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Abu Dhabi’s financial sector to grow 13% in 2023

Abu Dhabi’s non-oil sector grew by 12 percent in the second quarter, making up 54% of total GDP Reuters/Chaiwat Subprasom
Abu Dhabi’s non-oil sector grew by 12 percent in the second quarter, making up 54% of total GDP

Abu Dhabi’s financial sector is forecast to grow 13 percent in 2023 as the UAE continues its economic diversification drive.

The financial sector surged by 30 percent in the second quarter, the UAE state-run Wam news agency reported, citing Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development and Abu Dhabi Global Market (ADGM).

Abu Dhabi’s non-oil sector grew by 12 percent in the second quarter, representing 54 percent of the total GDP, Al Zaabi said.

He added that non-oil foreign merchandise trade expanded by 13 percent by the end of the third quarter.

ADGM in May said it would expand its jurisdiction to include neighbouring Al Reem Island, making it one of the largest international financial districts in the world.

ADGM has been home to 1,400 operating entities, 5,500 business licences and a workforce of 11,000 people over the past eight years.

The emirate’s financial hub last year saw an increase of 56 percent in assets under management and a 30 percent increase in active licences.

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