Abu Dhabi is aiming to achieve an economy size of $415.7bn by 2030 – a more than five-fold rise over 2007. The emirate said it was aiming for seven per cent annual economic growth through to 2015 by developing its non-oil sector and would tap new revenue sources such as government bonds to finance its budget, according to a long-term plan issued by the emirate's Executive Council.
The emirate is projecting real growth in the non-oil sector of about 9.5 per cent per year to 2015, when these sectors should contribute 50 per cent of Abu Dhabi's GDP. Among the key engines of growth would be petrochemicals, metals, aviation, pharmaceuticals, tourism, financial services and telecommunications.
The document – Abu Dhabi Economic Vision 2030 – was released by the Abu Dhabi Executive Council and will be distributed to public and private establishments for implementation.
Covering all sectors of the economy, as well as other social sectors including health, education and human resources, the plan identifies seven areas with immediate priorities and focuses on diversifying the emirate's economy and reducing its reliance on the oil sector.
"Abu Dhabi has a clear opportunity to increase GDP growth sustainably and bring greater stability to the economy by pushing for faster growth in export-oriented non-oil sectors," says the document.
The document also outlines measures to further improve Abu Dhabi's financial sector and banking regulations. It also stressed on knowledge-based and export-oriented industries and on attracting further FDI.
The plan has been developed on the instructions of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Ruler of Abu Dhabi, and General Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.
Secretary-General of the Abu Dhabi Executive Council, Mohamed Al Bowardi, said: "The publication of the Abu Dhabi Economic Vision 2030 is another significant milestone in the ongoing commitment to transparency and accountability." (With inputs from Agencies)