Abu Dhabi predicts 7% annual growth to 2015

NON-OIL GROWTH: Abu Dhabi is looking to diversify away from oil, predicting overall growth of 7% per year. (Getty Images)

Abu Dhabi is aiming for real growth at an average of 7 percent per year through to 2015, as part of moves to diversify its economy away from oil, the emirate has revealed in its latest economic plan.

Details were set out in 'The Abu Dhabi Economic Vision 2030' which projected real growth in the non-oil sector of about 9.5 percent per year during teh same time period.

"Within overall growth and as part of efforts to diversify, Abu Dhabi will seek to foster non-oil GDP growth at a higher rate than that of the oil sector," the government said in an executive summary of the plan, posted on its website.

"Economic development will involve the averaging of growth at 7 percent through to 2015, and thereafter at 6 percent," it added.

The 142 page document was grawn up by the government in collaboration with a number of public sector and joint public-private organisations.

Two key priority areas for economic development have been spelled out; building a sustainable economy and ensuring a balanced social and regional economic development approach.

Significant opportunities for the local and international private sector alongside greater employment opportunities for nationals in highly-skilled, export-oriented sectors, will also be pursued, the report added.

“The plan seeks to harness the emirate's assets and resources to ensure the local economy continues to grow in a sustainable way while delivering significant benefits to the entire community,” said Nasser Al Sowaidi, chairman of the department of planning and economy.

A five-year economic strategy and a 12-month action plan, which will provide a focused framework for the vision’s implementation will be released shortly, alongside a timetable for regular assessments.

On Tuesday an international analyst predicted that Gulf economies on average will grow by about 2.5 percent this year, nearly half the real growth achieved in 2008.

George Abed, senior advisor to the managing director of the Institute of International Finance, said his figures showed the overall GDP growth is projected at about 1.2 per cent in Saudi Arabia, 2.3 per cent in the UAE, 1.2 per cent in Kuwait, nine per cent in Qatar, and nearly five per cent in Oman and Bahrain.

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