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59% growth of Abu Dhabi non-oil GDP in 10 years
59% growth of Abu Dhabi non-oil GDP in 10 years

Abu Dhabi, 5 July 2024: The Abu Dhabi Department of Economic Development (ADDED) organised, in collaboration with the Abu Dhabi Investment Office (ADIO), the third edition of Al Multaqa quarterly meetings, presenting the business community with recent updates on the Emirate’s economy and achievements in the first half of 2024 and highlighting future opportunities.

Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth by providing a platform for ongoing dialogues to support investment and the development of new policies that further enhance the Emirate’s business environment.

His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED, said: “Abu Dhabi’s transformation to a smart, diversified, and sustainable economy, driven by “Falcon Economy” initiatives, has established the Emirate as a preferred destination for talents, investments, and businesses. This is reflected by the recent census results, indicating a growth of non-oil sectors by 59% in a decade to contribute 54% to the GDP compared to 46% in 2011, an increase of high-skilled talents by 109%, and foreign investments by 300%”.

“Our partnership with the private sector has been playing a fundamental role in accelerating economic growth and diversification, and we remain committed to working closely with industry partners, leveraging innovation and cutting-edge technologies to achieve sustainable economic growth for Abu Dhabi. Al Multaqa meetings exemplify the collaborative spirit that will pave our way to creating a prosperous and sustainable future”.

In recent years, Abu Dhabi's non-oil sectors have demonstrated outstanding performance, with construction growing by 22.6%, finance and insurance activities by 39%, and the manufacturing sector by 102% in the past decade. The Emirate’s diverse capital markets, sovereign wealth funds, strong banking sector, funding opportunities, and robust financial frameworks have positioned it as the “Capital of Capital”. Driven by the Abu Dhabi Industrial Strategy (ADIS), the industrial sector has soared 21.7% since ADIS was launched in 2022 (from AED83 billion to AED 101 billion in 2023), strengthening the Emirate’s position as the region’s most competitive industrial hub. Abu Dhabi’s manufacturing sector represents 51.3% of the UAE industrial sector’s GDP, which rose to AED 197 billion in 2023. This is compared to a contribution of 46% to the country’s industrial sector in 2022.

His Excellency Rashed Lahej Al Mansoori, Director General of Abu Dhabi Customs, presented state-of-the-art trade facilitation solutions and advanced infrastructure in the Emirate’s ecosystem and the role played by Abu Dhabi Customs to support businesses in beneficiating from promising opportunities provided by the thriving non-oil foreign trade which grew by 8% in 2023 to AED281.9 billion.

The event revealed investment opportunities under the Smart and Autonomous Vehicles Industry (SAVI) cluster, which was launched by ADDED and Abu Dhabi Investment Office (ADIO) in 2023 to position the Emirate at the forefront of future mobility solutions across air, land, and sea applications. ADIO presented several investment opportunities offered to the private sector by the Musataha programme to enable investors to develop government-owned land.

ADDED signed a memorandum of understanding (MoU) with Al Masaood Energy to establish a specialised facility to manufacture solar energy storage units and enhance research and development in renewable energy and storage technologies to reduce reliance on traditional energy sources and promote sustainable practices. The agreement supports ADDED’s efforts to find innovative solutions to combat climate change and promote sustainability in innovative ways, while enhancing the competitiveness of the Emirate’s green industries.

 A second MoU was signed with Hafilat Industry to develop and manufacture renewable-energy buses in the Emirate and launch a specialised upskilling programme to equip students and graduates with the latest skills needed for this advanced manufacturing sector.  The MoU will strengthen the local economy by localising modern technology, enhancing Abu Dhabi's position as a leading industrial hub.

Finally, ADDED partnered with Inovartic Investment by signing a third MoU to enhance cooperation between the two parties and establish a factory in Abu Dhabi to produce graphene and graphene-supported products. These products are a primary source for many vital industries, such as electronics and semiconductors. They are used in a wide array of sectors, such as healthcare, biotechnology, environmental remediation, and transportation. The agreement also includes cooperation in research and development to diversify the economy and enhance the competitiveness and infrastructure of the industrial sector in the Emirate. These efforts will further attract major international companies to establish their manufacturing facilities in Abu Dhabi.

Posted by : Abu Dhabi and Al Ain PR Network Editorial Team
Viewed 656 times
PR Category : Banking & Investments
Posted on : Friday, July 5, 2024  10:56:00 AM UAE local time (GMT+4)
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