for investors, businessmen, entrepreneurs, innovators and other professionals from around the world.

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