By Andy Sambidge
Senior official says diversification vital for future success of emirate's economy.
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".