Sunday, Apr 02, 2017

Dubai: Abu Dhabi has a fast-growing economy, where the actual GDP has increased 63 per cent from Dh492 billion in 2005, to Dh780 billion in 2015.

“A profound review of Abu Dhabi’s economy confirms the fact that the emirate has made great strides and achieved a high level of development and diversity in a short period of time,” Khalifa Bin Salem Al Mansouri, Acting Undersecretary of the Abu Dhabi Economic Development Department told delegates at the Annual Investment Meeting.

“Our economy was, and still is, one of the region’s fastest growing economies, with an average real growth of 5 per cent during the past decade, and an average real growth of 6.3 per cent in 2015,” he said.

“Our plans and strategies in Abu Dhabi don’t only take into consideration accelerating growth, but also how to achieve sustainability,” he added.

Huge projects:

“In this context, the government of Abu Dhabi has launched huge development projects and large-scale industries to ensure sustainable growth and a diversified economy. The results of those efforts are shown today in the increased contribution of non-oil activities in the actual GDP which have reached 51 per cent by the end of 2015,” Al Mansouri said.

Abu Dhabi has recently been reforming its economy, focusing mainly on diversifying the economy away from dependence on oil and gas, by investing in human resources, innovation and a knowledge-based economy, in accordance with the objectives of Abu Dhabi Economic Vision 2030.

“We, in Abu Dhabi, are certain that we need international partners like you to achieve our Economic Vision 2030 that sets a clear path to achieve sustainable economic development, by introducing many development projects that are mainly connected with non-oil sectors. Thus, giving international investors the chance to benefit from them,” he said.

By Siddesh Suresh Mayenkar Senior Reporter

Gulf News 2017. All rights reserved.