Abu Dhabi's economy grew 10.5% in the first nine months of 2022, driven by strong growth in the non-oil sector. Non-oil sectors made up 50.3% of Abu Dhabi's GDP, which increased by 39 billion dirhams ($10.6 billion) to a total of 417.3 billion dirhams.
Abu Dhabi's real estate sector, in particular, saw remarkable growth, with a 20.3% increase compared to the same period in the previous year. This expansion is likely due to the appeal of Abu Dhabi's waterfront and island communities, which have attracted investors to the area. The new strategy will boost Abu Dhabi’s trade with international markets, with the aim of increasing the Emirate's non-oil exports by 143% to 178.8 billion dirhams by 2031.
Why it matters
In 2021, the UAE's economy grew by 7.6%, the highest in 11 years, and is the second largest in the Arab world. The UAE Central Bank predicts a growth rate of 3.9% in 2022, with the non-oil sector expanding by 4.2% and oil GDP growing by 3%. Abu Dhabi's "resilient" economic framework, competitive positioning, and macroeconomic stability were praised by the Central Bank for contributing to the impressive GDP growth.