25.5 C
Friday, February 23, 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.

Also Read

ADDED Chairman: UAE invests AED132.5 billion in 2022 for renewables

Mansour bin Zayed chairs Mubadala’s board meeting


Related Articles

Abu Dhabi-Backed RedBird IMI Secures $1.45 Billion Deal for UK’s All3Media

Abu Dhabi-Backed RedBird IMI Secures Powerhouse $1.45 Billion Deal for UK's All3Media RedBird IMI, spearheaded by Jeff Zucker, the former CNN executive, has clinched a...

GCC Nations Poised to Supercharge Region’s GDP by $2.5 Trillion in a Decade

GCC Countries Poised to Propel Region's GDP by $2.5 Trillion in the Next Decade A recent study has shed light on the potential for significant...

Dubai traffic flow ; RTA’s Road Closure Plan for Smooth UAE Tour 2024 Traffic

Dubai traffic, RTA Announces Road Closures for UAE Tour 2024As Dubai prepares to host the UAE Tour 2024, the RTA's proactive measures and timely...

UAE Hints at 6-Day Eid Al Fitr Break as Ramadan 2024 Dates Emerge

UAE as Likely Ramadan 2024 Dates Unveiled, Anticipated 6-Day Break for Eid Al Fitr The commencement of the holy month of Ramadan holds great significance,...

Ramadan Delight: Retailer Slashes Prices on 10,000 Items, Unleashes Dh5,000 Gift Cards for UAE Shoppers

Ramadan Joy: Retailer Slashes Prices on 10,000 Items, Unveils Dh5,000 Gift Cards, These essential products, comprising approximately 80 percent of the total offerings, span across...

Latest Articles