Abu Dhabi to take steps to attract investors as part of new industrial strategy

Abu Dhabi new industrial strategy An executive from the Abu Dhabi Department of Economic Development said it will focus on attracting more investors and supporting industry growth through new policies and measures to improve ease of doing business and increase access to financing.

The strategy, expected to be unveiled in the coming weeks, focuses on key economic sectors such as pharmaceuticals, petrochemicals, machinery, electronic and electrical products, chemicals and aluminium refining.

“The strategy will have three main elements, one is to put investors at its core,” Sameh Al Qubaisi, director general of economic affairs at the department, told National On the sidelines of “Make it in the Emirates Forum”.

He said it would look at investors’ needs and where they could save on land costs, electricity bills and water and sewerage charges to improve profitability.

The other part is developing an ecosystem that is “good for any investor”.

Factors investors look at include “what the government or ecosystem can offer in terms of trade agreements, capital market financing, marketability of UAE products in international markets and how supply chains work, trade,” said Mr Al Qubaisi.

Supportive policies and regulations, as well as measures to improve ease of doing business and access to capital and financing for investors, are also an important part of the new industrial strategy, he said.

Abu Dhabi has unveiled various measures such as rent rebates, discounts on utility bills and a loan guarantee scheme to support businesses and stimulate economic growth during the coronavirus pandemic.

Earlier this year, it Removed over 20,000 requirements This is considered essential for doing business in the emirate.

Abu Dhabi and Reduce business start-up costs A 94% increase last year to strengthen its position as a destination for new businesses and increase foreign direct investment in the emirate.

Mr Al Qubaisi said Abu Dhabi’s economy is rebounding from the pandemic and will perform better than last year as pandemic restrictions are eased. move Mandatory PCR testing on arrival for all travelers in March.

“Number [indicating economic growth] Progressing well. With Abu Dhabi’s recent opening to international markets, we see growth coming, flights are back on track, imports and exports are back on track – these numbers are improving year on year and quarter by quarter,” said Mr Al Qubaisi.

Credit rating agency Standard & Poor’s expects Abu Dhabi’s gross domestic product to accelerate to more than 5% in 2022 and reach 2019 levels in 2023.

Mohamed Al Shorafa, chairman of the department, said the emirate’s gross domestic product grew by 2 percent in 2021 compared to the previous year, while the non-oil economy grew by more than 4 percent.

Non-oil real GDP growth last year was led by agriculture, followed by forestry and fishing, manufacturing, and health and social services activities. Statistics Centre – Abu Dhabi show.

Updated: June 22, 2022, 12:21 pm