Abu Dhabi’s gross domestic product (GDP) grew 21.8 per cent last year to exceed Dh400 billion ($108.9 billion) from Dh341 billion ($92.8 billion) in 2006, said the Department of Planning and Economy (DPE) in a report.

The emirate’s GDP growth was due to record oil prices and the government’s economic diversification, said the DPE, as quoted in Gulf News.

’In absolute terms the relative weight of oil revenues has grown to more than 90 per cent of the total, but that simply is owing to the increasing prices. Nevertheless, the real weight of other sectors has been growing consistently,’ said Butti Ahmad Al Qubaisi, executive director for planning and statistics, DPE.

The emirate wants to raise the share of the non-oil sector of GDP to 60 per cent by 2030 fromthe current 39.73 per cent.

’The share of oil revenues fell from 92.3 per cent to 91.6 per cent despite the rising prices, indicating the strong growth in non-oil sectors,’ said Dr. Ahmad Zain Al Manawi, economic expert at DPE.

Abu Dhabi also wants to increase foreign direct investments (FDI), from last year’s Dh17.8 billion.