Last year, Abu Dhabi’s economy grew by 9.3%, making it the fastest growing in the Middle East and North Africa (MENA) region.
Non-oil industries such as real estate, healthcare, and others generated 50% of GDP. Various industries had considerable development in 2022, according to the Statistics Centre Abu Dhabi (SCAD).
The strong economic foundation and collaborative efforts of the public and private sectors are the primary factors for Abu Dhabi’s fast growth.
Abu Dhabi has maintained its worldwide competitiveness while preserving a stable macroeconomic climate. The diversification plan implemented by the Abu Dhabi Department of Economic Development (ADDED) has been critical to the emirate’s success.
ADDED has created a business-friendly environment, established a solid regulatory basis, and built infrastructure to promote long-term and prudent economic growth.
Abu Dhabi has taken many initiatives in the last year to modernize its legal and regulatory frameworks to attract both foreign direct investment (FDI) and local investment.
The Abu Dhabi Industrial Strategy (ADIS), which was introduced in June 2022, is a significant aspect of the emirate’s efforts to diversify its economy. ADIS wants to grow the industrial sector from AED 82 billion to AED 172 billion by 2031, create 13,600 new jobs, and raise non-oil exports to AED 178.8 billion.
ADIS will invest AED 10 billion in different programs to achieve this, further solidifying Abu Dhabi’s status as the region’s most competitive manufacturing powerhouse.
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