Abu Dhabi is continuing to show stellar growth proof government initiatives to diversify the economy, boost the private sector and attract more foreign director investment are paying dividends.
Speaking at the Fortune Global Forum Today, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), showcased the stellar growth of Abu Dhabi’s economy in the past few years despite global challenges and markets fluctuations, and offered a glimpse into the local economy and growth outlook.
Ahmed Jasim Al Zaabi said: “Abu Dhabi’s Falcon Economy is soaring to new heights and increasingly becoming a preferred destination for talent, investment, and business. We are in the throes of a transformation which is reaching untapped potential and ensuring Abu Dhabi has a diversified, smart, sustainable economy with human development at its heart”.
He added: “Abu Dhabi is developing a circular economy regulatory framework to encourage businesses to use resources more responsibly, and is also developing policies that encourage ESG, green procurement, and incentives for improved environmental sustainability”.
“Abu Dhabi is transitioning responsibly. It was always believed in transitioning to renewable energy, seen by the creation of clean energy powerhouse- Abu Dhabi Future Energy Company (Masdar) in 2006, and in boosting the economy in other sectors,” H.E. Al Zaabi explained.
The Emirate’s focuses on sectors with high growth potential including renewable energy, AgriTech, FinTech, technology, healthcare and biopharma, life sciences, Artificial Intelligence (AI), tourism and education.
Abu Dhabi demonstrated the remarkable growth of its non-oil sector as the fastest growing economy in the Middle East & North Africa (MENA). Following an exceptional performance in 2022, Abu Dhabi economy continues to grow in 2023, led by non-oil sectors which recorded 12.3% in Q2, and increased its share of total GDP to 53.7%. The emirate’s total GDP by rose 4% in the first half.
Al Zaabi discussed the latest figures and views on local and global economy during an event on Tuesday with Alan Murray, CEO of Fortune, entitled ‘Charting the Path of Economic Growth in Abu Dhabi’.
The Forum, hosted by ADDED, is being held for first time in Middle East and North Africa (MENA) as the Emirate has fast become a hub for innovation and entrepreneurship with a thriving start-up scene and world-class educational institutions. The Emirate offers attractive incentives, world-class infrastructure, and a business-friendly ecosystem backed by a skilled and talented workforce.
Throughout the three-day Forum, Abu Dhabi is welcoming investors, innovators, and CEOs to discuss entrepreneurship, finance, diversification, green energy initiatives, and more.
The Abu Dhabi Department of Economic Development (ADDED), the catalyst for economic growth and diversification, regulates the business sector in the Emirate and leads economic initiatives to achieve a knowledge-based, diversified, and sustainable economy.
ADDED adopts best policies and practices based on the latest research and statistics, devotes its efforts to elevate the development and renaissance across various sectors, and prepares strategic programs and plans by adopting the best economic and administrative practices, applying the latest technology and drawing on global expertise.
ADDED strives to improve the investment climate in the Emirate by enhancing prospects for cooperation with strategic partners and ensure principles of innovation, transparency, and knowledge-sharing are followed to strengthening the business ecosystem to enhance Abu Dhabi as preferred destination for business and investments.