Abu Dhabi: The Statistics Centre Abu Dhabi (SCAD) has released statistical estimates indicating Abu Dhabi’s GDP increased by 10.5 percent in the first nine months of 2022, the highest in the Middle East and North Africa, compared to the same period in 2021.
The emirate strengthened its international standing and maintained its competitiveness as well as macroeconomic stability through the collaborative efforts of various government and private sector organisations.
Abu Dhabi has launched a number of initiatives in recent years as it focuses on diversifying its economy away from oil, promoting its non-oil economic activities, maintaining a prudent fiscal policy, and progressively responding to market needs and trends to upgrade the regulatory and legal frameworks as well as attract foreign direct investment and promote its domestic investments.
Mr. Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), remarked that “Abu Dhabi’s robust economy continues to prove its superiority, driven by our leadership’s clear vision, its ability to attract foreign direct investments, and agile policies that enabled our economy to achieve the strongest growth in the region.”
“Abu Dhabi, with its world-renowned cosmopolitan lifestyle and unparalleled infrastructure, is the destination of choice for global investors and talent. The private sector plays a crucial role in supporting the economy’s continued growth, and we will continue to prioritise sustainable economic policies to broaden the investment landscape,” Mr. Al Zaabi added.
Mr. Ahmed Mahmoud Fikri, Director General of the Statistics Centre in Abu Dhabi, commented that “the emirate of Abu Dhabi has attained accelerating growth rates in the non-oil gross domestic product, culminating in a 10.3 percent increase by the close of the third quarter of 2022. This growth is attributed to the strategic policies of prudent leadership, which have aimed at diversifying the economy, fostering private sector engagement, and investing in human capital. These efforts have established a robust economic environment that is resilient to challenges.”
According to statistical estimates, the non-oil sectors contributed 50.3 percent to GDP, with an increase of $10.6 billion compared to the same period in 2021 and a total of $113 billion by the end of Q3 2022.