• | 11:00 am

Abu Dhabi’s non-oil sector has grown 59% in 10 years

This growth is accompanied by a significant rise in skilled talent and investment.

Abu Dhabi’s non-oil sector has grown 59% in 10 years
[Source photo: Krishna Prasad/Fast Company Middle East]

Abu Dhabi’s ongoing economic diversification efforts received a boost. Its non-oil sector grew 59% in the last 10 years, raising its contribution to the emirate’s GDP to 54% compared to 46% in 2011. Abu Dhabi also witnessed a 109% increase in high-skilled talents and a 300% increase in foreign investments in the last decade.

Construction, finance and insurance, and manufacturing all saw significant growth in the past ten years, with increases of 22.6%, 39%, and 102% respectively. The emirate’s robust infrastructure, including its diverse capital markets and strong banking sector, has solidified its position. 

This was revealed in the third edition of Al Multaqa quarterly meetings, which are organized by the Abu Dhabi Department of Economic Development (ADDED) with the Abu Dhabi Investment Office (ADIO) to present the business community with recent updates on the emirate’s economy and future opportunities.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), stressed the importance of collaboration between the public and private sectors in driving economic development. 

During the meeting, Al Zaabi said: “Abu Dhabi’s transformation to a smart, diversified, and sustainable economy, driven by ‘Falcon Economy’ initiatives, has established the emirate as a preferred destination for talents, investments, and businesses.”

The Abu Dhabi Industrial Strategy (ADIS), launched in 2022, has further propelled the industrial sector forward, contributing to a 21.7% increase. This growth strengthens Abu Dhabi’s position as a leading industrial hub.

Investment opportunities in the Smart and Autonomous Vehicles Industry (SAVI) cluster, launched in 2023, were also presented at the meeting. This initiative positions Abu Dhabi at the forefront of future mobility solutions.

Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.

More Top Stories: