In Q1, Abu Dhabi’s GDP emerged stronger by 3.3% to witness overall growth of $61.5 Billion

  • According to the senior-most officials in Statistics centre Abu Dhabi, the Abu Dhabi Landscape has over the past few years become a safe as well attractive heaven for free-flowing of national and global foreign investments.

For the first quarter of the year 2019, Abu Dhabi’s GDP (Gross Domestic Product) and thereby its economy at the current price market witnessed a surge by 3.3 percent to close at AED226 billion ($61.5 billion) comparatively to the previous year ending statistics.

The report compiled from data research and statistics centre Abu Dhabi stated that “the net value of Oil GDP still accounted for 39.8 percent of the Emirate’s tertiary overall GDP during the first quarter of 2019 so far, reaching a staggering 11.6 percent surge at AED89.9 billion.

According to words as stated by Abdulla Ahmed Al Suwaidi, acting director-general of SCAD, credited the fine performance to that of “Diversification and Innovation policy adopted by Abu Dhabi Government, in turn, contributing towards National Economy by creating new tributaries.

He also stated further in the recent statements as published by the state news agency WAM that, “Abu Dhabi landscape has become politically safer and captivating heaven for the free flow and bolstering of the national and global foreign investment environment.”

As well, the words as stated by Rashid Abdul Karim Al Balooshi, Acting Undersecretary of the Abu Dhabi Department of Economic Development, pointed that, “This remarkable growth stature in Abu Dhabi’s Economy as witnessed during the first quarter of 2019, was driven by the excellent growth statistics in the Oil sector, and as well equally the non-oil activities that continued to post a steady growth rates, underscoring the ability of the emirate’s economy to stay strong.”

He also pointed out that “credit must also be given to numerous development projects currently being implemented by the emirate’s government in multiple value-added economic sectors.”

For illustration: – The government of UAE is blazing all guns in consolidating and fuelling the public-private partnership with the launch of various multi-aided projects like Ghadan 21 program, an AED50 billion three-year initiative that Is aimed with driving the economic development, innovation, ease of doing business and liveability in the UAE capital.

Another core aspect of this unique, innovative, flexible yet strict initiative by the UAE government is missionized with development of infrastructure, that also includes transportation, communication, and urban development.

Al Balooshi also added to the point that, “Emirate’s GDP growth for the first quarter of the year followed a series of initiatives taken with the support of the government, private firms and big corporates to stimulate the business environment, including an exemption from license fees for two years.”