Abu Dhabi, the capital of the United Arab Emirates, has emerged as the fastest-growing economy in the MENA region, posting an impressive 10.5% growth in the first nine months of 2022. According to the latest data released by the Statistics Centre Abu Dhabi (SCAD), the emirate’s real GDP has exceeded the Dh830 billion mark, driven by robust growth in the oil and gas sector, as well as other key industries.
The strong growth was driven by a surge in the oil and gas sector, which is a key driver of the Abu Dhabi economy. The sector grew by 18.8% in the first nine months of 2022, reflecting a rebound in global oil prices and increased production levels. Other industries that contributed to the strong growth include the manufacturing sector, which grew by 7.4%, and the construction sector, which grew by 4.6%.
The services sector, which is a major contributor to the Abu Dhabi economy, also saw significant growth, with a 7.2% increase in the first nine months of the year. The sector was buoyed by a strong performance in the transport, storage, and communication sub-sector, which grew by 10.1%.
The data also revealed that the non-oil sector has been a key driver of growth, with a 6.9% increase in the first nine months of the year. This reflects the ongoing efforts of the Abu Dhabi government to diversify the economy and reduce its reliance on oil.
Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (ADDED), said Abu Dhabi’s robust economy continues to prove its superiority driven by our leadership’s clear vision, its ability to attract foreign direct investments and agile policies that enabled our economy to achieve the strongest growth in the region.
“Abu Dhabi, with its world-renowned cosmopolitan lifestyle and unparalleled infrastructure, is the destination of choice for global investors and talent. The private sector plays a crucial role in supporting the economy’s continued growth, and we will continue to prioritise sustainable economic policies to broaden the investment landscape,” Al Zaabi said, Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (ADDED).
The strong growth in Abu Dhabi’s economy is expected to continue in the coming years, with the government investing heavily in infrastructure and other key sectors. This includes the development of major projects such as the Abu Dhabi Global Market, a financial free zone, and the Abu Dhabi Louvre, a major cultural institution.
The government is also committed to promoting entrepreneurship and innovation, and has launched a number of initiatives to support startups and small and medium-sized enterprises. These include the launch of the Abu Dhabi Investment Office (ADIO), which aims to attract investment and promote innovation in key sectors such as healthcare, technology, and renewable energy.
The strong economic growth in Abu Dhabi is good news for the UAE and the wider region, as it demonstrates the potential for sustained economic growth and diversification. With continued investment and innovation, Abu Dhabi is well positioned to become a major economic hub and a global leader in key industries such as energy, finance, and technology.
