Abu Dhabi has zeroed in on the sectors that will drive its next phase of non-oil growth, the chairman of the Abu Dhabi Department of Economic Development said.
The diversification push is directing investment, policymaking, and research toward industries like autonomous mobility, culture and tourism, financial services, food security, and health care.
The emirate, the wealthiest in the UAE thanks to oil and home to more than $2 trillion in sovereign wealth, has accelerated non-oil growth in recent years to now represent 57% of its economy, from just 20% in the late 1990s, Ahmed Jasim Al Zaabi said at the Reuters NEXT conference on Wednesday. He added that much of the infrastructure and tourist destinations that Abu Dhabi is building out — including Disneyland Abu Dhabi and entertainment venue The Sphere — will be completed within the coming decade, helping solidify the capital as a leisure destination.