Abu Dhabi’s economy grew 3.1 per cent annually in 2023, hitting its highest level in a decade, as a sharp expansion of the non-oil sector drove momentum amid a continuing push for diversification.
The emirate's gross domestic product for the 12 months to the end of December reached Dh1.14 trillion ($310.63 billion), its best performance in terms of value in 10 years despite challenges and global market fluctuations that affected all sectors, Abu Dhabi Media Office said on Monday.
The non-oil economy of Abu Dhabi expanded 9.1 per cent year-on-year for the 12-month period, driven by “significant strides in the construction, finance and insurance, and transportation and storage economic activities” that contributed more than 53 per cent to the total GDP, the media office said, citing Statistics Centre Abu Dhabi (Scad) data.
In the last quarter of the 2023, Abu Dhabi’s economy grew by 4.1 per cent compared to the same period in 2022. The emirate’s non-oil economy achieved 10.4 per cent growth on an annual basis for the same period.
The results reflect the success of Abu Dhabi's strategic policies to boost economic diversification, innovation and entrepreneurship, the media office said.
“The impressive performance of our Falcon Economy during the past few years proved the effectiveness of Abu Dhabi’s proactive approach to address the ever-changing dynamics of the global economy,” said Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (Added).
“As evidenced by the exceptional growth of targeted sectors and clusters … which was the highest in the Mena region, Abu Dhabi has reaffirmed its status as a leading, innovative economic powerhouse and magnet for talents, businesses and quality investments.”
Abu Dhabi’s economy has maintained a robust growth momentum since bouncing back from the Covid-driven slowdown. The emirate's GDP grew by 9.3 per cent annually in 2022 to record the highest growth rate in the Mena region last year, exceeding Dh1.1 trillion.
Abu Dhabi is expanding efforts to diversify its non-oil economy and attract investment across sectors including tourism, aviation and technology.
The emirate has continued its shift away from oil and has taken several measures to attract international investors, boost its competitiveness and improve the ease of conducting business.
In 2022, the emirate launched an industrial strategy to boost the contribution of the sector to the economy, by investing Dh10 billion across six programmes to more than double the emirate’s manufacturing to Dh172 billion by 2031.
Abu Dhabi also plans to boost the tourism sector's contribution to its GDP to 12 per cent by 2030, from 5 per cent last year. It has also laid out long-term strategies to further develop sectors including aviation and technology.
The emirate issued 25,647 economic licences last year, an annual increase of 3.5 per cent, with the newly licensed companies' total capital exceeding Dh210.7 billion, according to the Business Activity Report issued by Added in January.
The latest Scad data showed robust growth in the construction sector, which grew by 13.1 per cent, with the added value of the sector reaching more than Dh97 billion, the highest in a decade. The sector contributed 8.5 per cent to Abu Dhabi's total GDP.
The added value of manufacturing activities last year hit Dh101 billion, representing 8.8 per cent of GDP, and was the biggest non-oil contributor to economic growth in 2023, according to the Scad data.
Financial and insurance sector activity recorded the biggest percentage growth, expanding by 25.5 per cent, with their value reaching Dh79 billion, reflecting the "growing confidence of the international community in the emirate’s economy", Scad added.
Wholesale and retail trade activity expanded by 7.9 per cent last year and with Dh63 billion in value, it accounted for 5.5 per cent of the emirate’s GDP, according to preliminary data.
Transport and storage activity grew by 17.1 per cent, both health and education sectors grew 5.5 per cent, while the real estate sector expanded by 5.8 per cent during the same period.
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
UAE currency: the story behind the money in your pockets
SPECS
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Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
The Equaliser 2
Director Antoine Fuqua
Starring: Denzel Washington, Bill Pullman, Melissa Leo, Ashton Sanders
Three stars
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
UAE currency: the story behind the money in your pockets
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
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
