Abu Dhabi economy set to grow 7%

21/03/2011 - Dubai Investment News Posted by Bob Brunskell
Abu Dhabi economy set to grow 7%

Abu Dhabi's economy is set to grow by around seven per cent in 2011 after increasing 7.6 per cent in 2010, it has been reported.

The projected growth falls in line with the 2008-2012 development plan set for the emirate.

Mohammed Omar Abdullah, undersecretary of the Abu Dhabi Economic Development Department, said that following improvement in oil prices last year, real GDP increased from around Dh481 billion in 2009 to Dh517.8 billion in 2010.

This figure will then increase to Dh554 billion over the coming year, projections estimate, Emirates 24/7 reports.

Mr Abdullah said: "The main sectors targeted in our plan include financial services, industry, transport, petrochemicals, tourism, information technology, telecommunication, renewable energy, aviation and oil-gas services."

The non-hydrocarbon sector is predicted to grow around 10.6 per cent this year to Dh268 billion, accounting for nearly half of the emirate's total GDP.

Tourism could also be a major source of growth in the emirate as research from the Abu Dhabi Tourism Authority shows that almost 154,000 people staying in hotels in Abu Dhabi in January, a five per cent rise on 2010's figure.ADNFCR-2019-ID-800470114-ADNFCR