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UAE aims to increase non-oil exports by nearly 150% by 2031
Mohammed Ali Al Shorafa, Chairman, Department of Economic Development, Abu Dhabi | Photo: Karim Dawaba
After non-oil trade hit a record 1.058 trillion dirhams ($288.06 billion) in the first half of 2022, up 17% year-on-year, Abu Dhabi proved its economy is on track to surpass the oil era. One of the emirate’s leading economic figures – Mohammad Ali Al-Shorafa – attributes this success to the ease with which foreign investors can do business in the country.
specifically for Cali era Regarding the emirate’s new industrial strategy, the chairman of the Abu Dhabi Department of Economic Development (ADDED) said: “Obviously the free trade agreements we have signed are working and there are more in the pipeline, but I think it is also the federal Integration between governments and alliances with local governments helps align not only the interests of local governments, but the federal government as well.”
Despite the global pandemic and the war in Ukraine – which have had a huge impact on the world economy – Abu Dhabi continues to face an economic slowdown and continues with ambitious new plans to diversify the economy and bring in new foreign direct Invest in creative new incentives.
From bringing startups into Hub 71 to its plans for entities such as Abu Dhabi Holdings, the emirate’s ecosystem is moving full steam ahead as it moves beyond oil into the economy of the future.
The prominent economic figure said the pandemic has helped spur growth. “When everything was locked down, we went back to the drawing board and started looking at things from the beginning and trying to see the process,” he explained, explaining that from an investor and trader perspective, regulation and discovery and Ways for the private sector to collaborate more effectively.
With strong infrastructure and a robust logistics network, the country is well positioned to buffer against a global economic crisis, exacerbated this year by the outbreak of war between Russia and Ukraine.
Now, the emirate plans to focus on a more industrialized path, increasing non-oil exports by nearly 150 percent by 2031.
Al Shorafa admits that while this is ambitious, it is within reach. “There is enough consensus that we are on the right track,” he said, revealing that the UAE will unveil its latest industrial strategy and other strategies in the coming weeks. He said the emirate’s leadership is now considering encouraging utilities for specific industries it believes can add value to important economic sectors.
Upcoming industries that the UAE is developing “scientifically” include biopharmaceuticals, tourism, ICT, agritech, financial services and specialized industries.
Al Shorafa holds an impressive role as Chairman of six of Abu Dhabi’s most powerful economic organisations, such as Abu Dhabi Investment Office and Etihad Airways, and has been one of the leading figures in economic development in the UAE . He took it all in stride, saying it was just his desire to serve the country’s leaders, which allowed him to take on such a heavy responsibility.
He is well aware that Abu Dhabi’s economy enjoys a unique position and has been awarded in many sectors due to the outstanding performance of the non-oil sectors, especially those that are on the focus of Abu Dhabi’s Economic Vision 2030. high level of competitiveness.
One of the goals of the Emirates Vision 2030 plan is to increase the contribution of the non-oil sector to the emirate’s GDP to 64% by 2030. The contribution of these sectors has reached over 50% of the emirate’s GDP.
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Besides having a visionary leadership, a strong team and a flexible way of doing business, Al Shorafa said that as businesses become more open to the world, we also have an unwavering attitude , to continue to strive to do better.
Last year, the UAE implemented a series of reforms to help international business, including changing the work week from Sunday to Thursday to Monday to Friday, in line with global norms.
“We always want to be better, and to be better, you need to have a very high goal or an achievable goal,” he said. “Having the right team around me and around the ecosystem works well together.”
Always measuring the emirate’s strategy with tangible results, he said accountability was key, as was maintaining agility in a changing economic environment. “It’s important to be as agile as possible and to be able to change things in our strategy. It’s one of the important things that leadership asks us to do; always measure our success and use different data sets. That’s how we work. I think it’s is the only way you get results; by taking responsibility.”
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