Economy Abu Dhabi to announce new 2045 strategy for GDP growth By Megha Merani October 6, 2024, 6:05 AM Getty Images/Unsplash+ The ambitious plans to increase Abu Dhabi's GDP include investing in and encouraging non-oil sectors such as manufacturing, healthcare and bioscience Strategy to launch early 2025 Ambitious targets for non-oil sectors Emirate’s GDP grew 4% in Q2 2024 Abu Dhabi will soon launch a new 2045 economic strategy aimed at accelerating GDP growth in the emirate, sources told AGBI. The strategy, expected to be released early next year, outlines a broad transformation that seeks to further diversify the emirate’s economy, significantly reduce its reliance on oil, and position Abu Dhabi as a major global centre for trade and finance. The total value of the emirate’s economy (including both oil and non-oil sectors) reached AED297 billion during the second quarter of 2024, growing by 4 percent over, with non-oil GDP growth up 6.6 percent, according to the Statistics Centre – Abu Dhabi (SCAD). The plan sets ambitious targets, including increasing investments by almost five times and a rise in non-oil exports by almost seven fold by 2045. The growth will be driven by sectors such as healthcare, financial services, hydrogen, energy storage and advanced manufacturing, particularly in high-tech fields like semiconductors. The private sector is expected to play a significant role in this transformation, the source said. Executives from Taiwan Semiconductor Manufacturing Co (TSMC) and Samsung Electronics, two of the world’s largest chipmakers, recently visited the UAE to explore possible chip-making operations in the UAE. These projects could involve multi-billion-dollar complexes with investments exceeding $100 billion. Global chip giants explore opening UAE factories Abu Dhabi invites companies for greenfield solar project Abu Dhabi National Hotels launches IPO of catering unit In May, AGBI reported that the UAE plans to allocate AED23 billion ($6.3 billion) to support local manufacturers in line with its economic diversification goals. Abu Dhabi, the wealthiest UAE emirate, has also made strategic investments in chipmakers, biotech, agritech, renewables, and fintech businesses through Mubadala Capital, the asset management arm of sovereign fund Mubadala Investment Co, and other state entities. The emirate’s strategy aims to introduce new policies to improve market openness, boost access to finance and invest in connectivity and infrastructure in order to attract more businesses, investors and talent. Abu Dhabi’s vision also includes creating a “green falcon economy,” which emphasises the role of technology and innovation for sustainable development, with a heavy focus on renewable energy and the energy transition. This strategy aligns with long-standing efforts by the UAE and other Gulf states to diversify their economies away from hydrocarbons.