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Abu Dhabi is cementing its status as an attractive investment destination by strategically focusing on sectors with high-growth potentials like tourism, ICT, health, financial services and AgriTech, a top official has said.
Ahmed Jasim Al Zaabi, Chairman, Abu Dhabi Department of Economic Development, noted that the emirate contributes significantly to the UAE's gross domestic product (GDP) and foreign direct investment (FDI) flows. “Abu Dhabi accounts for a remarkable 60 per cent of the national GDP.”
Abu Dhabi is the fastest-growing economy in the Mena region with a GDP growth rate of 9.3 per cent in 2022. The emirate's GDP grew by 3.9 per cent in the first quarter of this year compared to the same period of 2022. Meanwhile, non-oil GDP increased by 6.1 per cent during the first quarter of 2023, contributing to 52.8 per cent to the total GDP.
Al Zaabi noted that such robust performance indicators tell a story of Abu Dhabi's diversification successes.
“This outstanding growth was boosted by strong performances in key economic sectors.”
ADDED chairman underlined that the emirate continues to intensify efforts to attract quality investments.
Ahmed Jasim Al Zaabi.. Photos by
“Recent regulatory changes, including the allowance of 100 per cent foreign ownership, have further fuelled this success,” he said during the UN Conference on Trade and Development (UNCTAD) event held in the Capital.
“Abu Dhabi has become a dominant economic force and is witnessing the rise of the Falcon Economy, renowned for its pioneering vision, robust regulatory frameworks and progressive business ecosystem that nurtures talent and attracts like-minded investors from all over the world,” Al Zaabi said.
Abu Dhabi is home to three of the world's largest sovereign wealth funds. It is also rapidly becoming a destination of choice for international residents due to its multicultural community. The Abu Dhabi Investment Office (ADIO) is drawing international companies to Abu Dhabi through its offices in Paris, Beijing, Frankfurt, San Francisco, New York, Tel Aviv, London and Seoul. Amazon and AWS are two recent additions to Abu Dhabi's business community.
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Al Zaabi pointed out that Abu Dhabi has launched several initiatives targeting investors and getting investments. The Abu Dhabi Industrial Strategy (ADIS), launched in June 2022, has played a major role in diversifying the emirate's economy.
“We are now ready to announce its achievements as we reach major milestones by investing Dh10 billion in six transformational programmes to double Abu Dhabi's manufacturing sector to Dh172 billion by 2031 through improving access to financing, making it easier to do business and attracting foreign investments.”
Al Zaabi gave an open invitation to investors and decision-makers to attend the upcoming World Investment Forum 2023 in October ahead of COP28.
“We remain steadfast in our commitment to sustainable prosperity, and we will double down again. This is just the beginning,” Al Zaabi added.