Abu Dhabi’s GDP rises 7.7%, population reaches 2.3m

Updated 12 January 2014

Abu Dhabi’s GDP rises 7.7%, population reaches 2.3m

Abu Dhabi’s GDP at current prices rose by 7.7 percent to mark AED911.6 billion at the end of 2012, compared to AED846.7 billion in 2011, albeit relatively a better economic performance during 2011 as the GDP achieved a nominal growth rate of 32 percent, state news agency Wam reported.
The Economic Report of Abu Dhabi 2013 issued by the Studies Directorate of the Department of Economic Development has interpreted this relative growth through low growth rate achieved by the extractive industry activity in 2012, which amounted to about 6.2 percent, compared to 52.8 percent in 2011, due to the limited increases in quantities of oil production, and the limited rise in oil prices in global markets during 2012 compared to 2011.
Abu Dhabi’s oil exports registered a growth rate of 6.9 percent during 2012 compared to approximately 5.4 percent in 2011.
The report emphasized that the continuation of nonoil activities to achieving high rates of growth in recent years is substantiates the soundness and efficiency of the economic diversification policy followed by the government, especially in the last three years, which witnessed continuous improvement in the performance of this group of activities, after the sharp slowdown experienced in 2009.
The report said 2012 witnessed the continuation of the leading role of the group of nonoil activities in support of the overall economic performance, which achieved a combined positive growth rate of 9.6 percent at current prices in 2012.
In general, the report said contribution of extractive industries activities to Abu Dhabi’s GDP in 2012 dropped to 56.48 percent compared to 57.3 percent in 2011.
Nasser Ahmed Alsowaidi, chairman, Abu Dhabi Department of Economic Development, said: “Abu Dhabi’s economy continued to achieve distinct quantitative and qualitative developments in all areas.”
Mohammed Omar Abdullah, undersecretary of the Department of Economic Development, said the report shows that the real GDP of Abu Dhabi has achieved a growth rate of 5.6 percent in 2012, and that the nonoil activities witnessed a steady growth since 2007, which ranged between 5 percent and 9 percent until 2012. He added that this raised the contribution of nonoil economic activities to real GDP from less than 44 percent in 2007 to 48 percent in 2012.
Abu Dhabi’s population, meanwhile, increased from 2.2 million in 2011 to 2.3 million in 2012, registering a growth rate of 8 percent, which exceeded the growth rate of GDP at current and constant prices, which stood at 7.7 percent and 5.6 percent respectively during the same year. However, the average GDP per capita in Abu Dhabi still ranks among the highest in the world.
On the other hand, non-citizens captured 97.6% of the emirate’s total population in 2012, with the continuing imbalance between males and females in this category, where males dominated with 76.2 percent of the total population of non-citizens, while females accounted for about 23.8 percent, due to the high number of expatriates who work in the emirate; their families live in their countries of origin.
In view of the recovery and boom experienced by Abu Dhabi, many economic activities continued to attract and absorb more citizens and expatriates in labor force in the emirate.
The number of employed persons was projected to increase from 1.4 million people in 2011 to 1.6 million people in 2012, up by approximately 12 percent.
At the same time, the total size of the work force in the emirate went up from 1.4 million in 2011 to 1.6 million people in 2012, registering approximately a 13 percent increase, which raised the percentage of the labor force to 70 percent of the total population of the emirate in 2012 compared to 66.8 percent in 2011.
In the same vein, estimates indicate a slight increase in unemployment rate to reach 3.2 percent in 2012 compared to 2.8 percent in 2011.
The emirate’s economy maintained relative stability in the prices of most goods and services over the past few years, as the general consumer prices index rose from 121.6 points in 2011 to122.9 points in 2012.
The average annual inflation rate in the emirate dropped to 1.1 percent by 2012 compared to 1.9 percent in 2011 and 3.1 percent at the end of 2010.

Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

Updated 01 June 2020

Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

LONDON: Arab News has published the recording of an interview with a Nissan lawyer after he denied saying that a bailout of Lebanon by the International Monetary Fund (IMF) was linked to the extradition of fugitive tycoon Carlos Ghosn.

The former Nissan chairman fled to Beirut in December from Japan, where he faced charges of financial wrongdoing.

In a story published in Arab News Japan on Saturday, Sakher El Hachem, Nissan’s legal representative in Lebanon, said the multibillion-dollar IMF bailout was contingent on Ghosn being handed back to Japan. 

The lawyer said IMF support for Lebanon required Japan’s agreement. Lebanese officials had told him: “Japan will assist Lebanon if Ghosn gets extradited,” the lawyer said

“For Japan to agree on that they want the Lebanese authorities to extradite Ghosn, otherwise they won’t provide Lebanon with financial assistance. Japan is one of the IMF’s major contributors … if Japan vetoes Lebanon then the IMF won’t give Lebanon money, except after deporting Ghosn.”

On Sunday, El Hachem denied making the comments. “The only thing I told the newspaper was that there should have been a court hearing on April 30 in Lebanon, but it was postponed because of the pandemic,” he said. In response, Arab News published the recording of the interview, in which he can be clearly heard making the statements attributed to him. 

Japan issued an arrest warrant after Ghosn, 66, escaped house arrest and fled the country.

Now listen to the recording: