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Abu Dhabi The chairman of the Abu Dhabi Department of Economic Development said an industrial strategy will be announced in the coming weeks to increase the sector’s contribution to the overall economy.
“The strategy will tell you that industry is an important pillar of China’s overall economy. Abu Dhabi Because it is an important developer in different ways,” Mohamed Al Shorafa told National At the Emirates Forum’s “Make it in the Emirates” forum on Tuesday.
The industrial sector’s total contribution to Abu Dhabi’s economy last year was AED85 billion ($23 billion).
The strategy will focus on some key sectors of the economy, including pharmaceuticals, machinery, electronics and electrical, chemicals and aluminium, and petrochemicals.
“All this programme is in partnership with the Ministry of Industry and Advanced Technology’s Operating 300 billion,” said Mr Al Shorafa.
Last year, the UAE launched Operation 300 billion strategy Increase the industry’s contribution to the country’s GDP from AED133 billion in 2021 to AED300 billion by 2031.
Mr Al Shorafa said Abu Dhabi’s economy continued to expand despite the headwinds of the coronavirus pandemic. Compared to the previous year, the UAE’s GDP will grow by 2% in 2021, with non-oil GDP increasing by more than 4%.
“This shows that the economy is corona crisis … Now of course, we expect more developments, which will give us higher GDP in the coming years,” he said.
Abu Dhabi’s economy rebounded strongly last year as the pace of economic activity improved as the government took steps to curb it. COVID-19 pandemic and minimize its impact.
Mr Al Shorafa said the momentum continued this year, with the emirate’s economy set to grow by 6 to 8 per cent over the next two years.
Growth would be driven by the oil sector, government spending, financial services and foreign direct investment, he said at the time.
oil price Crude oil prices have risen more than 56% in the past 12 months and surged to nearly $140 a barrel in March as ukraine war And the subsequent U.S. ban on imports of Russian crude oil. Prices have since retreated, but remain above $115 a barrel.
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S&P expects Abu Dhabi’s GDP to accelerate to more than 5% in 2022, with output reaching 2019 levels by 2023.
Mr. Al Shorafa said the public-private partnership (PPP) programme implemented by the Abu Dhabi government in conjunction with the Ministry of Economic Development is at the heart of Abu Dhabi’s economic strategy.
“The plan entails developing infrastructure projects in partnership with the private sector, whether it’s large-scale infrastructure projects or creating communities within [the] Emirate of Abu Dhabi. We have announced and awarded a number of projects as part of the PPP program. We will continue to develop these PPP projects. “
The government will announce a large PPP project worth Dh2.5 billion “next month”, he said, without giving further details.
“We have awarded community shopping malls, schools, street lighting in Abu Dhabi Island and Al Ain City through public-private sector partnerships.
“The government has the ability to develop these projects, but we think the involvement of the private sector is important because we believe that the development of the economy must go through the private sector.”
The emirate is moving forward with measures to support small and medium enterprises that are the “foundation” of the economy.
“We have developed a number of intervention programmes to support SMEs in specific sectors and sub-sectors, which we believe are important to Abu Dhabi’s economic development,” Mr Al Shorafa said.
He said the Khalifa Development Fund was providing funding to SMEs and that “Khalifa Fund 2.0 is coming soon”. The funding scheme is “completely rebranded and refurbished to enable not only local SMEs but also residents of Abu Dhabi SMEs”.
Updated: June 22, 2022, 6:16 am
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