Abu Dhabi, UAE — The financial sector in the UAE has experienced a surge of 30 percent in the second quarter of this year. Forecasts predict a continued upward trajectory, with an expected annual growth rate of 13 percent in 2023, according to a senior economic official.
Addressing attendees at the opening ceremony of Abu Dhabi Finance Week 2023, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADEDD) and Abu Dhabi Global Market (ADGM), highlighted the significance of the non-oil sector’s robust growth, reaching an impressive 12 percent in Q2.
Non-oil sectors now constitute nearly 54 percent of the total GDP, demonstrating the success of the nation’s economic diversification efforts.
Al Zaabi also emphasized the expansion of non-oil foreign merchandise trade by 13 percent by the end of the third quarter.
Al Zaabi quoted the Founding Father, Late Sheikh Zayed bin Sultan Al Nahyan, stating, “Wealth is not in money, wealth lies in mankind.” He underlined the commitment to sustainable development, cultural preservation, and societal advancement, echoing the enduring vision and legacy of the UAE’s leadership.
Despite economic challenges, Al Zaabi highlighted the nation’s resilience, stating, “We have not just endured; we have thrived,” attributing the success to the collective vision and resilient spirit of the nation. He celebrated Abu Dhabi’s ‘Falcon Economy,’ symbolizing accelerated ambitions and exploration of untapped potential for future economic diversification.
Looking ahead, Al Zaabi outlined Abu Dhabi’s commitment to renewable energy, emphasizing that it reflects a deep love for the land and a dedication to safeguarding it for future generations. He urged the nurturing of entrepreneurship, fostering an ecosystem where young innovators can contribute to the nation’s economic growth.