Abu Dhabi’s non-oil sector accounts for over 45 per cent of its gross domestic product, reaching its economic diversification target five years ahead of target date, a top government official said on Monday.
‘The targeted date to achieve that was 2015, our economic diversification plans are moving ahead and we are on track to deliver the vision,’ Mohamed Omar Abdullah said at the MEED Abu Dhabi Conference.
Abu Dhabi’s non-oil sector contributed 40 per cent of GDP in 2007, he said without giving actual figures.
Abu Dhabi’s GDP at current prices fell to Dh564.5 billion ($154 billion) in 2009 from Dh666.7 billion in the previous year due to lower oil prices, according to the emirate’s statistics department.
The contribution of oil to Abu Dhabi’s GDP was 49 per cent in 2009.
Abu Dhabi, capital of the United Arab Emirates, is investing billions of dollars in industry, tourism, infrastructure and real estate to diversify its economy away from oil