Abu Dhabi’s non-oil economy expanded briskly in the second quarter as its efforts to become a hub for hedge funds and other financial firms start to pay off.
Gross domestic product in the emirate’s private, non-oil sector rose over 12% on an annual basis to a quarterly record of 154 billion dirhams , according to preliminary government data published Monday. Overall economic output — heavily dependent on oil and gas — rose 3.5% during the quarter.
The boom is similar to that in Dubai, the UAE’s biggest city, which has seen a mass of financial, legal and crypto professionals move there in the past two years. Both Abu Dhabi and Dubai are facing increasing competition from Saudi Arabia, which is spending hundreds of billions of dollars to diversify from oil and become a hub for finance, tourism and logistics.
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