Abu Dhabi, the capital of the United Arab Emirates, is solidifying its reputation as an attractive destination for investments by strategically targeting sectors with high growth potential, such as tourism, information and communication technology (ICT), healthcare, financial services, and AgriTech. This focus on key sectors aims to drive economic diversification and contribute to the emirate’s remarkable economic performance, according to Ahmed Jasim Al Zaabi, the Chairman of the Abu Dhabi Department of Economic Development (DED).
Al Zaabi highlighted the significant contribution of Abu Dhabi to the UAE’s gross domestic product (GDP) and foreign direct investment (FDI) flows, stating, “Abu Dhabi accounts for a remarkable 60 percent of the national GDP.” This underscores the emirate’s pivotal role in the country’s economic landscape.
Abu Dhabi has emerged as the fastest-growing economy in the MENA (Middle East and North Africa) region, experiencing a robust GDP growth rate of 9.3 percent in 2022. Moreover, in the first quarter of this year, the emirate’s GDP witnessed a growth of 3.9 percent compared to the same period in 2022. The non-oil GDP also saw a notable increase of 6.1 percent during Q1 2023, contributing 52.8 percent to the total GDP.
Al Zaabi attributed these impressive performance indicators to Abu Dhabi’s successful efforts in diversifying its economy and expanding into various sectors. The emirate’s commitment to economic diversification has yielded positive results, propelling its overall growth and establishing it as an investment powerhouse in the region.
Highlighting the emirate’s ambitions, Al Zaabi emphasized that Abu Dhabi continues to intensify its efforts to attract high-quality investments. By creating an enabling environment and implementing business-friendly policies, Abu Dhabi aims to lure domestic and international investors who can contribute to the growth and development of key sectors.
Abu Dhabi’s focus on the tourism sector has been particularly fruitful, with the emirate witnessing a surge in tourist arrivals in recent years. The iconic attractions, world-class infrastructure, and diverse cultural experiences have positioned Abu Dhabi as a premier tourist destination. The ICT sector has also witnessed significant growth, driven by advancements in technology and the government’s initiatives to establish Abu Dhabi as a regional tech hub.
Furthermore, Abu Dhabi has made substantial progress in the healthcare sector, enhancing its medical infrastructure and services to provide world-class healthcare facilities. The emirate’s financial services sector has gained prominence as well, with the presence of numerous global and regional financial institutions. In addition, Abu Dhabi is exploring the potential of AgriTech, leveraging technology and innovation to boost agricultural productivity and ensure food security.
The ongoing commitment of Abu Dhabi to diversification and attracting quality investments is expected to fuel further economic growth and enhance its status as a leading investment destination. By leveraging its strengths, investing in key sectors, and fostering a conducive business environment, Abu Dhabi aims to create sustainable and inclusive growth, driving its economic transformation and contributing to the overall prosperity of the UAE.
