UAE takes steps to deal with any crisis, says top official – News

Economic diversification, development of the non-oil sector, attracting global talent, and providing support to the private sector help the country continue on its growth trajectory

The UAE and Abu Dhabi have mechanisms in place to manage and address any global economic headwinds, senior officials said at a business event in Abu Dhabi on Tuesday.

“Whenever there is any crisis, we are prepared. We always have the right stimulus, the right plan, and the right attitude when it comes to agile. Whether it is creating new regulations, policies, or exploring new areas, I Think that during Covid-19, a lot of new areas have been explored, such as 100% foreign ownership, golden visas, comprehensive regulatory reform of company law. So, there are many changes that have come into effect,” said Abu Dhabi Department of Economic Development (ADDED) Director-General of Economic Affairs Sameh Al Qubaisi said at the Abu Dhabi Economic Summit.

Economic diversification, development of the non-oil sector, attracting global talent, and providing support to the private sector are measures that will help the UAE continue on its growth trajectory.

He stressed that the UAE capital’s diversification strategy is paying off. “Abu Dhabi’s GDP grew by 10.5% in the first nine months of 2022 – the highest growth rate in the MENA region (compared to the same period in 2021). By the end of the third quarter of 2022, we Non-oil GDP grew by 10.3 percent,” Al Qubaisi said. He added that the focus has been on non-oil sectors such as fintech, agtech, tourism, ICT, healthcare, pharmaceuticals and others.

In the past, Abu Dhabi launched a Dh5 billion IPO fund to encourage more private sector companies to list on the local stock market. The Abu Dhabi government, as part of its AED10 billion industrial strategy, aims to expand its manufacturing sector to more than double its current size to AED172 billion by 2031 and create 13,600 skilled jobs. “The industrial strategy seeks to increase the competitiveness of the industry by focusing on the ease of doing business, the mass adoption of Industry 4.0 and market openness.”

Contrary to the global trend, the UAE’s inflation rate has declined from the last quarter of 2022. “This year’s estimate is much lower. We are serious about inflation. We try to do everything we can to help companies,” Al Qubaisi said.

Al Qubaisi emphasized that while preparing for the future market, the UAE has been encouraging Emiratis to join the private sector through the Nafis programme, investing in projects such as reskilling and upskilling, taking several measures to reduce the cost of starting a business, and committed to Become a global talent hub by offering golden visas.

Al Qubaisi stressed that the UAE is in a very “lucky position”. “I think it’s the unknown that keeps us on our toes. But that’s a good thing. Because we know that whenever there’s a reversal of change, we have the mechanisms to make the right policies and the changes needed to adapt to the new status quo,” he said. said, adding: “We learn from experience. Nobody is resilient, but we are able to act quickly and fix things.”

Isam Abreman, World Bank Middle East and North Africa GCC Country Director, highlighted the importance of connectivity through transport and grids, which will ensure greater growth and development. “The region is not competitive in mutual trade.”

Stressing the importance of regional policy, politics and infrastructure, Abousleiman expressed hope that the GCC railway, once operational and then linked to Europe, would “improve the competitiveness of the entire region”.

“This is a place where the cost of generating electricity from renewable energy is the lowest in the world. Qatar, the UAE and Saudi Arabia cost 1 cent per kilowatt-hour for solar power, which is a rarity anywhere else in the world,” Abousleiman said, noting that if Policies in the region are coordinated and will have a huge “positive impact” on the GCC and the Middle East and North Africa.