Abu Dhabi's gross domestic product exceeded Dh1.1 trillion ($299.5 billion) last year, an estimated 9.3 per cent growth over 2021, with the non-oil sector accounting for half of it, a senior official has said.
The UAE capital aims to increase its non-oil exports by 143 per cent to Dh178.8 billion ($48.7 billion) by 2031, Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, told the Annual Investment Meeting conference in the capital on Monday.
“Abu Dhabi is witnessing the rise of the Falcon economy, which continues to go from strength to strength, driven by agile policies and a robust regulatory and legal framework, making us an anchor for companies looking to expand the operations in the region,” he said.
“Our rapid economic growth, along with the growing confidence of the international community to live, invest and thrive in Abu Dhabi, makes us an ideal destination of choice.”
Abu Dhabi's economy grew by 10.5 per cent on an annual basis in the first nine months of 2022, the fastest expansion in the Mena region, according to data from the Statistics Centre Abu Dhabi.
The non-oil sector contributed 50.3 per cent to the emirate's gross domestic product, figures showed.
It recorded an increase of Dh39 billion from the same period in 2021 to hit Dh417.3 billion by the end of the third quarter.
Abu Dhabi and the UAE, in general, are focusing heavily on attracting more foreign direct investment and diversifying its economy away from oil.
Underscoring the growth of the country's non-oil sector, Mr Al Zaabi said on Monday that the UAE's banking sector grew 12-fold to $900 billion in 2022, with its contribution to nominal GDP increasing from 70 per cent in 2000 to more than 250 per cent in 2022.
Meanwhile, Abu Dhabi Ports has expanded Khalifa Port to 8.5 square km, up from 2.5 square km, while its quay wall was expanded significantly to 12.5km.
The move is expected to expand its capacity to 15 million twenty-foot equivalent units by 2030 while its general cargo handling capacity is set to go up to 25 million tonnes, he said.
Abu Dhabi's goal to more than double its non-oil exports by 2031 comes as the UAE signs a series of comprehensive economic partnership agreements that have “reinforced the UAE's status as a global trade hub”, he said.
The UAE's non-oil foreign trade crossed the Dh2 trillion mark for the first time last year, totalling Dh2.2 trillion in 2022, an increase of 17 per cent from 2021.
The country's “innovation-based economy continues to thrive” because its diversification is built on sustainable foundations, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said in his opening remarks at the conference.
He said the question facing governments worldwide as the global economy emerges from the coronavirus-induced slowdown was “how do we achieve sustainable, diversified and prosperous economies that benefit everyone?".
“The answer lies in the realisation that these elements all go hand in hand.”
This means encouraging investments in different economic sectors, ensuring equal opportunities for all, regardless of gender or race, and directing investment towards advanced technology the reduce carbon emissions, he said.
The UAE is “well down the path” concerning the achievement of this balance and strategic investment remains a key priority, Dr Al Zeyoudi said.
“While the world talks about deglobalisation, our focus is on economic expansion. We continue to attract international investors, thanks to our business-friendly policies, our strategic location and world-class infrastructure. But more than that, we believe they are attracted by our ambition.”
Abu Dhabi is hosting the AIM conference — a gathering of business leaders, investors, government officials — for the first time.
This year's event is focused on the need for a new approach to investment, where investment opportunities “foster sustainable economic growth, promote diversity and ensure prosperity for all”, Dr Al Zeyoudi said.
“As we move forward, we must work together to ensure investment is not just a tool for turning profit, but for making a positive impact on our economies, communities and environment,” he said.
DAY%20ONE%20RESULT
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Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
STAR%20WARS%20JEDI%3A%20SURVIVOR
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Company%C2%A0profile
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The biog
Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages
Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”
Favourite food: “I'm a vegetarian, so I can't get enough of salad.”
Favourite film: “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”
Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”
UAE currency: the story behind the money in your pockets
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
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