The United Arab Emirates (UAE) continues to invest resources to promising areas such as the digital economy, tourism, and renewable energy as part of its continued effort to diversify the national economy and lessen reliance on the oil and gas industry. Abu Dhabi has announced the expansion of the Abu Dhabi Global Market (ADGM) by ten times, with the objective of increasing non-oil exports by 143 percent by 2031, totaling 178.8 billion dirhams ($49 billion). Notably, the addition of Al Reem Island to the current Al Maryah Island site would result in the creation of one of the world’s largest financial districts, covering 1,438 hectares.

ADGM was founded in October 2015 and currently consists of 1,400 businesses employing about 11,000 people. This jurisdiction has had a noteworthy 56 percent rise in its managed assets over the last year, in addition to a 30 percent increase in licenses.

The UAE’s important position in financial technology (fintech) continues to attract worldwide enterprises, investment banks, private equity firms, asset managers, and consulting firms. Abu Dhabi, known for its favorable business environment and access to both Eastern and Western markets, is now home to some of the world’s largest sovereign wealth funds. Furthermore, the city provides great healthcare services, world-class educational institutions, and world-class security measures, all of which contribute to its ranking as the finest place to live in the Middle East.

Non-oil industries currently contribute 50% of Abu Dhabi’s real GDP for 2022, reaching one trillion dirhams. Advances in this trajectory are projected in the next years, especially given the state’s ambitious initiatives, which are expected to generate outstanding results, as has been the case.