RIYADH: Abu Dhabi is on track for a 13 percent growth in its financial sector in 2023 as part of its intensified efforts to diversify its economy beyond oil, a senior official reported.
The forecast was announced during the Abu Dhabi Finance Week by Ahmed Al-Zaabi, chairman of the emirate’s Department of Economic Development, who emphasized the division’s importance on the local economy.
“This year, our non-oil sector showed a robust increase, growing by an impressive 12 percent in the second quarter. Non-oil sectors now comprise nearly 54 percent of our total gross domestic product,” Al-Zaabi said, according to a report by the Emirates News Agency, known as WAM.
“Additionally, our non-oil foreign merchandise trade has expanded by 13 percent by the end of the third quarter this year. Such figures stand as a testament to our nation’s dynamic economic growth and diversified strength,” he added.
Al-Zaabi further emphasized the importance of responsible utilization of wealth for the nation’s betterment, recalling the words of the UAE’s founding father, Sheikh Zayed bin Sultan Al-Nahyan.
“Wealth is not in money, wealth lies in mankind. This is where true power lies, the power we value,” Al-Zaabi said.
“We are delivering our promise. Today, Abu Dhabi’s Falcon Economy is accelerating our ambitions by exploring untapped potential, soaring to new heights of success. Our vision extends to the next phase of economic diversification and remarkable growth,” he added.
Additionally, he acknowledged the economic challenges of the recent years, stating that they “have not been easy.”
He highlighted Abu Dhabi’s resilience and adaptability, adding: “Economic winds have shifted, and the sands beneath us have been unsteady. But like the dunes of our magnificent desert, we too adapt and reshape ourselves.”
Al-Zaabi also underscored Abu Dhabi’s dedication to renewable energy, framing it as more than a market strategy but a commitment to preserving the land for future generations.
With entrepreneurship one of the main pillars of the UAE’s economy, Al-Zaabi further emphasized the importance of boosting the startup ecosystem.
“Let us continue to nurture the spirit of entrepreneurship. We must foster an ecosystem where young entrepreneurs can dive deep and emerge with pearls of innovation,” he stated.