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.