Abu Dhabi’s Economy Flourishes with Non-Oil Sector Growth
Abu Dhabi has experienced a substantial economic expansion, particularly in its non-oil sector, which surged by 9.1%, with its GDP exceeding $310 billion.
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This surge has been highlighted in the latest data from the Statistics Centre – Abu Dhabi (SCAD), which shows a 9.1% increase in the non-oil economy and a 3.1% increase in Abu Dhabi‘s real GDP in 2023 compared to the previous year.
The economy has shown resilience and capacity for growth, particularly in construction, finance and insurance, and transportation and storage sectors, which together contributed over 53% to the total GDP.
Strategic Economic Diversification and Growth
In the last quarter of 2023, the economy expanded by 4.1% from the previous year, propelled by a 10.4% growth in the non-oil sectors. Abu Dhabi’s economic strategies for diversification, which focus on industrial, financial, and tourism sectors, along with foreign investment and job creation, have been key to this growth.
The non-oil economy growth rates for 2023 and 2022 were 9.1% and 9.2%, respectively. The GDP for 2023 reached a ten-year high of AED1.14 trillion ($310.4 billion), reflecting the success of Abu Dhabi’s strategic policies towards diversification, innovation, and entrepreneurship, despite global economic fluctuations.
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), highlighted the success of Abu Dhabi’s economic policies, noting the emirate’s significant growth in non-oil sectors and real GDP in 2023, marking it as a leader in the MENA region for economic innovation and investment attraction. The “Economic Diversification 2.0” strategy aims to build on this success, focusing on smart, inclusive, and sustainable development, leveraging technology and innovation to foster growth and global expansion.
Abdulla Gharib Alqemzi, Acting Director-General of SCAD, emphasized Abu Dhabi’s strategic progress towards diversification and innovation, noting the non-oil sector’s contribution to over 53% of the GDP. Incentive policies have played a crucial role in attracting talent, entrepreneurs, and investors, contributing to the emirate’s global economic standing.
The statistics also show significant growth in specific sectors, with construction seeing a 13.1% increase in 2023, and manufacturing, financial and insurance activities also recording substantial growths. These sectors have contributed significantly to the GDP, reflecting international confidence in Abu Dhabi’s economy.
Other sectors such as wholesale and retail trade, transportation and storage, health and education, information and communication, real estate, arts and recreation, and accommodation and food services also saw notable growth in 2023, further showcasing Abu Dhabi’s appeal as a global business hub and event destination.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Ensuring comprehensive health care and fostering innovation and job growth within the health sector.
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The Council of Health Insurance and the Saudi Insurance Authority began implementing this decision, requiring employers to provide insurance for domestic workers if their number exceeds four.
The general requirements for applying benefits and coverage under the policy include submitting a medical disclosure form, obtaining approval from the health insurance company, and insuring all workers.
This mandatory health insurance initiative is part of the Council of Health Insurance and the Insurance Authority‘s efforts to ensure comprehensive care, prevention, justice, transparency, and excellence in performance for all stakeholders.
The decision aims to achieve comprehensive health care, sustain health coverage, and encourage health insurance companies and healthcare providers to develop new products and create job opportunities in medical and non-medical specialties.
Iman Al-Tariqi, the official spokesperson of the Council of Health Insurance, explained that the domestic workers’ insurance policy covers primary care, public health, emergency cases, hospitalization without a deductible, emergency treatments for clinics with unlimited visits, vaccinations, and examinations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
