EUR
enUAE's financial sector posted a 30% growth in the second quarter of 2023
The financial sector in the United Arab Emirates posted an impressive growth of 30% in the second quarter of this year, with a projected annualized growth of 13% in 2023. In his speech at the opening of Abu Dhabi Finance Week, Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Economic Development Department (ADEDD) and Abu Dhabi Global Market (ADGM), emphasized the importance of diversifying the economy.
The second quarter of this year showed a 12% growth in the non-oil sector, which now accounts for almost 54% of total GDP. Foreign trade in non-oil goods increased by 13% - real estate investment, among others, played a big role in this. Real estate sales continue to trend upwards, which entitles us to forecast further growth in the financial spectrum in 2024 as well.
Al Zaabi also emphasized the responsible use of the country's wealth and the shift to renewable energy as a conservation strategy for future generations. Al Zaabi expressed optimism about the future, emphasizing the country's adaptability to change and striving for new heights in economic growth.
