Abu Dhabi's economic growth will accelerate next year with the expansion of non-oil sectors expected to drive the creation of wealth in the capital, says the Abu Dhabi Chamber of Commerce and Industry.
Growth will be propelled by a more expansive private sector and a rising population, according to a report by the chamber.
Development in non-oil industries such as manufacturing, construction, trade and services will eclipse growth in the oil sector, the biggest component of the emirate's economy.
Next year would bring resumptions in projects hit by delays and budget cuts this year, said Shady Shaher, the MENA economist at Standard Chartered.
Mohamed Rashid al Hameli, the director general of the chamber, said: "The private sector in Abu Dhabi has understood its role in the Abu Dhabi economic vision 2030 and is in the process of contributing more and more to the overall development of the emirate".
Abu Dhabi's GDP will grow 3.8 per cent next year compared with last year to reach Dh567.3 billion (US$154.44bn) in constant prices, which take into account inflation, said the report.
It said it expected the emirate's non-oil sector to record faster growth, expanding 5.1 per cent compared with last year to reach Dh258.5bn.
The report did not include a forecast for overall growth this year. The IMF in May predicted growth of 3.7 per cent this year for Abu Dhabi.
The outlook for the capital's economy next year is similar to other big oil producers in the region such as Saudi Arabia, analysts say. But it is still far short of original targets set by the emirate as part of the capital's Plan Abu Dhabi 2030.
Unveiling the plans at the start of last year, officials said annual growth needed to be between 6 per cent and 7 per cent to achieve the emirate's goals.
"It's better to have sustainable rates of growth than volatile rates that are tied to the price of oil," said Mr Shaher.
"Investment in non-oil projects will be paramount to Abu Dhabi achieving it's goal of 64 per cent non-oil GDP by 2030."
Non-oil sectors such as manufacturing, property and trade currently account for more than 45 per cent of the emirate's economy.
The report said it expected Abu Dhabi's population to rise 6.2 per cent to 2.93 million next year.
It forecast the number of workers in production sectors to rise 5 per cent to 608,900 next year, while the numbers of those within the services sector would increase 6 per cent to 881,600.
Overall, the workforce is projected to increase 5.2 per cent to 1.49 million.
The report forecast exports would increase by 9.4 per cent next year compared with this year, and imports by 8 per cent.
tarnold@thenational.ae
Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The Kingfisher Secret
Anonymous, Penguin Books
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5