Abu Dhabi 2007 High GDP Growth Prediction
ABU DHABI — Abu Dhabi's Gross Domestic Product (GDP) is set to post a growth of 8.2 per cent in 2007 and will maintain the uptrend to around 13 per cent in the few years to come until it reaches Dh584 billion by 2010, according to a forecast by the Abu Dhabi Chamber of Commerce and Industry (ADCCI).
"The GDP for 2006, which is projected to stand at Dh367 billion, is driven by high average price of oil at $64.5 a barrel.These level of prices are expected to continue in 2007, said Riyadh Khalil Mattar, Director of the ADCCI's Information Centre.
Forecast on oil output in the emirate, he said, shows allocation of huge investment for development of the oil sector, a move which will increase current production capacity to meet the growing global demand for crude oil and gas in the future.
"Abu Dhabi will pump about Dh80 billion into the energy sector as future price movements indicate that average prices for 2007-2010 will range between $ 65-75 a barrel," he added.
On non-oil sectors, he expected the sector to make a steady growth of not less than 18 per cent a year. "Share of non-oil sectors in the GDP is estimated to rise to Dh163 billion in 2007 from Dh138 billion in 2006, and will post a phenomenal jump to Dh263 billion in 2010," he said.
He attributed the projected growth in these sectors to the large flow of investments which will be ploughed back into various economic sectors in the years ahead. Contribution of non-oil sector to the emirate's GDP is projected to go up to 45 per cent in 2007 from 37 per cent in 2006.
He noted that introduction of policies and programmes for economic structural adjustment and reforms, enhancement of the private sector efficiency in achieving sustainable development had been instrumental in creating an attractive and competitive investment environmentat local and regional levels. "This will help establish Abu Dhabi's position on the world financial map and spur the emirate to maintain its policies on privatisation and economic openness and to revise its current legislations to fit the global economic progress," he remarked.
He indicated that a series of mega development projects were launched in Abu Dhabi covering all sectors with an outlay estimated at Dh923 billion. The years ahead are expected to see new projects with record investments of Dh500 billion in the construction and building sector, Dh200 billion in tourism, Dh35 billion in water and electricity, Dh80 billion in oil and gas and Dh120 billion in industry.
He added that the strong and firm performance of the emirate economy had contributed in attracting Dh7 billion in 2006 and the figure is set to rise to Dh35 billion in the coming years.
On private sector, he explained that its share in the GDP was estimated to reach 17 per cent in 2006 and would hit 20 per cent in the years to come. "Abu Dhabi took the first place in terms of average GDP per capita which stood at Dh193,000 in 2006. The figure is expected to jump to Dh200,000 next year," he said.
The emirate's foreign trade is projected to grow by 26 per cent this year with a total value of Dh305 billion. Exports and imports grew by 27 and 23 per cent respectively in 2005.
The foreign trade is projected to grow at higher rates driven by huge investment in different economic sectors.
The emirate economy will steam a head steadily in future guided by the sound policy of President His Highness Shaikh Khalifa bin Zayed Al Nahyan and General Shaikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.
According to him, the economic policy adopted by Abu Dhabi is based on the public-private sector partnership, privatisation, development of new economic and industrial zones, building of new cities, development of tourism, revision of legislations, upgrading infrastructure, Emiratsiation and modernisation of health and educational sectors.
The focus is also on creating industries that will meet global demands.
(via MENAFN - Khaleej Times)
"The GDP for 2006, which is projected to stand at Dh367 billion, is driven by high average price of oil at $64.5 a barrel.These level of prices are expected to continue in 2007, said Riyadh Khalil Mattar, Director of the ADCCI's Information Centre.
Forecast on oil output in the emirate, he said, shows allocation of huge investment for development of the oil sector, a move which will increase current production capacity to meet the growing global demand for crude oil and gas in the future.
"Abu Dhabi will pump about Dh80 billion into the energy sector as future price movements indicate that average prices for 2007-2010 will range between $ 65-75 a barrel," he added.
On non-oil sectors, he expected the sector to make a steady growth of not less than 18 per cent a year. "Share of non-oil sectors in the GDP is estimated to rise to Dh163 billion in 2007 from Dh138 billion in 2006, and will post a phenomenal jump to Dh263 billion in 2010," he said.
He attributed the projected growth in these sectors to the large flow of investments which will be ploughed back into various economic sectors in the years ahead. Contribution of non-oil sector to the emirate's GDP is projected to go up to 45 per cent in 2007 from 37 per cent in 2006.
He noted that introduction of policies and programmes for economic structural adjustment and reforms, enhancement of the private sector efficiency in achieving sustainable development had been instrumental in creating an attractive and competitive investment environmentat local and regional levels. "This will help establish Abu Dhabi's position on the world financial map and spur the emirate to maintain its policies on privatisation and economic openness and to revise its current legislations to fit the global economic progress," he remarked.
He indicated that a series of mega development projects were launched in Abu Dhabi covering all sectors with an outlay estimated at Dh923 billion. The years ahead are expected to see new projects with record investments of Dh500 billion in the construction and building sector, Dh200 billion in tourism, Dh35 billion in water and electricity, Dh80 billion in oil and gas and Dh120 billion in industry.
He added that the strong and firm performance of the emirate economy had contributed in attracting Dh7 billion in 2006 and the figure is set to rise to Dh35 billion in the coming years.
On private sector, he explained that its share in the GDP was estimated to reach 17 per cent in 2006 and would hit 20 per cent in the years to come. "Abu Dhabi took the first place in terms of average GDP per capita which stood at Dh193,000 in 2006. The figure is expected to jump to Dh200,000 next year," he said.
The emirate's foreign trade is projected to grow by 26 per cent this year with a total value of Dh305 billion. Exports and imports grew by 27 and 23 per cent respectively in 2005.
The foreign trade is projected to grow at higher rates driven by huge investment in different economic sectors.
The emirate economy will steam a head steadily in future guided by the sound policy of President His Highness Shaikh Khalifa bin Zayed Al Nahyan and General Shaikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.
According to him, the economic policy adopted by Abu Dhabi is based on the public-private sector partnership, privatisation, development of new economic and industrial zones, building of new cities, development of tourism, revision of legislations, upgrading infrastructure, Emiratsiation and modernisation of health and educational sectors.
The focus is also on creating industries that will meet global demands.
(via MENAFN - Khaleej Times)
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