Skip to content Skip to Search
Skip navigation

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

By Pramod Kumar
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.

Latest articles

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]

Mark Foster, who played professional rugby for Gloucester and now heads LIV Golf, says the sport is ripe for investment

LIV Golf chief says rugby next in line for Gulf funds

Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […]