Abu Dhabi's economy expands 10.5% in first nine months of 2022 on non-oil sector growth



The Abu Dhabi skyline. The emirate's economy made a strong rebound from the coronavirus-induced slowdown. Khushnum Bhandari / The National


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The Abu Dhabi skyline. The emirate’s economy made a strong rebound from the coronavirus-induced slowdown. Khushnum Bhandari / The National

Abu Dhabi’s economy grew by 10.5 per cent on an annual basis in the first nine months of 2022, the fastest expansion in the Mena region, driven by strong growth in the non-oil sector.

The non-oil sector grew 10.3 per cent annually amid government efforts to diversify the economy, boost the private sector’s contribution and invest in human capital, the Abu Dhabi Media Office said on Tuesday, citing the latest data released by the Statistics Centre Abu Dhabi (Scad).

The non-oil sector contributed 50.3 per cent to the emirate’s gross domestic product, according the centre’s data. It recorded an increase of Dh39 billion ($10.6 billion) from the same period in 2021 to hit Dh417.3 billion by the end of the third quarter.

“Abu Dhabi’s robust economy continues to prove its superiority driven by … its ability to attract foreign direct investments and agile policies that enabled our economy to achieve the strongest growth in the region,” said Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (Added).

“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.”

More to follow …