Emirates: Abu Dhabi’s gross domestic product (GDP) exceeded Dh1 trillion last year at a growth rate of 9.3 per cent with 50 per cent contribution from the non-oil sectors, a top official said during the opening day of Annual Investment Meeting (AIM) 2023.

Separately, the Statistics Centre – Abu Dhabi (SCAD), releasing the GDP estimates, noted that the new figures positioned the emirate as the “fastest-growing economy in the Mena region”.

Delivering a keynote speech at AIM 2023, Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED), said the figures reaffirmed the success of economic diversification strategy, which encourages public-private partnership and foreign and domestic investments.

“Abu Dhabi is witnessing the rise of the Falcon Economy, which continues to go from strength-to-strength, driven by agile policies and robust regulatory and legal framework, making us an anchor for companies looking to expand their operations in the region. Our rapid economic growth, along with the growing confidence of the international community to live, invest and thrive in Abu Dhabi, make us an ideal destination of choice,” Al Zaabi said on the opening day of the two-day event being held under the patronage of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council.

“Our aim is to increase Abu Dhabi’s non-oil exports by 143 per cent to Dh178.8 billion by 2031,” Al Zaabi said and pointed out that the UAE’s banking sector grew 12-fold to $900 billion last year from $75 billion in 2000 — reflecting a surge in contribution to GDP from 70 per cent in 2000 to more than 250 per cent in 2022.

The ADDED Chairman underlined that Abu Dhabi’s remarkable success story is only in its “initial stages”, and it will “continue to thrive” as the most competitive destination for industry, trade, and finance in the region.

Significantly, the Abu Dhabi Industrial Strategy (ADIS) launched in June 2022 has played a major role in diversifying the emirate’s economy. The ADIS aims to strengthen the emirate’s position as the region’s most competitive industrial hub by investing Dh10 billion across a number of programmes to more than double the size of the sector to Dh172 billion, creating 13,600 jobs and increasing the emirate’s non-oil exports by to Dh178.8 billion by 2031.

Non-oil GDP grows by 8.4%

Abdulla Gharib Alqemzi, acting Director-General, Statistics Centre – Abu Dhabi, said the emirate has achieved remarkable growth rates in its non-oil GDP, registering a remarkable 8.4 per cent increase by the end of 2022.

“This growth is credited to the wise leadership’s strategic policies that prioritise economic diversification, private sector engagement, and human capital investment. These measures have created a resilient economic environment capable of withstanding various challenges, strengthening Abu Dhabi's position as a thriving global hub. In light of GDP 2022 estimates, all economic sectors displayed notable growth, particularly the major economic sectors. This exceptional performance indicates a promising and robust economy, laying a strong foundation for a prosperous future,” Alqemzi noted.

According to the estimates issued by the Statistics Centre – Abu Dhabi, the fourth quarter of 2022 real GDP achieved a growth of 5.9 per cent worth Dh278.3 billion compared to the same period in 2021. The contribution of non-oil sectors to GDP reached 50.2 per cent to record Dh139.6 billion of the GDP total value during the fourth quarter of 2022. According to 2022 GDP estimates, the non-oil sectors witnessed a growth of Dh43 billion, bringing the total to Dh554.6 billion by the end of 2022. This resulted in the non-oil sectors contributing 50 per cent to the GDP.

Explore investment opportunities

AIM 2023 is being held in collaboration with the Ministry of Industry and Advanced Technology and the ADDED.

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, noted that the event aims to discuss and explore current and future investment opportunities, promote foreign investment, and enhance sustainable economic growth on a global scale.

Al Zeyoudi referred to the results of the 2022 Foreign Direct Investment report released by the United Nations Conference on Trade and Development, which ranked the UAE first regionally and 19th globally in terms of its ability to attract foreign direct investment. The report also ranked the UAE 17th globally in terms of its foreign investments, with investment flows from the UAE reaching $22.5 billion in 2021, an increase of 19 per cent compared to 2020.

The minister highlighted the importance of the AIM as one of the largest investment gatherings in the world, bringing together top officials, investors, and business delegations from different countries to meet, discuss, and forge strategic partnerships in Abu Dhabi, which has solidified its position as a global hub for business growth and development and a preferred destination for international events and exhibitions.