The Gross Domestic Product (GDP) of the Emirate of Abu Dhabi grew by 10.5% during the first nine months of 2022, on an annual basis, according to data reported by the Emirates News Agency (WAM) from the Abu Dhabi Statistics Center.
The Emirate of Abu Dhabi seeks to expand the base of the non-oil economy in the gross domestic product as part of the UAE's plan - an oil-rich country - to diversify sources of income.
The non-oil sector contributed about 50.3% of Abu Dhabi's GDP, according to the agency. Aside from oil, the main sectors of the economy witnessed growth in the first nine months of 2022.
According to data reported by WAM, the real estate sector grew by 20.3% during the period on an annual basis as a result of attracting investors in islands and coastal areas such as Saadiyat Island, Yas Island, Al Reem Island and Al Raha Gardens.
The real estate sector in the UAE is witnessing a revival after it suffered due to investor fear during the Covid pandemic and low demand.
The accommodation and food services sector also grew during the nine months by 20.2%, with an increase in hotel occupancy rates with the return of travel after the Covid closures.
