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Abu Dhabi’s Economic Diversification Surges, Reflecting Resilience

The financial sector in Abu Dhabi increased by 30% in the second quarter of this year.

Abu Dhabi’s financial sector has witnessed a remarkable 30% surge in the second quarter of this year, signaling a pivotal role in the country’s economic diversification efforts. 

Ahmed Jasim Al Zaabi, Chairman of ADDED and ADGM, anticipates a continued upward trajectory with an estimated annual growth of 13% in 2023.

Economic Milestones:

During the opening ceremony of Abu Dhabi Finance Week 2023, Al Zaabi highlighted the non-oil sector’s robust growth, which increased by an impressive 12% in the second quarter, constituting nearly 54% of the total GDP. 

Moreover, the non-oil foreign merchandise trade expanded by 13% by the end of the third quarter, reflecting the country’s dynamic economic strength.

Leadership Vision and Values:

Beyond statistics, Al Zaabi underscored the leadership’s commitment to responsible utilization of wealth for societal betterment, drawing on a quote from the late Sheikh Zayed bin Sultan Al Nahyan. 

He emphasized the nation’s dedication to sustainable development, cultural preservation, and societal advancement.

Resilience and Adaptability:

Acknowledging challenges faced in recent years, Al Zaabi likened the nation’s resilience to the adaptability of the desert dunes. 

He highlighted Abu Dhabi’s thriving spirit and emphasized that success results from collective vision and resilience, propelling the ‘Falcon Economy’ toward new heights.

Vision for the Future:

Looking ahead, Al Zaabi outlined Abu Dhabi’s future direction, emphasizing the focus on renewable energy as a testament to their commitment to preserving the land for future generations. 

He urged nurturing entrepreneurship, fostering an ecosystem that cultivates innovation among young entrepreneurs.

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