UAE's Abu Dhabi sees strong industrial sector growth amid diversification push | Reuters
Abu Dhabi, the capital of major oil exporter United Arab Emirates, plans to double the contribution from its industrial sector to GDP, a senior government official said on Wednesday, amid growing regional competition to diversify from oil.
Last year, the industrial sector's contribution to Abu Dhabi's gross domestic product grew 9.7% year-on-year to 90.8 billion dirhams ($24.72 billion), according to government statistics shared with Reuters on Wednesday, or 16.4% of its non-oil GDP and just over 8% of total GDP.
Abu Dhabi, which constitutes about half the UAE's industrial sector, wants to increase this to 171 billion dirhams by 2031.
"Oil is important to us in Abu Dhabi," Rashed Al Blooshi, undersecretary at Abu Dhabi's Department of Economic Development, told Reuters.
"But investing in non-oil sectors will have a bigger impact on the GDP ... and we will sustain the growth."
Since 2021, the UAE has also established a strategy of negotiating bilateral trade agreements with a key aim to boost non-oil exports to global markets.
No comments:
Post a Comment