Abu Dhabi’s non-oil economy expanded briskly in the second quarter as its efforts to become a hub for hedge funds and other financial firms start to pay off.
Gross domestic product in the emirate’s private, non-oil sector rose over 12% on an annual basis to a quarterly record of 154 billion dirhams ($41.9 billion), according to preliminary government data published Monday. Overall economic output — heavily dependent on oil and gas — rose 3.5% during the quarter.
The financial sector grew nearly 30%. Several major firms have opened offices in Abu Dhabi, capital of the United Arab Emirates, or moved senior executives there this year. Among them are Goldman Sachs Group Inc., Brevan Howard Asset Management and Ray Dalio’s family office.
The boom is similar to that in Dubai, the UAE’s biggest city, which has seen a mass of financial, legal and crypto professionals move there in the past two years.
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