Abu Dhabi's Economy Flourishes with Non-Oil Sector Growth | Kanebridge News
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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.

Tue, Apr 2, 2024 12:48pmGrey Clock 2 min

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.



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Saudi Arabia’s 2024 Summer TOURISM Plans Unveils New Incentives and Global Attractions

“Saudi Summer is Next Door” plans to boost tourism in the Kingdom over four months across seven destinations.

Wed, May 22, 2024 4 min

Saudi Arabia has unveiled its plan to attract international tourists this summer. The strategy includes appealing visa options, complimentary airline tickets for families, a lineup of major events, and opportunities for tax-free shopping.

The initiative, organized under the guidance of Ahmed Al Khateeb, Minister of Tourism and Chairman of the Saudi Tourism Authority (STA), is named “Saudi Summer is Next Door.”

Jeddah

Extensive Summer 2024 Tourism Activities

The initiative will span four months, ending in September, and will be hosted across seven key destinations: Aseer, Al Baha, Taif, the Red Sea, Jeddah, Riyadh, and AlUla.

It features over 550 tourism products and more than 150 specially tailored offers and packages for families and various interest groups including adventure enthusiasts, luxury seekers, and cultural and heritage buffs.

The launch event of the Saudi Summer Program 2024 was attended by notable figures such as Zurab Pololikashvili, Secretary-General of the World Tourism Organization, in addition to more than 250 key partners from both public and private sectors, prominent media personalities, and influential opinion leaders.

Showcasing Global Events and Cultural Richness

This year’s program will also welcome back the Jeddah Season and introduce the Aseer Season, each filled with various activities and events for families. The Kingdom will host several significant events as part of the summer program, including the first Esports World Cup in Riyadh, an eight-week competition featuring top esports athletes, and various boxing tournaments in Riyadh and Jeddah.

During the event, Al Khateeb highlighted the latest global tourism trends, the Kingdom’s growth in the tourism sector, and the record-high tourist numbers that have propelled Saudi Arabia to the top of the UN World Tourism list and the G20 nations list.

Al Baha

Al Khateeb emphasized, “Saudi Arabia is witnessing a transformative period in tourism, driven by our vision to position the Kingdom as a premier global destination. The Saudi Summer Program 2024 is our commitment to showcasing the rich cultural heritage, natural beauty, and unparalleled hospitality that Saudi Arabia offers. “We invite local and international tourists to experience the diversity of our seven unique destinations and take advantage of the exceptional offers and packages designed to create unforgettable memories. “This initiative, supported by our strategic partnerships and groundbreaking efforts like the eVisa and increased flight connectivity, demonstrates our dedication to making Saudi Arabia more accessible and appealing to tourists worldwide. “We look forward to welcoming visitors from all corners of the globe to explore and enjoy the vibrant experiences that await them this summer.”

Zurab Pololikashvili, Secretary-General of the World Tourism Organization, also remarked, “Saudi tourism is witnessing unparalleled development at all levels, achieving great leaps in recent years, which I witnessed during my multiple visits to this hospitable country.”

Riyadh

“Saudi Arabia has global indicators related to the number of tourists, which has qualified it to top the UN World Tourism list of significant tourist destinations.”

“All of these great achievements for Saudi tourism would not have been possible without proper planning by those in charge of the sector in the Kingdom and the great potential it possesses in terms of diverse climates, stunning natural landmarks, and the generosity of Saudi people who are distinguished by their hospitality, raising the ceiling of ambitions for new achievements.”

STA CEO Fahd Hamidaddin said: “While temperatures in the region rise to high levels during summer, temperatures in the highlands of Saudi Arabia in the southern region decrease to the extent that we even witnessed snowfall in Al Soudah yesterday.” “Through the promotional campaign for the Saudi Summer Program 2024, we seek to highlight the uniqueness of our destinations and their climatic, natural, and cultural diversity, along with the exceptional events and activities happening during summer. “This year’s summer program includes more than 550 tourism products and 150 special offers designed in collaboration with STA’s partners, which include attractive offers from hotels, airlines offering free tickets for children in partnership with major travel, tourism, and aviation companies, and exceptional products in the Aseer Season and Jeddah Season like tax-free shopping offers and many new and exciting experiences such as private beaches for tourists and ladies’ beaches.”

“The campaign slogan “Saudi Summer is Next Door” embodies an open invitation to explore the magic of Saudi destinations and their diversity. This diversity is expressed with simple words that reflect the uniqueness of each destination, such as “Closer,” “Cooler,” “More Beautiful,” and “More Affordable.”

The private sector is a very important component of the success of tourism programs and initiatives, and the Saudi Tourism Authority is committed to empowering it by fostering demand for products and offers that align with the aspirations of tourists globally.

The launch of the Saudi Summer Program 2024 marks a period when visiting the Kingdom has become easier, smoother, and safer through measures such as the availability of the eVisa to citizens of 66 countries, a 20 percent reduction in eVisa prices, and a significant increase in the number of weekly flights from

Gulf cities to Saudi summer destinations, now totaling 1,100.

Residents of the GCC can also benefit from the GCC residents visa, which allows them multiple entries and a stay of up to 90 days in the Kingdom over a year. Moreover, the number of hotel rooms available to travelers is set to increase, with an additional 25,000 rooms expected to be added this year.

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