UAE Financial Sector Set to Surge by 13% in 2023

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According to a senior economic officer, the financial sector of the UAE, the keystone of the economic diversification efforts has witnessed an impressive 30% growth in the second quarter. Looking ahead, it’s expected to maintain this momentum with a projected annual growth of 13% in 2023.

As we look back on our economic journey, it’s important to celebrate the progress we’ve made in diversifying our economy. This year, our non-oil sector saw strong growth, increasing by an impressive 12% in the second quarter. Non-oil industries now make up nearly 54% of our total GDP. Additionally, our non-oil foreign trade expanded by 13% by the end of the third quarter. These numbers highlight our nation’s strong economic growth and diversified strength,” shared Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Global Market (ADGM) during the opening ceremony of Abu Dhabi Finance Week 2023.

Al Zaabi pointed out that our leaders guide us not just in making money but using it responsibly for the good of our nation and the world. He shared a powerful quote from our Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan: ‘Wealth is not in money; wealth lies in mankind. This is where true power lies… the power we value.’

He added that these words show our commitment to sustainable development, preserving our culture, and advancing our society. Despite recent challenges, he noted, ‘The past few years have not been easy. Economic conditions shifted, and things were unstable. But like the dunes in our desert, we adapt and reshape ourselves. We haven’t just endured; we’ve thrived. Today, Abu Dhabi’s ‘Falcon Economy’ is reaching new heights of success by exploring untapped potential. Our vision extends to the next phase of economic diversification and remarkable growth.

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