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Abu Dhabi's GDP seen at $179 billion in 2010
ABU DHABI - Buoyed by robust growth in non-oil sectors, high oil revenues, strong investor confidence in the local economy, Abu Dhabi's real GDP is projected to quadruple to $315 billion by 2025, according to a top official said on Tuesday.
"Comfortable oil-backed financial status, innovative business environment, ultra-modern infrastructure and vibrant performance of macro-economy will keep Abu Dhabi economy on track of powerful growth,” said Dr. Ahmed Menawi, an economist at Department of Planning and Economy (DEP) Abu Dhabi.
He told a lecture hosted by the DPE on Tuesday under the theme : Outlook of Economic Development in Abu Dhabi : Opportunities and Challenges, that structural reforms being carried out by the Abu Dhabi since the last three years had led to exponential expansion of non-oil sectors.
''Analysts forecast that Abu Dhabi is set to achieve steady growth in the coming years that exceeds the current registered rates. This growth will be driven by huge multi-billion projects, government restructural reforms, which are now paying off,'' he added.
''Projected high world oil demand in the long run amid supply shortage has spurred Abu Dhabi to allocate massive investment to boost its oil production capacity. Oil is still the key driving force of the accelerating economic growth not only in Abu Dhabi but in all the UAE.
Under such sustained economic growth, the economist noted, average GDP per capita income rose to $ 71,200, in 2007, the second highest rate in the world, much higher than of $53,000 in Norway, $49,700 in Singapore, $45,800 in the US, $35,100 in UK, $ 34,200 in Germany and $ 33,200 in France.
"Under the current policy of economic diversification, oil and gas sector will contribute less than 20 per cent of the GDP by 2050. GDP is projected to reach Dh650 billion ($179 billion) by 2010 at current prices, pushing the emirate to the second rank in term of size after Saudi Arabian economy," he said.|
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