Abu Dhabi’s non-oil sector has grown by 59 percent in the past 10 years

Abu Dhabi’s non-oil sector has grown by 59 percent over the past 10 years, increasing its share of the emirate’s gross domestic product (GDP) to 54 percent from 46 percent in 2011. Over the past 10 years, Abu Dhabi has seen a 109 percent increase in highly skilled talent and a 300 percent increase in foreign investment.

The Abu Dhabi Department of Economic Development (ADDED) in collaboration with the Abu Dhabi Investment Office (ADIO) organised the third edition of the quarterly Al Multaqa meetings, which updated the business community on the emirate’s economy and its achievements in the first half of 2024, and highlighted future opportunities.

During the meeting, Ahmed Jasim Al Zaabi, Chairman of ADDED, said: “Abu Dhabi’s transformation into a smart, diversified and sustainable economy, driven by its Falcon Economy initiatives, has made the emirate a preferred destination for talent, investment and business.”

Public-private partnerships are driving non-oil growth

Al Zaabi emphasized the critical role of partnerships with the private sector in economic development and diversification. He further reiterated ADDED’s commitment to work closely with industrial partners, leveraging innovation and cutting-edge technologies to achieve sustainable economic growth for Abu Dhabi. “The Al Multaqa meetings are an example of the spirit of cooperation that will pave the way for us to create a prosperous and sustainable future,” he added.

Read: Qatar’s non-oil private sector sees fastest growth in a year and a half, PMI hits 55.9 in June

Abu Dhabi, the capital of the capital

In recent years, Abu Dhabi’s non-oil sectors have shown exceptional performance. The construction sector grew by 22.6 percent, financial and insurance activities by 39 percent, and manufacturing by 102 percent over the past decade.

In addition, Abu Dhabi’s diversified capital markets, sovereign wealth funds, strong banking sector, financing options and solid financial framework have made it the “Capital of Capital.”

In light of the Abu Dhabi Industrial Strategy (ADIS), the industrial sector grew by 21.7 per cent from 2022, from AED 83 billion to AED 101 billion in 2023. This strengthened the emirate’s position as the region’s most competitive industrial hub.

In addition, Abu Dhabi’s manufacturing sector contributes 51.3 percent to the UAE’s industrial GDP, which is expected to grow to AED 197 billion in 2023. In comparison, the industrial sector contributed 46 percent to the country’s GDP in 2022.

Moreover, the emirate’s flourishing non-oil foreign trade grew by 8 per cent in 2023 to AED 281.9 billion.

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