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FINANCIAL NEWS
Abu Dhabi plans 8.5% increase in non-oil economy
20 Mar 2011
(MENAFN) Director of Economic Planning at the Abu Dhabi Department of Economic Development, Ahmad Abu Ghaida, stated that the emirate eyes its non-oil economy to grow 8.5 percent per year until 2030, reported Arabian Business.
The director added that by 2030, the emirate’s real gross domestic product (GDP) would reach USD415 billion, non-oil economy accounting to 64 percent of it, up from 40 percent in 2005.
Abu Ghaida also said that the plan is for Abu Dhabi’s economy to include different non-oil sectors, with concentration on the financial sector, and for the emirate to become one of the world’s top locations for industrial projects.
It is worth noting that USD35.5 worth construction contracts made up around 66 percent of the total value of contracts in the UAE in 2010.
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