Today's Edition
ABU DHABI (ALETIHAD)
The Abu Dhabi Department of Economic Development (ADDED), in partnership with the Abu Dhabi Investment Office (ADIO), has organised the third edition of the Al Multaqa quarterly meetings, presenting the business community with updates on the emirate’s economy and achievements in the first half of 2024 and highlighting future investment opportunities.
The Al Multaqa meetings aim to provide a platform for ongoing dialogue to support investment and develop new policies to enhance the emirate’s business environment.
His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED, said: “Abu Dhabi’s transformation to a smart, diversified, and sustainable economy, driven by 'Falcon Economy' initiatives, has established the emirate as a preferred destination for talent, investment, and businesses. This is reflected by the recent census results, indicating the growth of non-oil sectors by 59 per cent in a decade to contribute 54 per cent to the GDP compared to 46 per cent in 2011, an increase of highly-skilled talent by 109 per cent, and foreign investments by 300 per cent.”
“Our partnership with the private sector is playing a fundamental role in accelerating economic growth and diversification, and we remain committed to working closely with industry partners, leveraging innovation and cutting-edge technologies to achieve sustainable economic growth for Abu Dhabi. Al Multaqa meetings exemplify the collaborative spirit that will pave the way to creating a prosperous and sustainable future”.
Abu Dhabi’s non-oil sectors demonstrated growth, including the construction sector, which grew by 22.6 per cent, finance and insurance activities by 39 per cent, and the manufacturing sector by 102 per cent in 10 years. Driven by the Abu Dhabi Industrial Strategy (ADIS), the industrial sector has grown by 21.7 per cent since it was launched in 2022 (from AED83 billion to AED101 billion in 2023), strengthening the emirate’s position as the region’s most competitive industrial hub. Abu Dhabi’s manufacturing sector represents 51.3 per cent of the UAE industrial sector’s GDP, which rose to AED197 billion in 2023. This is compared to a 46 per cent contribution to the country’s industrial sector in 2022.
His Excellency Rashed Lahej Al Mansoori, Director General of Abu Dhabi Customs, during the Al Multaqa quarterly meetings, presented trade facilitation solutions and advanced infrastructure in the emirate’s ecosystem and the role played by Abu Dhabi Customs to support businesses in benefiting from opportunities provided by non-oil foreign trade, which grew by 8 per cent in 2023 to AED281.9 billion.
The event revealed investment opportunities under the Smart and Autonomous Vehicles Industry (SAVI) cluster, which was launched by ADDED and Abu Dhabi Investment Office (ADIO) in 2023 to position the emirate at the forefront of future mobility solutions across air, land, and sea applications. ADIO presented several investment opportunities offered to the private sector by the Musataha programme, which enables investors to develop government-owned land.
ADDED signed a memorandum of understanding (MoU) with Al Masaood Energy to establish a specialised facility to manufacture solar energy storage units and enhance research and development in renewable energy and storage technologies to reduce reliance on traditional energy sources and promote sustainable practices. The agreement supports ADDED’s efforts to find innovative solutions to combat climate change and promote sustainability in innovative ways while enhancing the competitiveness of the emirate’s green industries.
A second MoU was signed with Hafilat Industry to develop and manufacture renewable-energy buses in the emirate and launch a specialised upskilling programme to equip students and graduates with the latest skills needed for the manufacturing sector. The MoU aims to strengthen the local economy by localising modern technology, enhancing Abu Dhabi's position as a leading industrial hub.
ADDED also partnered with Inovartic Investments by signing a third MoU to enhance cooperation between the two parties and establish a factory in Abu Dhabi to produce graphene and graphene-supported products. These products are a vital component of electronics and semiconductors, which are used in a wide array of sectors, such as healthcare, biotechnology, environmental remediation, and transportation. The agreement also includes cooperation in research and development to diversify the economy and enhance the competitiveness and infrastructure of the industrial sector in the emirate. These efforts will further attract major international companies to establish their manufacturing facilities in Abu Dhabi.
