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Abu Dhabi races ahead with trillion-dollar economic performance

With worldwide investments passing the $1 trillion-dollar mark, the economy of Abu Dhabi has never been stronger and the government’s long-term investment strategy looks set to continue this progress.
By Lawrence J. Ireton10. Abu Dhabi Financial Centre

In terms of GDP and per capita income, Abu Dhabi is the wealthiest region of the UAE. In 2010, the GDP per capita reached $49,600, ranking ninth in the world. At present, over $1 trillion is invested worldwide in Abu Dhabi. The government has recently been diversifying the economic plans of the country.

The wealth accumulated from oil related industry over the past number of decades has been pumped back into a wide range of commercial and industrial projects. This diversification away from finite resources has achieved some remarkable results, and today non-oil and gas GDP constitutes 64% of the country’s total.

By the year 2030 Abu Dhabi aims to boost its economy to nearly $400 billion as part of a development strategy focused on attracting foreign capital and expanding the region’s private sector. This strategy, known as the Abu Dhabi Economic Vision 2030, will create significant opportunities for citizens of the UAE, particularly those with qualifications in highly skilled, knowledge-based or export-oriented fields.

Playing a lead role in achieving the goals set out by the Abu Dhabi Economic Vision 2030 is the Department of Economic Development (DED). This department’s aim is to transform Abu Dhabi’s economy from oil based to knowledge-based by attracting foreign direct investment and encouraging the country’s private sector to take the lead as the primary driving force behind the economy.

In view of its important new role, the DED is evolving into a policy maker in the endeavour to achieve economic development in the future.