Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Abu Dhabi's GDP shows consistent growth in 2012  Join our daily free Newsletter

MENAFN - Khaleej Times - 13/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Abu Dhabi's gross domestic production (GDP) at current prices rose by 7.7 per cent to mark Dh911.6 billion at the end of 2012, compared to Dh846.7 billion in 2011, albeit relatively better economic performance during 2011 as GDP achieved a nominal growth rate of 32 per cent.



The Economic Report of the Emirate of Abu Dhabi 2013 issued by the Studies Directorate of the Department of Economic Development, has interpreted this relative growth through low growth rate achieved by the extractive industry activity in 2012, which amounted to about 6.2 per cent, compared to 52.8 per cent in 2011, due to the limited increases in quantities of oil production, and the limited rise in oil prices in global markets during 2012 compared to 2011. Abu Dhabi's oil exports registered a growth rate of 6.9 per cent during 2012 compared to approximately 5.4 per cent in 2011



The report emphasised that the continuation of non-oil activities to achieving high rates of growth in recent years, evidence the soundness and efficiency of the economic diversification policy followed by the Government; especially in the last three years which witnessed continuous improvement in the performance of this group of activities, after the sharp slowdown experienced in 2009



The reported stated that 2012 witnessed the continuation of the leading role of the group of non-oil activities in support of the overall economic performance, which achieved a combined positive growth rate of 9.6 per cent at current prices in 2012



In general, the report pointed out that contribution of extractive industries activities to Abu Dhabi's GDP in 2012 dropped to 56.48 per cent compared to 57.3 per cent in 2011



Nasser Ahmed Alsowaidi, chairman Abu Dhabi Department of Economic Development, said, "Abu Dhabi's economy continued to achieve distinct quantitative and qualitative developments in various in all areas, thanks to the far-sighted leadership and the sincere efforts to efficiently and sensibly invest oil revenues, taking into consideration the attainment of sustainability and empowerment of community members; as these goals are the focus of the "Abu Dhabi Economic Vision 2030"



He said that the path of economic development in the Emirate of Abu Dhabi in recent years has been characterized by focusing on directing huge investments towards non-oil activities, to expedite and further the diversification of the economic base and income sources



This approach coincided with government efforts to stimulate and encourage the private sector to participate actively in the development process of the Emirate; and lay down the solid base for an environment, most attractive and supportive to ensure the success of investment projects



Alsowaidi added that this new edition of the "Annual Economic Report of the Emirate of Abu Dhabi 2013", comes to depict and mirror the strength of the economy, based on genuine indicators, that Abu Dhabi's economy, beyond any doubt, had returned to its healthy pace, taking advantage of the vivid diversification strategy pursued by the Emirate, which succeeded in reducing the oil sector's dominant contribution to GDP, in favour of non-oil activities, that had experienced strong growth rates in recent years.

 


Khaleej Times




  MENA News Headlines
 Mar 6 2015 - Iraq, ExxonMobil eye oil agreementsMENAFN
(MENAFN) Texas-based Exxon Mobil Corp is set to make a deal with Iraqi government to restructure oil agreements in such a way that Iraq will meet its near-term cash needs, Reuters reported.According ...

 Mar 6 2015 - Qatar, Luxembourg to sign financial cooperation dealMENAFN
(MENAFN) A financial delegation from Luxembourg is in Qatar in hopes of driving greater strategic cooperation between the two countries in the field of international finance, The Peninsula Qatar ...

 Mar 6 2015 - Egypt, Dubai's Arabtec to renegotiate terms for USD40b planMENAFN
(MENAFN) Arabtec's chairman is set to meet officials of Egypt's housing ministry to renegotiate terms of USD40 billion housing plan, Arabian Business reported.Egypt's housing minister is in talks ...

 Mar 6 2015 - MERS kills 10 more in Saudi, health campaign broadenedAFP
(MENAFN - AFP) The MERS virus has killed 10 more people in Saudi Arabia over the past week, pushing the death toll above 400, as health officials broaden their campaign to halt its spread. Saudi ...

 Mar 5 2015 - Saudi, South Korea consider trade expansionMENAFN
(MENAFN) South Korean President announced that Korea and Saudi must try to diversify commercial cooperation with an emphasis on nuclear energy, renewable energy, education and health care, Arab News ...

 Mar 5 2015 - Etisalat plans to invest USD1.08b in 2015MENAFN
(MENAFN) Emirates Telecommunications Corporation, also known as etisalat, is planning to invest USD952.7 to USD1.08 billion this year on its infrastructure, fiber optic and 4G networks as well as to ...

 Mar 5 2015 - Qatar seeks 7 percent growth in 2015 despite oil plungeMENAFN
(MENAFN) Qatar's economy is expected to grow 7 percent in 2015, as it forges ahead with huge infrastructure investment despite the drop in oil prices, leading economist said.The figure compares with ...

 Mar 5 2015 - French Assystem acquires 75 percent in Saudi RadiconMENAFN
(MENAFN) Assystem completed the acquisition of 75 percent stake in the Saudi Radicon Gulf Consult (Radicon) to create a new engineering offer in the Saudi market nominated Assystem Radicon, Saudi ...

 Mar 5 2015 - Dutch Vopak to expand Fujairah oil storage capacity in 2015MENAFN
(MENAFN) Dutch Vopak is set to build five crude oil storage tanks with total capacity of 478,000 cubic meters at the port of Fujairah in the UAE, Reuters reported.Vopak is already in a partnership ...

 Mar 5 2015 - Saudi Kingdom Holding signs MoU with Korean Investment CorporationMENAFN
(MENAFN) Riyadh-based Kingdom Holding Company (KHC), signed an MoU with Korea Investment Corporation (KIC), Saudi Gazette reported.The MoU is set at producing more opportunities in private equity ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help