Abu Dhabi’s economy going from strength to strength, official says

Through effective economic and investment policies of the leadership, key legislations and initiatives, Abu Dhabi has been able to make rapid economic recovery from the pandemic, said the top officials from the Abu Dhabi Department of Economic Development (ADDED).

Rashed Abdulkarim Al Blooshi, Undersecretary, ADDED, noted that Abu Dhabi could overcome several challenges during the pandemic because of a supportive business environment.

“Our economic performance in 2021 shows the fast and solid recovery of sectors affected by Covid-19, thanks to our leadership’s vision and initiatives to mitigate negative impacts of the global pandemic on the local economy.”

Earlier this month, Statistics Centre – Abu Dhabi announced that the emirate’s GDP at constant prices grew 1.9 per cent in 2021 compared with 2020. The non-oil GDP at constant prices grew by 4.1 per cent.

Al Blooshi underlined that with pre-emptive measures to offset the impact of Covid-19 situation, Abu Dhabi has been able to move successfully with its growth and diversification plans.

“We are forging ahead with plans to foster businesses in key priority sectors to expand and accelerate our economic diversification strategy. In the past few months, Abu Dhabi has taken great strides by launching new legislations, policies, and initiatives to strengthen its position as a preferred destination for business and investments.”

Last year, the emirate of Abu Dhabi saw issuance of 25,427 new economic licenses, an increase of 21.5 per cent compared to the 2020 figure of 20,925.

Sameh Al Qubaisi, Director General of Economic Affairs, ADDED, said the department continuously seeks unconventional and effective channels to enhance public-private sector partnerships to stimulate the economy and ensure a robust business ecosystem.

“Our initiatives, to name a few include, facilitating ease of doing business by reducing costs and requirements, simplifying procedures, and enabling seamless integration of government services, developing economic clusters to stimulate innovation, international talent attraction programmes, residents’ engagement and golden visas provided by Abu Dhabi Residents Office, the Lifelong Learning programme, private sector Emiratisation drives and enhanced health insurance regulations.”

Elaborating on other initiatives, he said: “Moreover, with FDIs increasing, strategic financial sector support initiatives like the Abu Dhabi IPO Fund, which aims to expand funding options to private companies and assist with listings on the Abu Dhabi Securities Exchange (ADX), combined with the newly approved regulatory framework governing Special Purpose Acquisition Companies (SPACs), are expected to contribute to growth opportunities for Abu Dhabi and UAE-based businesses.”

Ghannam Al Mazrouei, Secretary-General, the Emirati Talent Competitiveness Council pointed out that NAFIS – the federal programme to empower Emirati nationals to work in the private sector – witnessed a notable participation from local job seekers and private sector firms with promising job opportunities.

“NAFIS has already made significant progress in only a few months since its launch,” Al Mazrouei added.

ashwani@khaleejtimes

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