Abu Dhabi’s economy recorded a remarkable rise of 9.3% last year, making it the fastest growing in the Middle East and North Africa (MENA) region.
The non-oil sectors, including real estate, healthcare, and others contributed 50% to the GDP. According to the Statistics Centre Abu Dhabi (SCAD), various sectors posted strong growth in 2022.
The robust economic foundation and joint efforts of the public and private sectors are to the main reasons behind Abu Dhabi’s rapid growth.
Abu Dhabi has maintained its competitive edge in the international arena while ensuring a stable macroeconomic environment. The emirate’s diversification strategy, led by the Abu Dhabi Department of Economic Development (ADDED), has played an integral role in its success.
ADDED has created a business-friendly atmosphere, implemented a strong regulatory foundation, and developed infrastructure to ensure sustainable and smart economic growth.
Over the past year, Abu Dhabi took several steps to improve its legal and regulatory frameworks to encourage foreign direct investment (FDI) and domestic investment.
The Abu Dhabi Industrial Strategy (ADIS), launched in June 2022, is an important part of the emirate’s economic diversification efforts. ADIS aims to increase the size of the industrial sector from AED 82 billion to AED 172 billion, generate 13,600 new jobs, and boost non-oil exports to AED 178.8 billion by 2031.
To achieve this, ADIS will invest AED 10 billion in various programs, further strengthening Abu Dhabi’s position as the region’s most competitive industrial hub.
