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Thursday, July 25, 2024

Top Official Highlights Innovation and Diversification as Key Drivers of Sustainable Economic Growth in Abu Dhabi

Rashed Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED), emphasizes the pivotal role of innovation, technology, and investment in Abu Dhabi’s economic transition, during the World Investment Forum 2023.

Impressive Economic Growth Powered by Non-Oil Sector

Abu Dhabi’s remarkable Economic growth is underscored by a 4% increase in the Gross Domestic Product (GDP) compared to the previous year, reaching Dh563.6 billion. This growth is predominantly attributed to the non-oil sector, which expanded phenomenally by 9.2% during the first half of 2023, contributing over half of the total GDP.

Untapped Potential for Investors and Entrepreneurs

Abu Dhabi offers a wealth of opportunities for investors and entrepreneurs, supported by exceptional infrastructure, SME funding programs, and initiatives that enhance its status as an investment hub. The emirate welcomes startups, businesses, and capital to participate in shaping its future.

Strategic Industrial Clusters for Sustainability

Strategic industrial clusters focusing on high-growth sectors play a critical role in Abu Dhabi’s vision for a sustainable future. The Abu Dhabi Industrial Strategy aims to create manufacturing hubs in sectors like technology, healthcare, education, tourism, and agriculture. These hubs will attract foreign investments, generate skilled employment, and foster innovation through public-private partnerships.

Bright Future for Abu Dhabi’s Industrial Sector

Abu Dhabi’s industrial sector has become a global success story, with the Abu Dhabi Industrial Strategy driving a 16.6% increase in new industrial licenses, a 4.7% rise in active manufacturers, and substantial investments in operating factories.

Attracting Foreign Direct Investment (FDI)

The emirate has effectively attracted foreign direct investment (FDI) by creating a conducive environment for investors. Entities like the Abu Dhabi Investment Office (ADIO) provide comprehensive support for companies at all stages of their journey in Abu Dhabi, furthering the growth of innovative startups and facilitating partnerships between local businesses and multinational corporations.

Building an Innovation Economy

Abu Dhabi’s forward-looking approach aims to establish an innovation economy by attracting high-tech foreign investments and supporting local startups. The emirate seeks to become a hub for entrepreneurs and a leader in new technologies, driven by economic diversification, robust infrastructure, and business incentives.

This ecosystem nurtures creativity and fosters economic growth in Abu Dhabi.

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