Abu Dhabi’s non-oil economy grows 7.7% in Q3

Wam

Abu Dhabi’s non-oil economy grew 7.7 percent in the third quarter of 2023, driven by the emirate’s proactive efforts to diversify away from hydrocarbons.

The emirate’s economy reached its highest quarterly value at AED290.5 billion ($79.09 billion), rising one percent year on year in real gross domestic product (GDP) in the third quarter, despite the decline in oil prices, the UAE state-run Wam news agency reported, citing data from the Statistics Centre – Abu Dhabi.

The emirate reported 2.8 percent year on year growth in real GDP over the first nine months of 2023, while the non-oil sector expanded 8.6 percent over the same period.

“Backed by ongoing diversification strategic programmes, growing engagement of the private sector, and initiatives to attract more quality foreign direct investments and diaspora direct investments, Abu Dhabi is cementing its status as a preferred destination for talents, investments, and businesses,” said Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development.

Manufacturing activities, the top non-oil activity, reached AED26.3 billion, contributing over 17 percent to the non-oil GDP and nine percent to the overall GDP in the third quarter of 2023.

The construction activity maintained a positive momentum, achieving a growth rate of 14.3 percent, contributing AED25 billion to the total economy.

The transport and storage sector grew 20 percent yearly due to the substantial expansion of the shipping container market and the increased volume of flights and passengers.

Foreign investment into the emirate rose by 9.7% in 2022 to more than AED831 billion, the data showed.