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UAE financial sector expected to grow 13% in 2023: ADDED Chairman

Sector surged by 30% in second quarter

The UAE’s financial sector, a cornerstone of the country’s economic diversification drive, has surged by a remarkable 30 per cent in the second quarter of this year and is expected to continue its upward trajectory with an annual growth of 13 per cent in 2023, according to a senior economic official.

“As we reflect on our economic journey, it is important to recognise the strides we’ve made in diversifying our economy. This year our non-oil sector showed a robust increase, growing by an impressive 12 per cent in the second quarter. Non-oil sectors now comprise nearly 54 per cent of our total GDP. Additionally,  our non-oil foreign merchandise trade has expanded by 13 per cent by the end of the third quarter this year. Such figures stand as a testament to our nation’s dynamic economic growth/ and diversified strength,’’ said Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Global Market (ADGM), in a speech during the opening ceremony of Abu Dhabi Finance Week 2023 on Monday.

Beyond the numbers, Al Zaabi said: “Our leadership has shown us the path to not just accumulating wealth but, utilising it responsibly/ for the betterment of our nation and the world. In this context,  I’m reminded of a profound quote by our Founding Father Late Sheikh Zayed bin Sultan Al Nahyan who said: “Wealth is not in money, wealth lies in mankind. This is where true power lies...the power we value.”

These words, he added, encapsulate the essence of “our commitment to sustainable development and the preservation of our culture and the advancement of our society. It is a testament to our leadership’s enduring vision and legacy.

“The past few years have not been easy. Economic winds have shifted and the sands beneath us have been unsteady. But like the dunes of our magnificent desert, we too adapt and reshape ourselves. We have not just endured; we have thrived and that is not a coincidence; it is a result of our collective vision and resilient spirit. We are delivering our promise. Today, Abu Dhabi’s ‘Falcon Economy’ is accelerating our ambitions by exploring untapped potential, soaring to new heights of success. Our vision extends to the next phase of economic diversification and remarkable growth.”

Outlining Abu Dhabi’s future, he said: “Our emphasis on renewable energy is not just a market strategy; it is a testament to our love for this land and our commitment  to safeguard it for generations to come. Let us continue to nurture the spirit of entrepreneurship. We must foster an ecosystem where young entrepreneurs can dive deep and emerge with pearls of innovation,’’ he concluded.