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Abu Dhabi: Innovation and diversification drive sustainable economic growth, says senior official – News

He notes that the emirate has achieved an impressive feat in terms of economic growth, which has been driven by the non-oil sector.

Published: Wednesday, October 18, 2023, 5:58 p.m.

Last update: Wednesday, October 18, 2023, 7:02 p.m.

Abu Dhabi is harnessing innovation, technology and investment to drive its economic transition and create a better future for people, a senior official said during the 2023 World Investment Forum.

Rashed Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED), noted that Abu Dhabi has achieved an impressive feat in terms of economic growth, which has been driven by the non-oil sector.

“Abu Dhabi’s gross domestic product (GDP) has seen a notable increase of 4 percent compared to the previous year, reaching an extraordinary figure of Dh563.6 billion. This exceptional growth can be mainly attributed to the non-oil sector, which has seen a phenomenal expansion of 9.2 percent during the first half of 2023. The excellent performance of this sector has made a significant contribution, accounting for more than 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, financing programs for SMEs and initiatives to strengthen our position as an investment center. “The doors are open for startups, businesses and capital to help shape the future.”

Al Blooshi stressed 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 focused on sectors such as technology, healthcare, education, tourism and agriculture. These centers will attract foreign investment, create skilled jobs and drive innovation through public-private partnerships. To achieve these ambitious goals, Abu Dhabi is improving quality of life to attract global talent, increasing exports to boost competitiveness, and adopting circular economy principles for responsible growth. “We are accelerating the transformation of our economy by establishing local champions in strategic sectors, enabling skills development and enhancing our position as a leading industrial hub.”

The undersecretary noted that the future is bright for Abu Dhabi’s industrial sector, which has become a global success story.

“In its first year, the Abu Dhabi Industrial Strategy increased new industrial licenses by 16.6 percent and active manufacturers by 4.7 percent, to 966. Investments by industrial companies that moved to the phase Production grew by 85.7 percent, up to 15.36 billion dirhams, totaling investments in operating factories in the emirate amounted to 384.06 billion dirhams. During the first half of the year, we granted 116 new industrial licenses, an increase of 63.3 percent.”

Al Blooshi noted that Abu Dhabi has been attracting foreign direct investment (FDI) by creating the right environment for investors.

“Through entities such as the Abu Dhabi Investment Office (ADIO), we support businesses 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 percent from 2021.

“It is the highest amount ever received by the country in a single year. As a result, the UAE has risen to 16th place in the global FDI rankings, jumping an impressive six places from its position in 2021.”

Al Blooshi highlighted that Abu Dhabi seeks to build an innovation economy.

“By focusing on attracting foreign high-tech 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 that promotes economic diversification, strong infrastructure and incentives for businesses, Abu Dhabi has created an environment where ideas can thrive.”

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