TLTP
\nABU DHABI
\nAbu Dhabi\u2019s economy will expand by 6 percent to 8 percent over the next two years, with the oil sector, financial services, government spending and foreign investment driving the growth, a senior government official said.
\nThe expansion from 2021 to 2022 comes after a dip in gross domestic product of about 3 percent to 4 percent this year, and will depend on the Covid-19 pandemic and the global trade environment, said Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development (ADDED).
\n\u201cAbu Dhabi\u2019s economy is very resilient in terms of external shocks. Don\u2019t forget that Covid has disrupted a lot of global systems and logistics chains and everyone has to find ways to resolve those issues,\u201d he said.
\n\u201cWe have not stopped any of our capital investment, it is a testament that the economy is still continuing, the government is still spending and the government support is in all different angles of the economy.\u201d
\nAbu Dhabi, which holds about 6 percent of the world\u2019s proven oil reserves, is taking measures to help its economy rebound amid the virus-induced slowdown and cheaper oil prices.
\nThe government has launched economic stimulus packages worth several billions of dirhams to soften the blow of the pandemic on businesses and citizens as it presses on with its economic diversification goals.
\nAl Shorafa, who is also a member of the Abu Dhabi Executive Council, said the pandemic had further hastened the emirate\u2019s existing strategy to invest in advanced technology in areas that range from artificial intelligence to e-commerce.
\n\u201cAbu Dhabi had a plan even before the pandemic and we are pushing even harder to get all of these online,\u201d he said.
\nHaving Abu Dhabi\u2019s holding company ADQ, government-related entities and the private sector \u201cworking hand in hand and developing our economic strategy is now the most important thing in getting it done\u201d, he said.
\nThe emirate is positioning itself as a technology hub and seeking to attract companies in sectors that are crucial to its growth such as agricultural technology, health care and renewable energy.
\nIt is focused on projects that invest in innovative start-ups, develop strategic industries such as local manufacturing and make it easier to do business in the emirate.
\n\u201cFor the future economic growth of Abu Dhabi, the strategy is very simple: it is how to be as competitive as possible to attract companies, start-ups [and] innovators, and creating the right ecosystem for them here, not only to come and work but to live, retire [and] get more education,\u201d said Mr Al Shorafa.
\n\u201cThis is to enable specific clusters that we believe are important for the growth of Abu Dhabi going forward.\u201d
\nThe Abu Dhabi Investment Office, of which he is also chairman, was launched in 2019 under the Dh50 billion ($13.6bn) Ghadan 21 economic stimulus programme.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP ABU DHABI Abu Dhabi\u2019s economy will expand by 6 percent to 8 percent over the next two years, with the oil sector, financial services, government spending and foreign investment driving the growth, a senior government official said. The expansion from 2021 to 2022 comes after a dip in gross domestic product of about 3 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-149930","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n