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Abu Dhabi: Innovation, diversification driving sustainable economic growth, says top official
He notes that emirate has accomplished an impressive feat in terms of economic growth, which has been powered by the non-oil sector
Abu Dhabi is leveraging innovation, technology and investment to drive its economic transition and create a better future for people, a top official said during the World Investment Forum 2023.
Rashed Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED), noted that Abu Dhabi has accomplished an impressive feat in terms of economic growth, which has been powered by the non-oil sector.
“Abu Dhabi’s gross domestic product (GDP) has seen a remarkable 4 per cent increase compared to the previous year, reaching an extraordinary Dh563.6 billion. This exceptional growth can be primarily credited to the non-oil sector, which has experienced a phenomenal expansion of 9.2 per cent during the first half of 2023. The outstanding performance of this sector has made a significant contribution, accounting for over half of the total GDP,” he said while highlighting Abu Dhabi’s diversification efforts.
Al Blooshi noted that Abu Dhabi offers untapped potential for investors and entrepreneurs.
“We have world-class infrastructure, funding programmes for SMEs, and initiatives to strengthen our position as an investment hub. The doors are open for startups, businesses, and capital to help shape the future.”
Al Blooshi underlined that strategic industrial clusters focused on high-growth sectors are key to building a sustainable future.
“Through the Abu Dhabi Industrial Strategy, we aim to develop manufacturing hubs centered around sectors like technology, healthcare, education, tourism, and agriculture. These hubs will attract foreign investment, create skilled jobs, and drive innovation through public-private partnerships. To achieve these ambitious goals, Abu Dhabi is improving the quality of life to draw global talent, increasing exports to boost competitiveness, and embracing circular economy principles for responsible growth. We are accelerating the transformation of our economy by establishing homegrown champions in strategic sectors, enabling skills development, and enhancing our position as a leading industrial hub.”
The undersecretary pointed out that the future is bright for Abu Dhabi’s industrial sector, which has evolved into a global success story.
“In its first year, the Abu Dhabi Industrial Strategy increased new industrial licenses by 16.6 per cent and active manufacturers by 4.7 per cent to 966. Investments of industrial firms moving to the production phase grew 85.7 per cent to Dh15.36 billion, taking total investments of operating factories in the emirate to Dh384.06 billion. During the first half of the year, we issued 116 new industrial licenses, up 63.3 per cent.”
Al Blooshi noted that Abu Dhabi has been attracting foreign direct investment (FDI) by creating the right environment for investors.
“Through entities like the Abu Dhabi Investment Office (ADIO), we provide support for companies at every stage of their journey in the emirate. ADIO helps innovative startups get off the ground, supports the growth of SMEs, and facilitates partnerships between local businesses and multinational corporations.”
The UAE attracted a record $23 billion in FDI last year, up 10 per cent compared to 2021.
“It stands as the highest ever received by the country within a single year. As a result, the UAE has climbed to the 16th spot in the global FDI rankings, jumping an impressive six places from its position in 2021.”
Al Blooshi highlighted that Abu Dhabi looks toward building an innovation economy.
“By focusing on attracting high-tech foreign investments and supporting local startups, the emirate is poised to become a hub for entrepreneurs and a leader in new technologies. The vision is bold but achievable. With leadership promoting economic diversification, strong infrastructure, and incentives for businesses, Abu Dhabi has created an environment where ideas can thrive.”
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