Abu Dhabi’s non-oil economy grew by 6.1 per cent annually in the first quarter of the year, with the sector's GDP reaching the highest level in nine years, on the back of the emirate's strong diversification push.
Robust non-oil growth supported Abu Dhabi's overall economy to expand by 3.9 per cent annually in the first three months of 2023, the Statistics Centre Abu Dhabi said on Monday.
The emirate's non-oil GDP at constant prices grew to Dh146 billion ($39.75 billion) during the period compared with Dh137.7 billion in the first quarter of 2022.
Total GDP reached Dh276.6 billion.
The contribution of non-oil activities to the overall GDP rose to its highest level in eight years at 52.8 per cent on the back of higher contributions from construction, wholesale and retail trade, transportation and storage, and financial and insurance services activities.
“Abu Dhabi is committed to strengthening its economic scene by achieving a strong, stable, smart and sustainable knowledge-economy,” Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, said.
“The non-oil activities have been experiencing strong growth rates of non-oil sectors … despite mounting challenges in the global landscape.”
Abu Dhabi has launched several initiatives as it aims to attract more investment into the emirate and diversify its economy away from oil.
Last year, the UAE capital launched a new industrial strategy to boost the contribution of the sector to the economy. As part of the strategy, it is investing Dh10 billion across six industrial programmes to more than double the size of the emirate’s manufacturing sector to Dh172 billion by 2031.
Abu Dhabi’s economy grew 9.3 per cent annually in 2022 to record the highest growth rate in the Mena region last year, with its GDP exceeding Dh1.1 trillion.
“Fostering Abu Dhabi’s resilient and diversified economy will continue to be the key focus for decades to come while developing human capital, attracting the best talent, investments, and economic partners,” Mr Al Zaabi said.
“Building upon the latest statistical data, Abu Dhabi is further opening its economy to the world, strengthening the emirate’s appeal as an ideal market for foreign investors, businesses, start-ups, and entrepreneurs from around the world.”
Construction activity continued the momentum after recording the highest quarterly growth rate in nine years in the fourth quarter of 2022. It grew 14.4 per cent annually in the January to March period, following a 14.5 per cent increase in the previous quarter, according to SCAD's latest data.
The sector contributed 8.5 per cent to Abu Dhabi’s economy during the three-month period as the real estate market continues to recover from the Covid-19 pandemic, drawing in local and international investors.
Accommodation and food services grew 14.5 per cent annually in the first quarter and the hotel occupancy rate exceeded 40 per cent during the period, highlighting “the successful implementation of the visions and strategic plans established by the emirate, aiming to attract over 24 million visitors in 2023”, SCAD said.
Abu Dhabi is focusing on boosting the tourism sector and plans to increase its economic contribution to 12 per cent by 2030, up from 5 per cent this year.
In April, it launched a new fund aimed at further growing its meetings, incentives, conventions and exhibitions industry.
Financial and insurance activities grew 11.5 per cent during the three-month period on the back of the banking sector's strong performance, with some lenders reporting net profit growth of more than 50 per cent during the quarter. The financial and insurance sector contributed 6.3 per cent to the emirate's GDP in the January to March period.
The transport and storage sector recorded annual growth of 13.6 per cent, with the quarterly added value approaching Dh5 billion amid the active movement of passengers and goods through land, air, and sea.
Wholesale and retail trade grew by 13.9 per cent to reach the highest quarterly level in the past nine years, contributing 6 per cent to Abu Dhabi's gross domestic product.
“This growth presents increased opportunities for attracting investments and capital,” Abdulla Alqemzi, acting director general of SCAD, said.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
KILLING OF QASSEM SULEIMANI
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
If you go
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How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Mohammed bin Zayed Majlis
Match info
Uefa Champions League Group H
Manchester United v Young Boys, Tuesday, midnight (UAE)
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
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How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
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How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
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There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
More on Yemen's civil war
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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