Abu Dhabi targets 8% non-oil GDP growth, looks to become fintech hub

Abu Dhabi is reportedly targeting non-oil GDP growth of 8 per cent over the next 20 years through the development of the education, healthcare and logistics sectors.

UAE daily The National quoted Abu Dhabi Department of Economic Development undersecretary Khalifa Salem Al Mansouri as saying the emirate was on track for non-oil growth of “between 6 and 8 per cent for the next 20 years”.

“We are not in a panic mood in looking at oil as the primary driver of growth,” he said.

Under Abu Dhabi’s Economic Vision 2030, the non-oil sector is expected to contribute 64 per cent of GDP.

Mansouri said oil’s contribution to GDP had increased from less than 40 per cent in 2008 to around 50 per cent in 2014, it was reported.

Earlier today, Abu Dhabi Global Market chairman Ahmed Al Sayegh said the capital’s financial free zone was aiming to become the regional financial technology hub.

“We have not yet seen a deeply established fintech ecosystem in the GCC. Our intention is to promote Abu Dhabi as the fintech hub in the GCC in partnership with key stakeholders,” he said, according to The National.

The global fintech industry is expected to be worth as much as $8bn by 2018.

He also said that two new financial institutions were in the process of joining the free zone, Australian investment banking group Macquarie Capital and UK wealth manager Aberdeen Asset Management.