Abu Dhabi eyes major growth in non-oil sector

ECONOMIC VIEW: A senior official has stressed the need for Abu Dhabi to further diversify away from its oil revenues. (Getty Images)

Abu Dhabi must continue to diversify away from its oil revenues to secure its long term economic development, a senior official has said.

Mohammed Omar Abdullah, Under Secretary of Department of Economic Development in Abu Dhabi, underlined the need to increase the contribution of non oil sector, saying the emirate aimed for it to contribute to nearly two thirds of the gross domestic product by 2030.

"We generate our main income from oil, however this is not enough in the long run and we have to increase the contribution of non oil sector for maintaining economic stability," he told reporters on Monday.

He said Abu Dhabi's Vision 2030 set guidelines for key infrastructure, real estate, tourism and financial targets for the next 20 years, as the city aims to assert its place as a global hub and capital of the UAE federation.

The initiatives are planned to fuel GDP growth of 7 percent until 2015, and 6 percent for the following 15 years, he said in comments published by news agency WAM.

He said the plan also focused on the logistical growth of Abu Dhabi, as it aims to accommodate estimates of 3.1 million residents by 2030.

He said Abu Dhabi aimed to see the non oil sector contribute "not less than 64 percent" of the gross domestiv product by 2030.

He added that the private sector had a key role to play in this growth and "several initiatives" would be developed "in order for them to contribute in the economy and to enhance our growth".

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM