2023-10-18 17:02:31
Abu Dhabi, October 18, 2023 (Xinhua) The Emirate of Abu Dhabi achieved an increase in gross domestic product of 4%, amounting to 563.6 billion dirhams (one US dollar equals regarding 3.65 dirhams) in the first half of the current year, compared to the same period last year.
Rashid Al Balushi, Undersecretary of the Department of Economic Development in Abu Dhabi, confirmed during his speech today (Wednesday) at the World Investment Forum 2023 held in the emirate and continuing until next Friday, that the credit for the economic growth achieved by Abu Dhabi is primarily due to the outstanding performance of the non-oil sector, which has expanded significantly. by 9.2% during the first half of this year, constituting more than half of the gross domestic product.
He noted that the Abu Dhabi Industrial Strategy contributed, during its first year, which extends from July 2022 to June 2023, to achieving a growth rate of 16.6% in the number of new industrial licenses, according to what was reported by the Emirates News Agency (WAM).
Al Balushi explained that the number of operating factories in Abu Dhabi increased by 4.7% to reach 966 factories, and the value of investments of industrial companies that moved to the production stage grew by 85.7% to reach 15.36 billion dirhams, thus the total investments of operating factories during the first year reached 384.06 billion dirhams.
Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, launched the Abu Dhabi Industrial Strategy in June 2022, which succeeded in promoting the strong growth of the emirate’s manufacturing sector.
Earlier, the Department of Economic Development in Abu Dhabi announced that it issued 116 new industrial licenses during the first half of this year, while the emirate is focusing this year on attracting foreign investments in the modern and advanced technology sector and supporting local emerging companies in this field.
Abu Dhabi is currently hosting the eighth session of the World Investment Forum, whose activities continue until October 20, with the participation of more than 7,000 stakeholders in the field of investment, and brings together an elite group of leaders, heads of state, decision-makers and business leaders from 160 countries.
The forum discusses topics including sustainable energy and entrepreneurship development, trade and investment policies, climate action, and the urgent need for investment in key sectors such as food security, energy transition, health systems, and the resilience of global supply chains. /end of news/
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