عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Abu Dhabi’s Economy Rises 3.5% in Q2 2023  

Visitors at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi. (epa)
Visitors at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi. (epa)
TT
TT

Abu Dhabi’s Economy Rises 3.5% in Q2 2023  

Visitors at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi. (epa)
Visitors at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi. (epa)

The Statistics Center – Abu Dhabi (SCAD) announced the gross domestic product (GDP) estimates for the second quarter of 2023, revealing a whopping 12.3 percent growth of the non-oil economy and a 3.5 percent increase in the total GDP compared to the same period in 2022.

Abu Dhabi's non-oil economic activities have maintained remarkable growth in Q2 2023, leading the value of the emirate's real non-oil GDP to $42 billion, the highest since 2014 to break a record registered in the first quarter of the current year, where it surpassed $39 billion.

According to preliminary estimates, the value of Abu Dhabi's real GDP in the second quarter of 2023 reached its highest level at $78.2 billion, driven by the growth of all non-oil activities, to continue the increase of its contribution to the GDP to 53.7 percent.

It boosted the growth of the emirate's non-oil GDP by 9.2 percent in the first half of 2023 compared to the same period last year.

Most Viewed

 
 
Business

Saudi Arabia Joins International Partnership for Hydrogen and Fuel Cells in the Economy

Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
TT
TT

Saudi Arabia Joins International Partnership for Hydrogen and Fuel Cells in the Economy

Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)

The Saudi Energy Ministry announced Saturday that the Kingdom has officially joined the International Partnership for the Hydrogen and Fuel Cells in the Economy (IPHE), as part of its ongoing efforts to foster international collaboration in developing this vital sector.
This accession marks a major step for the Kingdom, reinforcing its pioneering role in global sustainability efforts and in innovating advanced solutions for clean energy, the Ministry said in a statement.
It aligns with Saudi Arabia’s ambition to become a key producer and exporter of clean hydrogen, and to achieve greenhouse gases (GHGs) net-zero through the circular carbon economy approach by 2060, or before depending on technology maturity and availability, the statement added.
Saudi Arabia’s involvement in IPHE underscores its commitment to international cooperation as a cornerstone for attaining a more sustainable energy future.
The move also supports the objectives of the “Saudi Green Initiative” and “Middle East Green Initiative,” which focus on reducing carbon emissions and stimulating global demand for clean hydrogen, according to the statement.
"It also aims to contribute to the development and harmonization of regulations and standards that bolster the clean hydrogen economy,” it added.
IPHE serves as a crucial platform for fostering collaboration among member states to expedite the advancement and deployment of hydrogen and fuel cell technologies.
The partnership is dedicated to exchanging knowledge, supporting relevant research and technologies, and raising awareness about the importance of clean hydrogen in achieving sustainable development.
In this spirit, Saudi Arabia actively participates in numerous international organizations and initiatives linked to the production of clean and low-emission fuels, including the Innovation Mission Initiative, the Clean Energy Ministerial Meeting, the Zero Neutrality Forum for Producers, the Global Methane Initiative, and other related efforts.