Defying challenges, implications of the international financial crisis and sharp surge in prices of most food commodities, the Abu Dhabi’s GDP rose at current prices to 30 per cent in 2008 from 17.2 per cent in 2007, according to the Abu Dhabi Economic Report 2009.

The Report was released today at a press briefing held by the Department of Economic Development in Abu Dhabi (DED).

DED Chairman Nasser Al Suweidi said in the forward of the report that ’’ The DED has made a raft of measures to achieve Abu Dhabi government’s policy of a balanced sustainable development. These steps aimed at improving business environment, boosting transparency and disclosure, and streamlining and unifying procedures, creating competitive environment with the aim of protecting the community and stimulate economic growth.

According to him, last year witnessed major socio-economic developments towards realising sustainable development, decreasing dependence on oil as a key engine for economy, enhancing partnership with the private as a leading contributor to comprehensive development and creating a free and competitive business landscape.

Mohammed Omar Abdullah, DED Undersecretary, said the report reviewed the true economic reality of Abu Dhabi in view of global economic developments in 2008. It shed light on the course of action of development over the last five years and economic outlook for 2009.

’’Abu Dhabi economy has emerged as a key player in the region given its offers of diverse investment opportunities in areas like industry, infrastructure, real estate and renewable energy sources.

This role will have positive impact on efforts to sustain growth and diversification,’ he added.

Rashid Al Za’abi, Director of Studies, DED, said the report mirrored the rates of high growth some commodity sectors had made as a result of high oil price.

He said price of crude oil rose to 90.7 dollar a barrel by end of 2007 to shoot up in the third quarter to the peak of 147 dollars, driving value added of oil at current prices to 37 per cent in 2008.

He stressed that oil is still the no 1 sector contributing 63.6 per cent to the GDP, while shares of manufacturing industries, building and construction and finance and insurance stood at 9.6, 5.2 and 5 per cent.

’’The years to come will see real changes as efforts are intensified to make true diversification in the productive base to make non-oil sectors contribute by 64 per cent in the GDP,’’he said
 

We accept Guest Posts

Download the Dubai City Guide iPhone mobile app

DubaiCityGuide.com is owned and managed by Cyber Gear