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Sat 19 Mar 2011 11:38 AM

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Abu Dhabi's non-oil economy set for 8.5% growth to 2030

Economic chief says non-oil sector to make up 64% of real GDP in same period, up from 40% in 2005

Abu Dhabi's non-oil economy set for 8.5% growth to 2030
Abu Dhabi. (Getty Images)

Abu Dhabi's non-oil sector is set to grow by 8.5 percent annually to 2030 as the emirate aims for a truly diversified econony, a leading official has said.

By 2030, the non-oil economy will make up 64 percent of real gross domestic product, compared to 40 percent in 2005, according to Ahmad Abu Ghaida, director of Economic Planning at the Abu Dhabi Department of Economic Development.

"By 2030, we envisage Abu Dhabi among the locations of choice for globally-significant industrial projects, and Abu Dhabi economy diversifying well across several non oil sectors, including the key financial sector," he told a conference, adding that Abu Dhabi's real GDP would reach $415bn by the same date.

Ghaida made the predictions as he delivered the keynote speech at the 9th Eurofinance annual Treasury, Risk and Trade management conference in the Middle East.

Abu Dhabi is becoming the breakout emirate for investment and growth, said speakers at the Reuters Middle East Investment Summit in October.

Abu Dhabi's appeal with regional and international investors crosses sectors, from oil and gas to the battered corporate banking and real estate markets, executives said.

Last week, it was reported that the construction industry in Abu Dhabi saw $35.5bn contracts awarded in 2010, counting for 66 percent of the value of all contracts awarded in the UAE last year.

Consultancy firm Ventures Middle East said the contract amount for 2011 will reach $39.8bn, up 12 percent.

The total value of all construction projects in the emirate is currently $562.8bn.

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