Abu Dhabi emerging as ideal investment destination, says DED chairman – News

Ahmed Jasim Al Zaabi invites investors and policymakers to the upcoming World Investment Forum 2023 in October

Abu Dhabi is strategically focusing on sectors with high growth potential such as tourism, ICT, health, financial services and agritech, thereby strengthening its position as an attractive investment destination, a senior official said.

Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi’s Department of Economic Development, noted that the emirate’s contribution to the UAE’s Gross Domestic Product (GDP) and Foreign Direct Investment (FDI) flows made a significant contribution. “Abu Dhabi’s GDP accounts for an impressive 60% of the country’s GDP.”

Abu Dhabi is the fastest growing economy in the MENA region with a GDP growth rate of 9.3% in 2022. Compared with the same period in 2022, the emirate’s GDP grew by 3.9% in the first quarter of this year. – Petroleum GDP growth of 6.1% in the first quarter of 2023, accounting for 52.8% of total GDP.

Al Zaabi pointed out that such strong performance indicators tell the success story of Abu Dhabi’s diversity.

“This outstanding growth was supported by strong performances in key economic sectors.”

The Chairman of ADDED emphasized that the emirate will continue to increase its efforts to attract quality investment.

“Recent regulatory changes, including allowing 100 per cent foreign ownership, have further boosted this success,” he said on the sidelines of a United Nations Conference on Trade and Development (UNCTAD) event in the capital.

Al Zaabi said: “Abu Dhabi has become a dominant force in the economy and has witnessed the rise of the falcon economy, known for its pioneering vision, robust regulatory framework and advanced business ecosystem capable of nurturing talent And attract like-minded investors from all over the world.” Said.

Abu Dhabi is home to the world’s three largest sovereign wealth funds. It is also quickly becoming a destination of choice for international residents due to its multicultural community. Abu Dhabi Investment Office (ADIO) attracts international companies to Abu Dhabi through its offices in Paris, Beijing, Frankfurt, San Francisco, New York, Tel Aviv, London and Seoul. Amazon and AWS are two recent additions to the Abu Dhabi business community.

Zabi noted that Abu Dhabi has launched a number of initiatives targeting investors and attracting investment. The Abu Dhabi Industrial Strategy (ADIS), launched in June 2022, has played an important role in diversifying the emirate’s economy.

“We are now ready to announce our achievements as we double the size of Abu Dhabi’s manufacturing sector by 2031 by investing AED10 billion in six transformational programs by improving access to finance, simplifying the business environment and attracting foreign investment. 172 billion dirhams, thereby reaching a major milestone.”

Al Zaabi issued an open invitation to investors and policymakers to attend the 2023 World Investment Forum in October ahead of COP28.

“We remain firmly committed to sustainable prosperity, and we will redouble our efforts once again. This is just the beginning,” Aldhabi added.