Abu Dhabi’s Non-Oil Sector to Exceed 64% of GDP by 2030


Source:  www.zawya.com

“By 2030, we envision Abu Dhabi among the locations of choice for globally-significant industrial projects, and Abu Dhabi economy diversifying well across several non oil sectors, including the key financial sector. A robust 8.5% average year-on-year growth rate in the non-oil sector throughout this period will see non-oil activities driving the Emirate’s economy at 64% of real GDP by 2030, versus 40% in 2005, and Abu Dhabi’s real GDP climbing to USD 415 billion, or fivefold its 2005 level.”

Abu DhabiThese predictions by Ahmad Abu Ghaida, Director of Economic Planning at the Abu Dhabi Department of Economic Development, who delivered the keynote speech at the 9th Eurofinance annual Treasury, Risk and Trade management conference in the Middle East, were well received by an eager audience attending the event.

Sponsored by Citi‘s Global Transaction Services Division, and organized by EuroFinance, a leader in global, regional and country-specific cash and treasury management events for senior finance professionals, the conference recognized Abu Dhabi’s growing importance in the Middle East economic map, and attracted global corporations and financial institutions active in trade finance, treasury services and cash management.

Citi also hosted a reception at Emirates Palace on Tuesday featuring more than 100 delegates attending the conference. Event was an opportunity for Citi‘s Global Transactions Services to honor 21 clients in the UAE and rest of the region for transactional excellence as well as significant partnerships, based on various categories.

“This conference aligns with our strategy of focusing on the UAE as a trading hub and a location of choice for our regional platform offering integrated cash management and trade solutions to corporates, financial institutions and governments around the region,” said Steve Donovan, Head of Citi‘s Global Transaction Services, Middle East & Pakistan. “We are keen on facilitating opportunities for multinational and local businesses that have a stake in corporate Abu Dhabi, as well as recognizing our time-tested partners in the domain of treasury and cash services.”

Citi has been in the Arab World for nearly 50 years and views the region as critical to its global franchise. It currently offers full scale corporate banking services across ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait as well as Pakistan. Its consumer banking services cover UAE, Egypt, Bahrain and Pakistan, while it maintains close relationships with high net worth clients in the region through the Citi Private Bank.