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Abu Dhabi GDP to touch $300 billion by 2025
Middle East News.Net
Sunday 11th May, 2008 (IANS)
With steady growth of the non-oil sector, the gross domestic product (GDP) of the emirate of Abu Dhabi in the UAE will hit $300 billion by 2025, according to a new report.
The non-oil sector is predicted to touch 60 percent of Abu Dhabi's GDP, while oil sector is projected to reach 40 percent, the Emirates News Agency (WAM) reported, citing a weekly report released by the department of planning and economy (DPE).
'The Abu Dhabi emirate is faring steadily and forcefully into future under master strategic plans and guidelines aiming at a radical transformation in the local economic structure', it added.
The report noted that during the last five years, Abu Dhabi economy witnessed the strongest, broadest and highly diversified-ever development as a result of high oil prices at international markets. The expectations are based on the huge projects currently underway and government restructuring schemes, which begin to yield fruits, it added.
'In 2015, Abu Dhabi GDP will rise to $170 billion, of which oil sector will constitute 50 percent and non-oil sector 50 percent.
'But non-oil sector will overtake oil sector percentage in Abu Dhabi GDP, which will surge to $230 billion, by 2020 as oil sector is projected to be only 45 percent of Abu Dhabi GDP, while non oil sector will surge to 55 percent of GDP. By 2025, Abu Dhabi GDP will jump to $300 billion, of which non-oil sector will be 60 percent of GDP, while oil sector will be 40 percent', it stated.
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