Over the subsequent two years’ time frame, powered in by the Oil sector, the Government spending, financial services as well as FDI, the Abu Dhabi’s economy is all projected to expand by 6 to 8 percent.
The Chairman of the Emirate’s Department of Economic Development Mohammed Al Shorafa who was speaking at event titled Abu Dhabi The Future held online during Tuesday stated that “The emirate strategies to emphasis on specific sectors in which government entities can partner with private firms to augment their growth and increase their influence to the emirate’s gross domestic product.”
Abu Dhabi was swifter to familiarize a number of procedures to bolster its private sector after the coronavirus pandemic struck the preceding year.
He further added that: “Abu Dhabi Government has taken all the concrete strategic initiatives for expediting progression via the investments as well as constant innovation out.”
He also timely pointed out that there has lot improvement in the nation’s economic reforms as with the aid of the Ghadan 21 accelerator programme that was initiated way back in 2019 before the twin tragedies of COVID-19 and Oil rates slump down commenced. This initiative was in fact a bid for offering out the economic impetus package.
Al Sharofa also stated further that: “Dh5 billion was allocated to subsidise water and electricity for residents, as well as commercial and industrial sectors. Another Dh3 billion was allocated for a credit guarantee programme to stimulate small and medium enterprises (SMEs) and Dh1 billion for financial markets.”
The Government has also initiated a lot further strategies in order to aid the community as well as firms during the viral outburst.
For sustainable Economy 5 Core Sectors: –
The Minister of Economy Abdulla Bin Touq Al Marri, pointed out for the UAE’s shift to a better eased up as well as best sustainable economy, the requirement to focus upon the five core sectors as well as enablers.
As per his observation and point, the five core sectors are: –
- The Number one is SMEs from start-up to scaleup.
- Second is to look into trade with a new take on economic influence,
- Third is attracting investments as well as FDI’s and Curbing the restrictions for market entry and swelling FDI.
- Number four is developing into a brain hub with new immigration policies and
- Fifth and the final one is opening core sectors. Key investment prospects are being produced in vital sectors like that in Retail, Agritech, E-commerce, Healthcare, Fintech, Logistics, Manufacturing, Education and ICT.
- He also pointed out the five core enablers that are: –
ease of doing business, enhancing government agility and response, promoting better coordination amongst the federal and native authorities, firming public and private sector partnership, and finally, new policies as well as data investing.
He further was prompt in stating out that: “They are keen to raise the level of coordination with our partners and local government, and private sector, to develop several specific initiatives that would enhance government efforts in moving towards a sustainable economy in the next 50 years.”
Distinctly, this year in October, Abu Dhabi will be presenting the UN Conference on Trade and Development (UNCTAD) World Investment Forum, which will assist as a platform to discover core strategies and explanations for global investment, a top official stated.
James Zhan, Director, Investment and Enterprise Division, the UNCTAD, noted: “The UAE and Abu Dhabi have shown how to cope with the challenges arising from the pandemic and have a vision for longer term development.”