Last Updated on: 21st July 2023, 12:46 am
Abu Dhabi is Becoming The Fastest-Growing Economy in The MENA Region
Abu Dhabi’s economy posted a remarkable 9.3% growth last year, making it the fastest-growing region in the Middle East and North Africa (MENA).
The non-oil sectors, including real estate, sanitation, and others, contributed 50% to the GDP. According to the Abu Dhabi Statistics Center (SCAD), several sectors recorded strong growth in 2022.
The strong economic base and the combined efforts of the public and private sectors are the main reasons for Abu Dhabi’s rapid growth.
Abu Dhabi has maintained its competitive advantage on the international stage while ensuring a stable macroeconomic environment. The emirate’s diversification strategy, led by the Abu Dhabi Economic Development Department (ADDED), has been central to its success.
ADDED has created a business-friendly atmosphere, created a strong regulatory foundation, and developed infrastructure to ensure smart and sustainable economic growth.
Over the past year, Abu Dhabi has taken several steps to improve its legal and regulatory framework to encourage foreign direct investment (FDI) and domestic investment.
Launched in June 2022, the Abu Dhabi Industrial Strategy (ADIS) is a key part of the emirate’s economic diversification efforts. ADIS aims to increase the size of the industrial sector from AED82 billion to AED172 billion, create 13,600 new jobs and increase non-oil exports to AED178.8 billion by 2031.
To achieve this, ADIS will invest AED 10 billion in various programs, thereby strengthening Abu Dhabi’s position as the most competitive industrial hub in the region.
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