Senior official says Abu Dhabi has become a safe and attractive haven for the flow of national and foreign investment
Abu Dhabi's gross domestic product (GDP) at current prices for the first quarter of 2019 rose by 3.3 percent to AED226 billion ($61.5 billion) compared to the year-earlier period.
Statistics Centre Abu Dhabi said tha oil GDP made up 39.8 percent of the emirate’s overall GDP in the first quarter of 2019, reaching AED89.9 billion, a 11.6 percent increase .
Abdulla Ahmed Al Suwaidi, acting director-general of SCAD, said that the diversification policy adopted by the Abu Dhabi government has contributed to creating new tributaries for the national economy.
The emirate has become a safe and attractive haven for the flow and strengthening of the national and foreign investment environment, he said in comments published by state news agency WAM.
Rashid Abdul Karim Al Balooshi, Acting Undersecretary of the Abu Dhabi Department of Economic Development, added: "The remarkable growth in Abu Dhabi’s economy during the first quarter of 2019 was driven by the growth in the oil sector, while non-oil activities continued to post steady growth rates, underscoring the ability of the emirate's economy to stay strong.
"This is due to the numerous development projects currently being implemented by the emirate’s government in multiple value-add economic sectors," he said.
The government is working to consolidate public-private partnerships through the launch of various programmes as part of the Ghadan 21 programme, a AED50 billion three-year initiative driving economic development, innovation, ease of doing business and liveability in the UAE capital.
One of the key tenets of the programme is to develop infrastructure, including transportation, communication and urban development.
Al Balooshi said that the emirate's GDP growth for the first quarter of the year followed a series of moves taken to stimulate the business enviroment, including an exemption from licence fees for two years.