Abu Dhabi Fastest-Growing Economy in MENA Region

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Abu Dhabi Fastest-Growing Economy in MENA Region

Abu Dhabi’s Gross Domestic Product (GDP) registered a 9.3% growth in 2022, thus making it the fastest growing economy in the Middle East and North Africa (MENA) region, according to the Statistics Centre – Abu Dhabi (SCAD).

In its GDP estimates report for 2022, SCAD said that Abu Dhabi’s growth across its diverse sectors is attributed to its robust economic framework, coupled with a collaborative approach from both the public and private sectors. The Emirate has solidified its international position and retained its competitive edge, while also maintaining a stable macroeconomic environment.

It also reflected the success of Abu Dhabi’s diversification strategy efforts led by the Abu Dhabi Department of Economic Development, (ADDED) which included nurturing a business- supportive environment, a robust regulatory framework and unparalleled connectivity and infrastructure to enhance its capabilities to achieve a sustainable and smart economic development.

The Emirate has been taking strategic steps to diversify its economy while maintaining a prudent fiscal policy and progressively responding to the market needs and trends, including initiatives to further enhance legal and regulatory frameworks to encourage foreign direct investment and promote its domestic investments.

Additionally, the Abu Dhabi Industrial Strategy (ADIS), launched in June 2022, has played a major role in diversifying the emirate’s economy.

ADIS aims to strengthen the emirate’s position as the region’s most competitive industrial hub by investing $2.72 billion across several programmes to more than double the size of the sector to $46.84 billion, creating 13,600 jobs and increasing the Emirate’s non-oil exports to $48.69 billion by 2031.

This will facilitate access to financing, enhancing ease of doing business, attracting foreign direct investments, improving access to quality infrastructure and utilities, and supporting collaboration with local and international partners.

Farsighted Vision

Ahmed Jasim Al Zaabi, the Chairman of ADDED, said that the continued strong performance of Abu Dhabi’s economy is a testament to the leadership’s farsighted vision and effectiveness of economic diversification strategy which champions public-private partnership and incentivises foreign and domestic investments.

ADDED views Abu Dhabi’s achievements that have cemented its position as a preferred destination for business, investment, and talents as a foundation of the next phase of our development; ‘Economic Diversification 2.0’. That is why Abu Dhabi is forging ahead with our plans to develop and implement policies and initiatives to address geopolitical, economic, scientific, and technological developments reshaping the economy.

He added: “Abu Dhabi’s ‘Falcon economy’ is characterised by growing, liberalised, and diversified economy, and driven by a strategic vision that places sustainability, social and human development at the top of its priorities, and we will further accelerate and enhance efforts to benefit from digital transformation, innovation, and advanced technology in economic and social plans.”

Abdulla Gharib Alqemzi, Acting Director General of the SCAD, said that Abu Dhabi has achieved remarkable growth rates in its non-oil gross domestic product, registering 8.4% increase by the end of 2022. These measures have created a resilient economic environment capable of withstanding various challenges, strengthening Abu Dhabi’s position as a thriving global hub.

“In light of GDP 2022 estimates, all economic sectors displayed notable growth, particularly the major economic sectors. This exceptional performance indicates a promising and robust economy, laying a strong foundation for a prosperous future,” Alqemzi added.

Global Business Magazine

Global Business Magazine

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