By Stanley Carvalho
UAE capital Abu Dhabi is targetting foreign direct investment of 23% of GDP by 2030.
Abu Dhabi, the largest and wealthiest emirate in the UAE federation, said it wants to attract more foreign direct investment and lift non-oil exports to boost their contribution to the emirate's GDP, a senior official said on Tuesday.
Mohammed Omar Abdullah, under secretary at the department of economic development, said Abu Dhabi is targetting foreign direct investment (FDI) of 23 percent of GDP by 2030.
FDI currently accounts for 14 percent of the emirate's GDP.
"Growth has to be driven by non oil exports to reduce GDP volatility through diversification and this will see Abu Dhabi (become) an attractive investment destination," he said at a conference organised by London-based MEED.
The emirate - one of seven in the UAE federation, the world's third largest oil exporter - also has most of the UAE's oil wealth. Abdullah said the emirate wants to boost non-oil exports to 11 percent of GDP, from 1.5 percent now.
Abu Dhabi plans to set up an export promotion agency and an investment agency next year, he added. (Reuters)