Abu Dhabi: The emirate of Abu Dhabi’s gross domestic product (GDP) is estimated to grow at an average annual rate of 5.7 per cent between 2013-2016, Mohammad Omar Abdullah, Undersecretary of the Abu Dhabi Department of Economic Development(ADDED) said here on Monday.
Speaking at the annual Abu Dhabi Conference organised by MEED in the capital, Abdullah said the estimate for the oil-rich emirate’s GDP growth during this fiscal year is 3.9 per cent.
“Forecasts for non-oil GDP reflect an average growth rate of 6.5 per cent in the same period, indicating the steady progress among the government diversification program, supported by the compilation of infrastructure projects and joined with growing private sector investments.”
The manufacturing sector in emirate is estimated to grow at an average 7.1 per cent during the period 2013-2016, he added.
Abdullah said the foreign direct investment inflows to the UAE increased by almost 40 per cent last year, marking the country as the third largest recipient of FDI in the west Asia region in 2011. The new FDI projections for 2012-2014 period are even higher, he added.
“Last year served to emphasize the resilience of our economic performance, with recent figures showing that overall GDP achieved a growth rate of approximately 30 per cent in nominal terms in 2011, compared with 15.8 per cent in 2010. Meanwhile, non-oil GDP at current prices grew by 7 per cent last year compared with 5.4 per cent in 2010,” said Abdullah.
He added: “It is worth mentioning that steady improvements in our economic activity did not result in “overheating”; the government managed to keep prices under control, with a rise of just 1.9 per cent last year in average prices, reflecting the effectiveness of government policies to curb inflation.”
He said the Abu Dhabi Department of Economic Development’s recent efforts have been towards the formulation of Abu Dhabi’s Industrial Strategy 2011-2015, aiming at leading the emirate’s aspiration to move into a new era of industrial development.
“Within this context, it is worth mentioning that Abu Dhabi has recently witnessed a remarkable shift with the recent approval of the Executive Council to establish an Industrial Development Bureau (IDB) under the umbrella of (ADDED), which will serve, in collaboration with key stakeholders, as the reference platform for the industrial development in the Emirate.”
In particular, IDB is mandated to oversee the implementation of Abu Dhabi’s industrial strategy, monitor the performance of the industrial sector and catalyse economic development through the implementation of policies, plans and programs related to the sector.
In addition, IDB will manage the master land development blueprint for industrial areas in the Emirate, Abdullah added.